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econlib the library of economics and liberty liberty fund network econlib liberty fund oll adam smith works law liberty econlog blog browse by author browse by topic browse by date search econlog rss subscribe econtalk latest episodes browse by date browse by guest browse by category browse extras search econtalk rss feeds articles latest articles liberty classics browse by author browse by date search articles books books bios books by date books by author search books encyclopedia index browse by author browse by title biographies search encyclopedia guides index econlibreads college topics high school topics subscribe to quickpicks search guides videos index search videos liberty fund network econlib oll adam smith works library of law liberty home sol macroeconomics gross output aug 17 2023 gross output go is a relatively new macroeconomic statistic that measures total economic activity gross domestic product gdp the other major measure of economic activity accounts only for final goods and services however go s scope includes both final output as well as intermediate inputs at all earlier stages of production therefore go is a much more comprehensive measure more featured articles book review liberty classics ludwig von mises decisive blows against interventionism a liberty classic book review of ludwig von mises 2011 1940 interventionism an economic analysis indianapolis in liberty fund 1 there is no small book that can take the place of ludwig von mises magisterial book human action 2 however if there were a contest for shorter publications that could substitute for it his own book interventionism would more kling s corner do we need essp social theorists are people too and so they make the same mistakes as planners politicians marketers and business strategists make which is to dramatically underestimate the difficulty of what they are trying to do and just like planners politicians and so on no matter how many times such grand theories fail there is always more featured article in praise of debt we often hear that it s a bad idea to take on large debts or even to get into debt at all neither a borrower nor a lender be says polonius to his son laertes in one of the most famous passages from hamlet polonius s reason for avoiding borrowing is that it dulls the edge of more most recent economics and culture you are what you eat science or propaganda by walter donway economic and political philosophy governing and the rule of law by pierre lemieux obituaries daniel kahneman rip by david henderson fiscal policy higher taxes or lower benefits by scott sumner business economics most new ideas are terrible by kevin corcoran economics and culture this is a documentary right by walter donway international trade customs unions and free trade zones by scott sumner austrian economics ludwig lachmann biography by david henderson economic and political philosophy simple economic ideas about choice by pierre lemieux artificial intelligence what does unbiased mean in the digital world with megan mcardle econtalk all econtalk podcast what does unbiased mean in the digital world with megan mcardle listen as megan mcardle and econtalk s russ roberts use google s new ai entrant gemini as the starting point for a discussion about the future of our culture in the shadow of ai bias they also discuss the tension between rules and discretion in western society and why the ultimate answer to ai bias can t be more econtalk podcast paul bloom on empathy psychologist paul bloom of yale university talks about his book against empathy with econtalk host russ roberts bloom argues that empathy the ability to feel the emotions of others is a bad guide to charitable giving and public policy bloom argues that reason combined with compassion is a better and more effective guide to making the world more econlog all economic methods my weekly reading and viewing for february 18 2024 alexei navalny s death is a timely reminder of how much russia sucks by eric boehm reason february 16 2024 excerpt if there is the thinnest bit of a silver lining to be found in the untimely demise of alexei navalny the russian opposition leader who reportedly died this week in prison perhaps it is this more international trade questions for interventionists in an earlier post i pointed out that we do not exist in a state of nature as many economists have been pointing out since at least ronald coase s famous 1960 paper the problem of social costs we exist in a complex world of pre existing social economic legal and legislative arrangements these arrangements influence our more liberty classics series explore the lasting legacies and continued relevance of our classic titles browse articles book titles all books the theory of interest by irving fisher the tremendous expansion of credit during and since the world war to finance military operations as well as post war reparations reconstruction and the rebuilding of industry and trade has brought the problems of capitalism and the nature and origin of interest home afresh to the minds of business men as well as to economists this more the man versus the state with six essays on government society and freedom by herbert spencer the man versus the state by herbert spencer was originally published in 1884 by williams and norgate london and edinburgh the book consisted of four articles which had been published in contemporary review for february april may june and july of 1884 for collection in book form spencer added a preface and a postscript in more book reviews and suggested readings speculations on origins and endings an essay on the essential ucla school of economics by michael l davis an essay and book review of the essential ucla school of economics by david r henderson and steven globerman 1 when you think about dinosaurs which you should dinosaurs are awesome you always end up with the same two questions where did they come from and where did they go yes all life evolves through a process that more