intellectual property
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“Those of us who self-identify as economists should not wear the terminology of ‘competition’ as a badge of shame, while wistfully contemplating a presumed ideal of cooperation.” What is the opposite of “competition”? If you fear that this is a trick question and run off to check a synonym/antonym dictionary, you will find an answer .. MORE
“What’s the best way to protect digital works—by acts of Congress or with technology?” Speedy Internet links, improved compression techniques, and fatter hard drives have dealt harshly with traditional views of copyright. From the ongoing courtroom wrangling over Napster’s fate to the online swapping of pirated movies, our current copyright structure is being stretched and .. MORE
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“Don’t the laws of supply and demand dictate that wages would fall? Not when other things change at the same time. Those immigrants who increase the supply of labor also demand goods and services, causing the demand for labor to increase.” Arizona’s recent passage of a new immigration law has re-ignited the national immigration debate. .. MORE
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Are your genes your destiny? Despite famous studies of identical twins that seem to answer in the affirmative, mathematician David Bessis says: Not so fast. He and EconTalk’s Russ Roberts take a deep dive into the “twins reared apart” literature, showing how multiple flaws in those studies undercut their claims about heritability. Bessis demonstrates why .. MORE
econtalk-podcast
It seems obvious that moral artificial intelligence would be better than the alternative. But psychologist Paul Bloom of the University of Toronto thinks moral AI is not just a meaningless goal but a bad one. Listen as Bloom and EconTalk’s Russ Roberts have a wide-ranging conversation about the nature of AI, the nature of morality, .. MORE
Property Rights
I have a new working paper with Bart Wilson titled: “You Wouldn’t Steal a Car: Moral Intuition for Intellectual Property.” The title of this post, “everyone take copies,” comes from a conversation between the human subjects in an experiment in our lab, on which the paper is based. The experiment was studying how and when .. MORE
Competition
Economists extol the importance of competition in markets for driving prices down and quality up. But what is “competition” and how does it actually work? To non-economists, the word conjures the idea of something like a sporting contest, where there can be one winner while everyone else loses. But this comparison fails on at least .. MORE
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Antoine Louis Claude Destutt de Tracy (1754-1836) composed A Commentary and Review of Montesquieu’s Spirit of Laws in 1811. It was promptly translated to English by Thomas Jefferson, who published it along with translations of M. Condorcet’s “Observations on the [Twenty-ninth] Book” (the original cover page produced by William Duane’s Philadelphia press erroneously reads as .. MORE
DURING the last decade it has been the fashion to talk of the Manchester School with pity or contempt as of an almost extinct sect, well adapted, no doubt, for the commercial drudgery of a little, early Victorian England, but utterly unfitted to meet the exigencies or satisfy the demands of a moving Imperialism. Many .. MORE
I‘m thankful to my undergraduate mentor, Bill Field, for things too many to count. Among these is his introducing me during my junior year to public-choice scholarship. “Dr. Field” (as I then called him) did so by suggesting that I read James Buchanan’s and Richard Wagner’s 1978 monograph, published by the Institute of Economic Affairs .. MORE
A Liberty Classics Book Review of Studies on the Abuse and Decline of Reason: Text and Documents, by F.A. Hayek (edited by Bruce Caldwell). 1 According to F.A. Hayek, what are the theoretical and historical reasons for the tragedies of socialism that emerged in the 20th century? Hayek attempted to answer this question in what .. MORE
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Nobel laureate Ronald H. Coase (1910-2013) was recorded in 2001 in an extended video now available to the public. Coase’s articles, “The Problem of Social Cost” and “The Nature of the Firm” are among the most important and most often cited works in the whole of economic literature. Coase recounts how he tried to encourage .. MORE
VIDEO
Nobel laureate James M. Buchanan (1919-2013) was recorded in 2001 in an extended video now available to the public. Universally respected as one of the founders of the economics of public choice, he is the author of numerous books and hundreds of articles in the areas of public finance, public choice, constitutional economics, and economic .. MORE
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The Reading Lists by Topic pages contain some suggested readings organized by topic, including materials available on Econlib. Brief reviews or descriptions are included for many items.
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These free resources are appropriate for teachers of high school and AP economics, social studies, and history classes. They are also appropriate for interested students, home schoolers, and newcomers to the topic of economics.
The law of unintended consequences, often cited but rarely defined, is that actions of people—and especially of government—always have effects that are unanticipated or unintended. Economists and other social scientists have heeded its power for centuries; for just as long, politicians and popular opinion have largely ignored it. The concept of unintended consequences is one .. MORE
Economic competition takes place in markets—meeting grounds of intending suppliers and buyers.1 Typically, a few sellers compete to attract favorable offers from prospective buyers. Similarly, intending buyers compete to obtain good offers from suppliers. When a contract is concluded, the buyer and seller exchange property rights in a good, service, or asset. Everyone interacts voluntarily, .. MORE
Joseph Schumpeter (1883–1950) coined the seemingly paradoxical term “creative destruction,” and generations of economists have adopted it as a shorthand description of the free market’s messy way of delivering progress. In Capitalism, Socialism, and Democracy (1942), the Austrian economist wrote: The opening up of new markets, foreign or domestic, and the organizational development from the .. MORE
-Ludwig von Mises
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-F. A. Hayek