The demonstrably strong support of the working classes everywhere for capitalism
22 Aug 2014 Leave a comment
Henry Hazlitt on wise bureaucrats and farsighted politicians
21 Aug 2014 Leave a comment
in applied price theory, comparative institutional analysis, entrepreneurship, liberalism, Public Choice, rentseeking, survivor principle Tags: fatal conceit, Henry Hazlitt, pretence to knowledge
Should everyone get a trophy in sports or just the winners
21 Aug 2014 Leave a comment
in comparative institutional analysis, entrepreneurship, liberalism Tags: distributive justice, entitlement theory of justice, expressive voting, just deserts, The mirage of social justice
via 57 Percent of Americans Say Only Kids Who Win Should Get Trophies – Reason-Rupe Surveys : Reason.com.
The Industrial Revolution started when people stopped looking at innovation as a reason for a witch-hunt
20 Aug 2014 Leave a comment
Bootleggers and Baptists alert: Mexican cannabis output falls in wake of legalisation
19 Aug 2014 Leave a comment
in applied price theory, comparative institutional analysis, development economics, economics of regulation Tags: black markets, bootleggers and baptists, decriminalisation of marijuana
Farmers in the storied “Golden Triangle” region of Mexico’s Sinaloa state, which has produced the country’s most notorious gangsters and biggest marijuana harvests, say they are no longer planting the crop.
Its wholesale price has collapsed in the past five years, from $100 per kilogram to less than $25.
“It’s not worth it anymore,” said Rodrigo Silla, 50, a lifelong cannabis farmer who said he couldn’t remember the last time his family and others in their tiny hamlet gave up growing mota. “I wish the Americans would stop with this legalization.”
“Trapped” in Rental Contracts | Organizations and Markets
17 Aug 2014 Leave a comment
in applied price theory, Armen Alchian, comparative institutional analysis, entrepreneurship, industrial organisation, Ronald Coase, survivor principle, theory of the firm Tags: long-term contracts, mutual dependency, relationship dependent assets, transaction costs, vertical integration
- Mercedes and BMW drivers trapped in lease contracts, rather than buying their cars with cash or credit
- Individuals trapped in wage and salary contracts, rather than raising the capital, arranging the inputs, and bearing the uncertainties to be sole proprietors
- Companies trapped in outsourcing agreements, rather than owning all upstream and downstream production processes directly, as vertically integrated firms
- Vacationers trapped in resort hotels, rather than owning their own vacation condos or timeshares
- Readers trapped by downloading and reading books on their Kindles, essentially “renting” them from Amazon, rather than buying physical books
- Movie fans trapped in DVD rental agreements with Netflix, rather than owning massive DVD libraries
via “Trapped” in Rental Contracts | Organizations and Markets.
Marvellously simple explanation of the beauty and power of the market process
15 Aug 2014 Leave a comment
Utopia, you are standing in it! 
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