I’ve got a new paper out at Economics & Philosophy, titled “The Just Price: A Market-Process Account” (open access). Here’s the main idea. 701 more words
A New Theory of the Just Price
A New Theory of the Just Price
09 Nov 2026 Leave a comment
in applied price theory, Austrian economics, economics of regulation, entrepreneurship, libertarianism, market efficiency, Rawls and Nozick
The Economics of Main Street Millionaires
07 Nov 2026 Leave a comment
in applied price theory, economic history, entrepreneurship, human capital, labour economics, labour supply, occupational choice, politics - USA, poverty and inequality Tags: taxation and entrepreneurship, top 1%
The story of private business wealth in America
The Economics of Main Street Millionaires
Expensive Pharmaceuticals for Targeted Diseases
07 Nov 2026 Leave a comment
in applied price theory, entrepreneurship, health economics
My latest paper, The Price of a Cure: Luxturna and the Economic Dilemmas of Precision Medicine, is in the Journal of Law, Medicine and Ethics. I discuss the economics of the pharmaceutical industry and the special issues that arise with targeted drugs that cure. We are going to get many more of these drugs in…
Expensive Pharmaceuticals for Targeted Diseases
Thoughts on Owning a Self-Driving Tesla
06 Nov 2026 1 Comment
in entrepreneurship, technological progress, transport economics
My Subaru was showing its years so I recently bought a Tesla. My thinking was I can buy a car or I can buy a car+driver for the same price. Simple choice. I’ve driven about 2000 miles including one long trip (6 hours) to North Carolina and back. FSD is incredible. I don’t mind driving…
Thoughts on Owning a Self-Driving Tesla
The Great Enrichment
04 Nov 2026 Leave a comment
in economic history, entrepreneurship, industrial organisation Tags: The Great Enrichment, creative destruction
Those new service sector jobs?
02 Nov 2026 1 Comment
in economics of crime, entrepreneurship, labour economics, labour supply, law and economics, politics - USA Tags: economics of immigration
A suburban Chicago man has been sentenced to two years in federal prison for conspiring to stage armed robberies so that the purported victims could apply for U.S. immigration visas reserved for crime victims. From 2022 to 2024, PARTH NAYI organized and participated in hundreds of staged armed robberies at coffee shops, restaurants, liquor stores, and gas…
Those new service sector jobs?
The Great Enrichment
01 Nov 2026 Leave a comment
in economic history, entrepreneurship Tags: creative destruction, The Great Enrichment
Quotation of the Day…
29 Oct 2026 Leave a comment
in applied price theory, Austrian economics, entrepreneurship, industrial organisation, Israel Kirzner
Tweet… is from page 30 of Israel Kirzner’s 1985 volume, Discovery and the Capitalist Process [original emphasis]: What is important about the market economy is that unexploited opportunities for reallocating resources from one (low market valued) use to another of higher value offer the opportunity for pure entrepreneurial gain. A misallocation of resources occurs because,…
Quotation of the Day…
The California billionaire tax is very likely a net revenue loser
28 Oct 2026 Leave a comment
in applied price theory, econometerics, entrepreneurship, politics - USA, public economics Tags: California, taxation and entrepreneurship, taxation and investment
This paper examines the revenue and migration impact of the 2026 California Billionaire Tax Act, a one-time 5 percent tax on the worldwide net worth of individuals exceeding $1 billion. Using data from the Forbes Billionaire List, news reports detailing the residential real estate holdings of California billionaires, and public announcements of billionaire departures from…
The California billionaire tax is very likely a net revenue loser
Some Links
26 Oct 2026 Leave a comment
in applied price theory, entrepreneurship, fiscal policy, human capital, income redistribution, labour economics, labour supply, macroeconomics, politics - USA, poverty and inequality, Public Choice Tags: California, taxation and entrepreneurship, taxation and investment
TweetMegan McArdle writes insightfully about California’s pending proposal to soak the rich. Three slices: These days, legislators generally don’t enact tax hikes so confiscatory that they trigger an immediate, obvious response. They adjust income tax rates by a few percentage points, fiddle with the deductions or impose new levies on some tiny portion of the…
Some Links
Will bystander economies be able to finance their governments?
24 Oct 2026 1 Comment
in Public Choice, entrepreneurship, macroeconomics, public economics, economic growth, applied price theory, fiscal policy, budget deficits Tags: creative destruction
From Jesús Fernández-Villaverde: Will AI poison the public finances of many modern states? There is a real risk that it will. Yesterday, I circulated a new paper, “Saving for the Machines,” which makes a simple point. Building the AI transformation will require enormous investment. The only way to induce agents to save for that investment…
Will bystander economies be able to finance their governments?
Starlink Holdup?
23 Oct 2026 1 Comment
in defence economics, entrepreneurship, industrial organisation, war and peace Tags: Ukraine
Ukraine’s military has become heavily dependent on SpaceX’s Starlink satellite network for battlefield communications and drone operations. They have invested relationship-specific sunk costs into SpaceX’s satellite communications platform. According to a new Wall Street Journal report, Elon Musk ordered restrictions on a military version of the service last week, disrupting Ukrainian offensive and defensive drone…
Starlink Holdup?
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