Free Markets

Totalitarianism is not compatible with a functioning economic system based upon free exchange and private property. Such regimes depend upon historicism and logical relativism.

The iron law of prohibition states that the more you attempt to enforce prohibition, the more dangerous and the more potent the drugs actually become.

Buchanan and Tullock‘s The Calculus of Consent influentially applies economic ideas to politics, focusing on methodological individual. However, there are a few pitfalls about which readers should be aware.

While people who “prep” for disaster (called preppers) are ridiculed by political elites and their media, their actions are perfectly rational. In this article, economist Mark Thornton explains why prepping for natural disasters makes economic sense.

Supporters of intellectual property laws claim that people will not innovate unless they are protected by such legislation. In reality, people are more likely to be innovative when they encounter real free markets, not markets characterized by artificial scarcity.

In this episode, Murphy clarifies what is right and wrong on comparative advantage.

So-called economic moderates claim to support free-market capitalism, but then say that markets still need “some” government oversight. Free markets, however, don't need government-based rules because markets effectively regulate themselves.

Sponsored by Dan Johnson and Randee Laskewitz.

The idea that “if it can fail, it should” probably seems oxymoronic to most people when applied to the economic realm.

Ask most people why our economy is advanced, and they will likely will answer, “Technology.” Yet, technical knowledge is meaningless without capital development, and capital development is impossible without real savings.