Some Jamaicans complain that the Chinese are "colonizing" the country because of their economic success there. Actually, their success is due to entrepreneurship and plain hard work.
Many people believe that the board game Monopoly, developed during the Great Depression, mimics a real-world capitalist economy. Monopoly is a game, not real life.
Contrary to the government's line that "inflation hurts everyone," inflation really is a wealth transfer from those without political power to the politically connected.
Rent seeking is a popular term used in economics to describe the behavior of firms trying to gain something from the government. Time to expand the definition.
With each iteration of the banking crisis, the Federal Reserve System and federal regulators gain in power and authority. Maybe the banking crisis isn’t an accident.
