Imagine for a moment that by next summer, through some miracle of capitalism, every product you purchase cost half as much as its price today. Every tire, every banana, every patio chair, every sheet of paper, the cost of all…
Imagine for a moment that by next summer, through some miracle of capitalism, every product you purchase cost half as much as its price today. Every tire, every banana, every patio chair, every sheet of paper, the cost of all…
Across a large swath of both the left and right this notion has become so accepted that it is treated as self-evident: a tiny percentage of very rich Americans are reaping all the rewards of global capitalism while the rest…
A century ago in 1916, after decades of deadly protests, union railroad workers won the right to an eight-hour a day, six-day work week. Other workers would not earn the same rights until 1933. The latest trend in corporate management…
Operating an industrial boiler requires skill and experience in addition to the significant capital outlay required to obtain them. It also requires something else – adherence to a lengthy set of operating rules laid out and frequently updated by the…
Porn is free. Accelerating advances in communications technology combined with changing social norms have transformed the market for pornography, leading to the sudden collapse of business models that just a few years ago were generating tens of billions in revenue.…
To a large extent Economics may be considered a victim of its success. No other branch of the social sciences has such marketability. No one takes their PhD in Sociology or Paleoanthropology to a six-figure job at Chase. Unfortunately, firms…
Technology in our time is moving at a pace so fast it seems that only children have the time to stay current. This dizzying pace of progress is bringing wonder after wonder, so why is economic growth so sluggish? Economic…
It would wise to revisit our assumptions about what computers can and cannot do. Many of us were surprised at the development of computers that could defeat a human at Chess or on the game-show Jeopardy! While those achievements were…
We often hear that incomes at the middle and lower tiers have been stagnant since the 70’s. It is true, but that statistic misses some important nuances. We can measure incomes and compare them to an inflation rate, but that…
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