Production Theory

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Socialist Calculation versus Magical Monsters

Taxes and SpendingPhilosophy and MethodologyProduction Theory


My friend, not exactly a libertarian but not a socialist (pro-market, anti-war, anti-cop) — okay, pretty libertarian, actually — thinks that if the US government, for the last 40 years, had spent nothing on war or welfare or anything else, but retained the same tax...

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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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Penn and Teller Send Up Wal-Mart Hatred

Media and CultureCapital and Interest TheoryProduction Theory


Once again, Penn and Teller hilariously explode the myths and superstitions about capitalism with a healthy contempt and a plethora of curse words, so use discretion.

Here's Wal-Mart Hatred is Barbara S...

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A Suit of Conservative Principles

EducationPhilosophy and MethodologyProduction Theory


Life without international trade: using local labor and materials only, a suit takes 500 man-hours to produce. And it's not exactly high-quality. But what a great teaching project by Kelly Cobb of Drexel University.

Here's the story from...

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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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Public Goods and Bads

Production Theory


Here is an interesting paper by Christopher Coyne and Steve Davies. It counters the argument that empire produces public goods by pointing to the many public bads of empire.

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Minimum wage: A Tempest in a Teapot

Money and BanksInterventionismProduction Theory


What a wacky world we live in. An issue called the minimum wage fascinates the Pols even more than the price of meatloaf and 3 in the Senate cafeteria. Newspaper headlines hammer home this crisis in remuneration...

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Crowdsourcing and Open-Source Software

InterventionismMonopoly and CompetitionProduction Theory


In the last edition of The Freeman, David Levin and Michele Boldrin argue that "innovation could thrive" without an IP regime. And they propose that an "...

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A new national ranking

EducationTaxes and SpendingProduction Theory


Living near the home of a major state university, national collegiate rankings are a real source of pride. There are the typical sports rankings that make the headlines; those for football and basketball in particular. But lately, The Columbus Dispatch has...

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