Economic mythology said governments must regulate markets to prevent monopolies. In reality, it is the government regulation itself that creates monopolies, which do not emerge in free markets.
Like bad money driving out good money, government intervention can also create Gresham’s law conditions for entrepreneurs. Using the political process, bad entrepreneurs can get government to regulate entrepreneurial competition out of business.
As AI continues to develop, the prophets of doom claim that it will “take over” and create a dystopian society. Far from being an “existential threat,” AI is a tool that can be used for good or ill.
Even though our legal authorities treat smugglers as criminals, smugglers actually are promoters of liberty who usually break unjust laws. The US was practically founded on smuggling.
Like bad money driving out good money, government intervention can also create Gresham’s law conditions for entrepreneurs. Using the political process, bad entrepreneurs can get government to regulate entrepreneurial competition out of business.
We are seeing Joseph Schumpeter's concept of creative destruction at work in higher education. The shake-up will continue.
Even though our legal authorities treat smugglers as criminals, smugglers actually are promoters of liberty who usually break unjust laws. The US was practically founded on smuggling.
We are seeing Joseph Schumpeter's concept of creative destruction at work in higher education. The shake-up will continue.
Despite statements from Biden and other progressives, profits in a market economy are not a form of plunder. Instead, they represent entrepreneurial gains that mostly benefit consumers.
Despite statements from Biden and other progressives, profits in a market economy are not a form of plunder. Instead, they represent entrepreneurial gains that mostly benefit consumers.
