Economic theory

Chapter II. You can see the front parts HERE and HERE How did the Austrian School of Economics originate? In order to more fully and comprehensively understand the contribution of the "Austrians" to economic science, we need to briefly familiarize ourselves with the origin and evolution of their ideas, with the important names in history, and with the result of ...

Chapter I, Part 2* You can read the first part HERE Life is a series of ups and downs In economic theory, there are similar analogous reversals - the constant alternation of a strong economic boom and an almost as long economic downturn. There are different opinions, theoretical and practical explanations for the emergence of business cycles. According to the "mainstream" ...

Chapter I, Part 1* Nowadays, many people feel that the explanations of crises and social processes are incomplete, if not completely wrong. The process repeats itself - political formations change, promises are replaced, and disappointments are not long in coming. Change is needed, but not led by the hope for new state "saviors", ...

Brian Kaplan* I have just finished the unpublished collection Inequality and Economic Policy: Essays in Honor of Gary Becker, edited by Tom Church, Chris Miller, and John Taylor. For me, the most striking part of the text is John Korhane’s on inequality: “The most mysterious thing is why left critics focus on the one percent in …

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 ...

Incidents in ammunition production or disposal plants are becoming more and more common in the news. Unfortunately, regardless of their nature and the reasons for their occurrence, they are perceived as something that happens because of private initiative in the sector. This “stone in the garden” of the free market is largely …

In the eyes of most people, business profits, especially large profits, are a bad thing. In 2010, a social survey in the United States found that the majority of people associate large profits with greater social harm [1]. Similar prejudices are also very widespread in our native Bulgaria, further fueled by our nearby socialist …

When the French economist Thomas Piketty published his massive paper arguing that the steady rise in economic inequality was inevitable under capitalism, his thesis and its supposed and empirical basis quickly gained support among leftists, who echoed Piketty’s call for greater redistributive taxation. Other economists spent a lot of time …

In early January, Eurostat data was released showing the first annual deflationary episode in the Eurozone since 2009 – the overall price level fell by 0.2% between December 2013 and the same month in 2014. This sent the European Central Bank and a large number of Keynesian economists into a panic. From …

Don't believe that raising the minimum wage hurts real people? After March 31, a famous science fiction bookstore on Valencia Street in San Francisco's Mission District will no longer be able to satisfy your fantasy tastes: "The change in the minimum wage will mean that our costs ...