On Menger’s “Principles of Economics”

Mises supposedly said that Carl Menger’s Principles was still (at the time) the best introduction to Austrian economics. This is certainly true, but I would go further than that. The Principles is not only an introduction to Austrian economics but a great introduction to sound economic thinking. Whether you agree with “Austrians” or not, and […]

On the Recent Piracy Trial

As some of you may know, the “piracy” trial ended with the conviction of the administrators of the web site The Pirate Bay to one year in jail as well as (for Sweden) record-high damages to the entertainment industry. Whereas it is not clear if they have committed a crime – hell, it isn’t even […]

Why Do Economists Sympathize with the Right?

This is a legitimate question even though it doesn’t necessarily imply that economists (American such, at least) in general are Republicans. But it is a fact that economists in general tend to be to the “right” (according to the common understanding of the political right) of e.g. sociologists and political scientists. It is also a […]

Starving Politicians

When starved people find food they tend to desperately swallow everything and not take time to chew the food properly. We’ve all felt the same thing: when we’re really, really hungry and finally get that so desired meal our heartrates go up, we feel stressed, and we eat as quickly as we can without really […]

The Tragedy of Wikipedia

A well-known problem in philosophy and political economy since the time of Thucydides and Aristotle, and in modern economics since 1968, is what Garrett Hardin termed the “tragedy of the commons.” The classic example is that of an “open” village pasture equally available to shepherds. It is, unless the villagers somehow agree to regulate the […]

Are All Capitalists Communists?

I have followed the discussion on the Federal Reserve lately, not only how it is meddling with the currency and thereby trying to push the market in one direction or another. My interest has been mainly in the arguments for and against “the Fed,” i.e. reasons it exists and results of its existence (and meddling). […]