maybe it s not time for socialism by donald j boudreaux a book review of time for socialism by thomas piketty 1 time for socialism author thomas piketty boasts a doctorate in economics publishes papers regularly in top economics journals teaches economics at the paris school of economics and was once on the economics faculty at m i t yet not only are the 333 pages of his 2021 more conversations video a conversation with harold demsetz a professor at the graduate school of business at the university of chicago in the 1960s and a primary figure in chicago school economics and in the field of law and economics harold demsetz has contributed original research on the theory of the firm regulation in markets industrial organization antitrust policy transaction costs externalities and more video a conversation with armen a alchian recognized as one of the most influential voices in the areas of market structure the theory of the firm law and economics resource unemployment and monetary theory and policy in this 2001 interview armen alchian 1914 2013 outlines the ucla tradition of economics which he founded and explores the many unanticipated consequences of self seeking individual behavior more econlib videos intellectual portrait series conversations with some of the most original thinkers of our time browse videos guides reading lists by topic the reading lists by topic pages contain some suggested readings organized by topic including materials available on econlib brief reviews or descriptions are included for many items select a topic 1800 1900 economics classics including neoclassical thought austrian economics business cycles capital and investment capitalism and socialism classics in money and banking comparative advantage development and investment economics and ethics economics of education economics of health environmental economics and natural resources free trade general economic history history of economic thought what is 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money management and budgeting opportunity cost price controls price ceilings and price floors producers productive resources productivity profit property rights real relative and nominal prices risk and return roles of government saving and investing scarcity social security supply supply and demand markets and prices technology wellbeing and welfare what is economics high school economics topics these free resources are appropriate for teachers of high school and ap economics social studies and history classes they are also appropriate for interested students home schoolers and newcomers to the topic of economics select a topic 51 key economics concepts aggregate demand aggregate supply balance of trade and balance of payments barriers to trade benefits of trade comparative advantage budget deficits and public debt business cycles competition and market structures compound interest concise encyclopedia of economics cee consumers council for economic education credit decision making and cost benefit analysis demand division of labor and specialization economic development economic growth economic institutions economic systems elasticity of demand employment and unemployment entrepreneurs financial markets fiscal policy foreign currency markets exchange rates fundamental economics gdp government failures public choice analysis human capital incentives income distribution inflation insurance international economics macroeconomics market failures markets and prices microeconomics monetary policy and the federal reserve money money management budgeting opportunity cost personal finance economics price ceilings and floors producers productive resources productivity profit property rights real vs nominal risk and return roles of government saving and investing scarcity supply technology trade exchange and interdependence economist biographies a b c d e f g h j k l m n o p q r s t v w from the concise encyclopedia of economics economic history labor u s slavery and economic thought introduction chattel slavery involves the ownership by one person of another this entry focusses on the operation of that labor system in the united states although chattel slavery dates back to the dawn of civilization in the area that became the united states it emerged after the importation of africans to the virginia colony in more economic history government policy labor the marketplace labor unions although labor unions have been celebrated in folk songs and stories as fearless champions of the downtrodden working man this is not how economists see them economists who study unions including some who are avowedly prounion analyze them as cartels that raise wages above competitive levels by restricting the supply of labor to various firms and industries more economics of legal issues government policy bankruptcy bankruptcy is common in america today notwithstanding two decades of largely uninterrupted economic growth the annual bankruptcy filing rate has quintupled topping 1 5 million individuals annually recent years also have seen several of the largest and most expensive corporate bankruptcies in history this confluence of skyrocketing personal bankruptcies in a period of prosperity an increasingly more quotes despite the coercion of government markets are irrepressible because they express the elemental urge of ordinary people to come together as buyers and sellers corrigible capitalism incorrigible socialism arthur seldon the state is the great fictitious entity by which everyone seeks to live at the expense of everyone else frederic bastiat full quote knowledge is more a matter of learning than of the exercise of absolute judgment learning requires time and in time the situation dealt with as well as the learner undergoes change rick uncertainty and profit frank h knight full quote econlib the library of economics and liberty liberty fund inc 11301 n meridian street carmel in 46032 4564 usa econlib libertyfund org about about us contact us 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