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Wine for the winos . . . Paul Krugman’s advice to the world is still party on! But Mises Institute’s Peter Klein reminds us that Keynesianism (still alive and well in our policy making and in our homes) needs to pack up the show and hit the road.
Economic disparity (4:56) . . . How does one country enjoy a high standard of living, when its neighbor lives in poverty? Matt Mitchell of George Mason University explains it through the 4 elements of economic freedom: free market entry, voluntary exchange, individual-level choices, and private property.
And it ain’t just $$$ (3:09) . . . Joshua Hall of Beloit college points out the benefits of economic freedom beyond income: consumption levels, life expectancy, better health, the well-being of the poor.
Nanny of the month . . . Reason TV’s winner for April: Eastchester, NY. Banning traditional fast food was not enough. To protect their citizens from…flour tortillas? self-busing tables? this upscale community adds casual fast-food stops like Cosi, Panera’s, and Chipotle to their no-no list.
What is the gold standard? . . . In 1933 FDR required all private gold holdings of more than $100 to be turned in to the Federal Reserve. In 1974, under Nixon, the United States abandoned the gold standard completely. Professor Lawrence H. White discusses what the gold standard was, why it was abandoned, and whether abandoning it was ever a good idea.
Econ 101 . . . Professor Paul Cwik explains how free-market pricing solves the problem that every economy faces: how to best allocate limited resources. And when pricing signals are interfered with–by centralized price controls or by constraining regulations–the economy loses efficiency.
A health-insurance card is NOT healthcare (4:57). . . the unintended consequences of Medicaid and Obamacare. Once again, centralized planning succeeds in hurting the people it intended to help and raising the costs it intended to lower. Meet Dr.’s Alieta and John Eck as they see it play out every day in their free clinic.
Schooling or education? (2:54). . . Dr. Stephen Davies explains the surprising difference, shows how the modern school was designed to make good soldiers and laborers, and challenges some basic assumptions about how we teach our kids.
Fuel for the economic engine (3:27). . . We’ve been told it’s consumption, but that’s a lie (we can blame Keynes for that one too). Savings and production are what drive the economy, at both the micro and macro levels. And here’s the proof.
If you weren’t at the dinner event last week, you missed a great meal (dessert was tiramisu!).
You also missed this…