Institutions

Institutions, Institutional Change and Economic Performance by Doug North. Read it; it will likely change the way you think about why some nations manage to become rich and others stay poor, despite the billions of dollars being thrown at them annually. More France photos will come soon, I promise. I am through 1.5/2 papers, so … Continue reading Institutions

Day 9 – I, Pencil

The Foundation for Economic Education released the 50th Anniversary Edition of I, Pencil in late 2008. Written by Leonard E. Read in 1958, I, Pencil illustrates the importance of markets and dispersed knowledge and shows why centralized economic planning cannot work.   In the afterword, Milton Friedman writes: Leonard E. Read’s delightful story, “I, Pencil,” … Continue reading Day 9 – I, Pencil

What is Value?

A friend of mine was reading New Ideas from Dead Economists, a book by Todd Buchholz that explains and critiques economic thought from Adam Smith to Keynes. In it, there is a section about Karl Marx and his theories. In explaining Marx’s labor exploitation theory, Buchholz points out that Marx rests his claims on the premise that … Continue reading What is Value?