Tag Archives: markets

The One Minute Case against the SEC

Markets regulate themselves Long before the existence of the Securities and Exchange Commission, medieval guilds and trading houses established common standards, accreditation agencies, and accounting rules that have evolved to the present day. The system of English common law has been evolving since the 12th century 1, and the accounting system used today was codified …

February 10, 2009 – 2:14 am | By David Veksler | Posted in Economics, Politics | Tagged , , , , , , | Comments (1)

The One Minute Case for the Austrian Business Cycle Theory

The Austrian Business Cycle Theory was developed by the economist Ludwig von Mises to explain the phenomenon of business cycles. It provides crucial insight for understanding the cause of cyclical boom/bust cycles and their connection the government’s manipulation of the economy. To understand the Austrian Business Cycle Theory, an analogy is helpful: Imagine an economy …

October 2, 2007 – 3:18 pm | By David Veksler | Posted in Economics | Tagged , , , , | Comments (5)

The One Minute Case For “Price Gouging”

“Price gouging” is a derogatory term for “unfair” prices on goods, typically in an emergency. The problem is that the perception of “unfairness” is totally arbitrary and stems from an ignorance of basic economics. Rather than create “fair” outcomes, “price gouging” regulations create the very problems they are supposed to solve. What are prices? A …

June 5, 2007 – 6:28 pm | By David Veksler | Posted in Economics, Politics | Tagged , , | Comments (1)

The One Minute Case For Free Trade

Why not be self-sufficient? Do you make your own shoes? If you invested some time learning shoemaking, you could save the money you regularly spend on new shoes. What about butter – why not churn your milk? If, like cavemen, everyone was entirely self-sufficient, our monthly spending would be zero. That would be fortunate, because …

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May 29, 2007 – 8:36 pm | By David Veksler | Posted in Economics, Politics | Tagged , , , , | Comments (17)

The One Minute Case For Unrestrained Profit

Profit is the engine of production Restraining profit by taxing it or limiting it has the effect of limiting production. Restraining profit means an economy will produce fewer goods, of less variety, and at higher price. Innovation suffers. As a result, to the extent profits are restrained, all consumers suffer. Profit drives production in several …

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May 20, 2007 – 1:57 am | By Galileo Blogs | Posted in Economics | Tagged , , | Comments (1)