Patrick Barron Much of the commentary surrounding the Greek crisis has focused on whether or not the country will leave the Eurozone, with less attention to the structural problems that have arisen after decades of socialism. At the same time, the Greek government has borrowed more money than the local population can repay, and the depreciation of the …

In the first part of this series, we looked at what economic theory can tell us about the potential effects of the minimum wage and its increases on employment in those sectors of the economy where the least skilled (or inexperienced) workers work; i.e. the sectors that are directly affected by it. As we saw, if, …

Douglas Rasmussen[1] It is often said that markets are guided “as if by an invisible hand” to create order and cooperation among people. Markets achieve this harmonious result through the motives and mutual interest of each person. But there is another, “older” method of organizing people, namely the way of building …

One of the most frequently put forward arguments in favor of the government redistributing funds through the so-called "welfare state" states: "If there are no state institutions to collect money in the form of taxes and then direct it to those in need (i.e., the poor), the latter will not be able to ...

The minimum wage (MW) has been an extremely hot topic lately. After yet another increase in the minimum wage threshold to 380 leva at the beginning of the month, we recently learned that a draft of the Council of Ministers proposes that the minimum wage level be fixed between 35% and 55% of the average. We often hear complaints about …

Nikola Filipov We would probably all agree that a functioning capital market is of fundamental importance for a developed market economy. A number of economic studies clearly reveal the strong correlation between market capitalization and the level of GDP per capita in an economy. The positives – both corporate and …

Boyan Rashev Lately I have been witnessing continuous attacks against the bad capitalism that is ruining the world. In all media, and especially in social media, this is a top thesis. This is an extremely strange phenomenon considering that practically everything that humanity has achieved – technical progress, duration and quality of life, pure …

Lately I have been witnessing continuous attacks against the evil capitalism that is ruining the world. In all media, and especially in social media, this is a top thesis. This is an extremely strange phenomenon considering that practically everything that humanity has achieved – technical progress, duration and quality of life, clean environment …

Josh Grossman Last week, former U.S. Senator and Secretary of Education Lamar Alexander wrote in the Wall Street Journal that college degrees are both cheap and an excellent investment. He repeated the usual argument about how a degree increases the holder’s income by a million dollars “on average.” It is the use of …

The Greeks said “OXI” to the austerity measures proposed by the creditors. The country missed a payment to the IMF, becoming the first developed country to boast such an achievement. The Greek banking system has been on a “bank holiday” for the second week now, and the markets are anxious about the outcome of the current crisis. Throughout …