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Drop Errors and The Trouble with Peer Review

EntrepreneurshipPhilosophy and MethodologyPolitical TheoryProduction Theory


In product development there are two kinds of errors. A "go" error occurs when the green light is given to a product that eventually fails. The Edsel, a $250 million write-off by the Ford Motor Company in 1959, is one example. The "drop" error occurs when an idea that could...

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Uh oh, dangerous, delicious, and fun drink becoming popular



Sometimes the regular news reads just like The Onion, such as this one on the growing controversy about a new liquor drink called Spykes.


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Success without the State

EntrepreneurshipProduction Theory


A very nice pro-market commentary by Richard W. Rahn came out in today's Washington Times praising The Science of Success, a book covering "Charles Koch, who, along with his brother, David, built...

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Security, public or private

Free MarketsEntrepreneurshipPolitical TheoryProduction Theory


Traveled to a big city lately? If so, you must have gotten words of wisdom from someone close to you. Advice, such as: do not walk the streets after dark; and, beware of pickpockets. Sound advice indeed. However, let us look closer to what is being said, and what is not said.

Your sage...

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A Tale of Two Bridges

Free MarketsEntrepreneurshipProduction Theory


The government, famed for building bridges to nowhere, can't replace a bridge blown down by Hurricane Katrina in four times the time required for a private company to replace its bridge just downriver from it, blown down at the same time. And the private company is a railroad...

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Failed Bookseller Whines to the Times



I thought bashing great chain bookstores like Barnes & Noble and Borders went out of style about ten years ago, yet here is the New York Times today with a piece lamenting the not-very-newsworthy death of a 26-...

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Why Not Allow Billboards In Space?



Last Friday, I presented a paper (co-authored with Walter Block) at the 49th Colloquium on the Law of Outer Space at the International Astronautical Conference in Valencia, Spain.

Advertising Age, the industry bellwether, interviewed me regarding that paper, and an...

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Ice Cream and Patents

EntrepreneurshipMonopoly and Competition


It's another hot summer day and nothing cools the heat like a large cone of ice cream. Due to our relatively free economy, I have the choice between many different sellers, brands, and types of the frozen treat. A relatively new concept is one where ice cream shops mix your choice of ice...

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We Love Our Post Office



Don Boudreaux, an inspired George Mason University Econ professor, takes issue in a recent blog with a radio reporter. The commentator confuses the alleged ill-effects of marijuana with the perils of the consumer-supplier transaction. That's like saying venison can kill you because in your...

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