The student of economics and especially of public choice theory should expect politicians to lie—and he is certainly not disappointed in America these days. Politicians are ordinary individuals. An ordinary individual is tempted to lie when he considers it is in his interest to do so. I take lying to mean intentionally conveying a statement […]

Econlib Blog

03.04.2025

Relative, compared to whom? - Econlib

It’s often said that after people are wealthy enough to meet their basic needs, they are more concerned about their relative rather than absolute level of well-being. If Smith sees his real income increase by 10% this year, but everyone else around Smith has their real income increase by 20%, Smith doesn’t feel glad that […]

Econlib Blog

04.04.2025

Remember Congress? - Econlib

Commerce Secretary Lutnick recently had this to say: Donald Trump’s commerce secretary Howard Lutnick Thursday said that people should just let the president run the global economy because he knows what he has been doing. One thing he presumably knows is that his recent announcement destroyed $2.5 trillion in stock market wealth in the US, […]

Econlib Blog

04.04.2025

The Second Law of Demand and Supply in Action - Econlib

It’s no surprise egg prices are soaring. In October 2024, UMASS – Amherst economist Isabella Weber argued that price controls are needed to keep prices under control and, further, that the controls would not have the negative effects we usually predict, such as shortages, deadweight loss, etc. I responded to her claims here. One of […]

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To Lie or Not To Lie: Moral and Economic Reasons - Econlib

Relative, compared to whom? - Econlib

Remember Congress? - Econlib

The Second Law of Demand and Supply in Action - Econlib

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