A letter writer in the July 12, 2008 Wichita Eagle has issues with his health insurance coverage, and wants us to discard our present system…
Posts published in “Economics”
In the July 12, 2008 Wichita Eagle, Kenneth James Crist of Wichita blames oil speculators for ruining the U.S. Economy, writing that politicians should “do…
In the article Price Controls Create Man-Made Disasters we learn that although the Iowa attorney general has imposed Iowa’s anti-price-gouging rule (Price-gougers beware, Attorney General…
A recent editorial in The Wichita Eagle (Dr. Bill Roy: Universal care is most economic, efficient) contains several mistaken impressions. One may be disproved by recent developments in Wichita.
Here’s Williams’ law: Whenever the profit incentive is missing, the probability that people’s wants can be safely ignored is the greatest. If a poll were taken asking people which services they are most satisfied with and which they are most dissatisfied with, for-profit organizations (supermarkets, computer companies and video stores) would dominate the first list while non-profit organizations (schools, offices of motor vehicle registration) would dominate the latter. In a free economy, the pursuit of profits and serving people are one and the same. No one argues that the free enterprise system is perfect, but it’s the closest we’ll come here on Earth.
You are on the right track. You reject abstract theories and little regard for abundance and low prices. You concern yourselves mainly with the fate of the producer. You wish to free him from foreign competition, that is, to reserve the domestic market for domestic industry.
This simple lesson from Henry Hazlitt's Economics in One Lesson explains so much, yet so little people realize and apply the truths explained here. Even trained economists like Paul Krugman, writing in The New York Times, fail to recognize the truth of Bastiat's lesson as explained by Hazlitt when he remarked that "the terror attack [of 9/11/2001 that destroyed the World Trade Center] could even do some economic good."
Did you know that a study used to promote the economic development benefits of gambling in Wichita has casino workers paying for a large part of the social costs of gambling?
One of the criticisms of raising the minimum wage is that it is Congress substituting its judgment for the market's in determining pay. While Congress can force an employer to pay an employee a minimum amount, it can't force the employer to keep the employee.
Driving though the sugarcane fields of southern Louisiana during harvest, it is impossible not to dwell upon the politics behind it all. Those politics being the sugar subsidy and the benefits it brings to these farmers, and the cost of it to the rest of us.
Understanding the minimum wage, and why an increase will be harmful to those it is meant to help, requires thinking beyond stage one.
It seems like an easy fix for social injustice: pass a law requiring employers to pay workers more than they would otherwise. Magically, everyone has more wealth.
It would be nice if it were so easy and simple. Looking at only the immediate effects and listening to the rhetoric of some politicians and editorial writers, it would seem that a higher minimum wage is good. But considering all effects of a higher minimum wage reveals a different situation.
In a June 16, 2006 column, Wichita Eagle editorial writer Rhonda Holman again congratulates local and state government for its success in renewing the AirTran subsidy, and for getting the entire state of Kansas to help for it.
This book, first published in 1946, explains common fallacies (a false or mistaken idea) that are particularly common in the field of economics and public policy.
This is an enjoyable book that explains the basics of how economics works, which is to say, how the world works. Mr. Harford doesn't go into any technical detail at all, so there are no charts and graphs to decipher (although a very few are used for illustration), and there are no mathematical formulas.
This is a wonderful book that can teach anyone what is important to know about economics. It teaches the insights that people can use to understand and evaluate the mechanism of our economy and government themselves. It is not a textbook with charts, graphs, and formulas. It requires no special prerequisite from the reader.
The recent swell of criticism over oil company "windfall" profits, some even coming from people who should know better, is truly remarkable in its hypocrisy.
As the price for gasoline rises, politicians hear increased calls for regulation of gas prices. We hear news stories of hotels increasing prices for victims of hurricane Katrina, and prices for needed goods in the destructed area could rise, too.
Almost anything the government does in response to the recent high gasoline prices is bound to fail.
This book is a general introduction to economics written in a non-technical way. It provides excellent coverage of many introductory topics in economics, and you don't have to be a mathematical sophisticate to understand it. It is very readable by anyone who is interested in this topic.