Economics

Whereas rational ethics holds that if you want the values on which your life and happiness depend, you must take the actions necessary to gain and keep those values; rational economics holds that if you want to trade value for value in the marketplace, you must first produce value with which to trade.

Jeff Bezos and Steve Jobs succeeded in large part because they passionately, selfishly loved what they were creating and marketing—books and music, respectively—and they developed innovative ways to deliver the products to consumers who love them too. Here’s to passions, profits, and the people who pursue them.

What makes it possible for individuals so passionate about something so specialized as importing, roasting, and selling coffee to be able to devote their lives to delivering the perfect cup? Such specialization is made possible by the enormous productive output of a relatively free economy and the complex division of labor such an economy supports.

Richard M. Salsman reviews Free Market Economics: An Introduction for the General Reader, by Steven Kates.

Jonathan Hoenig’s new film, Pit Trading 101, is a fascinating and inspiring look at a small group of highly ambitious capitalists who attended the University of Trading in the 1990s and went on to trade in the commodities pits of the Chicago Mercantile Exchange, where they allocated huge amounts of capital via split-second decision making.

Peter Thiel, who founded PayPal in 1999 and sold it to eBay for $1.5 billion in 2002, knows something about entrepreneurship. Among other things, he knows that entrepreneurs do not always need a college degree to succeed—for example, Steve Jobs, Bill Gates, Michael Dell, Ralph Lauren, and Mark Zuckerberg dropped…

When government systematically confiscates wealth from producers and gives it to “welfare” recipients who didn’t produce it, should we be surprised that many recipients of the loot acquire a looter mentality? Consider recent events involving a glitch with the computer system handling the electronic benefit transfer (EBT) cards for the…

Yesterday Barack Obama nominated Janet Yellen as the next chairman of the Federal Reserve Board, to replace Ben Bernanke next February. Yellen has been vice chair to Bernanke since 2010 and will likely win approval from the Senate. The first important thing to realize about Yellen is her ideology and…

Leftist media including PBS and Slate are jumping all over themselves to publish or review the work of Mariana Mazzucato, who claims (writing for Slate) that “the state, not the private sector, [is] the most decisive player” in developing “pioneering technologies.” It’s easy to see why leftists want to promote…

Rebecca Cullers of Adweek claims that marketer and so-called “consumer advocate” Alex Bogusky has a “foolproof way of bringing back 1 million U.S. jobs.” Bogusky says in a YouTube video, “It’s as simple as this: Every time you buy something, ensure it was made in America.” He immediately backs off…