Tag: libertarianism

The Real “Truth About the Economy:” Have Wages Stagnated?

The Real “Truth About the Economy:” Have Wages Stagnated?

In a recent video with over a million views, former labor secretary Robert Rice gives a three minute description of the truth about the economy. One of his key points is that, adjusting for inflation, most people’s wages have barely increased since 1980. Based on this claim, Rice argues several other controversial points about how …

Business Cycles Explained: Keynesian Theory

Business Cycles Explained: Keynesian Theory

Simple way to think about the Keynesian model. Keynesian, New Keynesian. But let’s boil it down to essentials. Economic downturns are very often caused by a shortfall in aggregate demand. Aggregate demand you can think of very crudely as spending. So more formally, aggregate demand is consumption plus investment plus government spending. Think of that …

Happy Birthday, Adam Smith!

Happy Birthday, Adam Smith!

This founding father of modern economics gave us an entirely new understanding of how society works. His magnum opus, An Inquiry into the Nature and Causes of the Wealth of Nations, influenced thinkers as diverse as Thomas Jefferson, Alexander Hamilton, Karl Marx, John Maynard Keynes, and Milton Friedman. While he’s best known for concepts like …

Economic Freedom and Growth

Economic Freedom and Growth

Why are some places rich and others poor? Why are some big cities bright, and others dark? These are some of the most important and enduring puzzles in the history of economics. Adam Smith saw these same contrasts in 1776, and asked the same questions in his book, The Wealth of Nations. For Smith, the …

Episode 132: The Ideas of Adam Smith (with Paul D. Mueller)

Episode 132: The Ideas of Adam Smith (with Paul D. Mueller)

Aaron Ross Powell: Welcome to Free Thoughts from Libertarianism.org and the Cato Institute. I’m Aaron Powell. Trevor Burrus: And I’m Trevor Burrus. Aaron Ross Powell: And joining us today is Paul Mueller. He’s an Assistant Professor of Economics at The King’s College in Manhattan and he’s also a columnist for Libertarianism.org. Today we’re going to …

Happy Father’s Day to Adam Smith

Happy Father’s Day to Adam Smith

(laid back music) – For being a role model and shaping our moral sentiments. For letting the kids play outside unsupervised. For always being there to support us with your invisible hand. For teaching us that sometimes the best way to help others is to help ourselves. And for most of all being a cranky …

What Wasn’t Said in “Wealth Inequality In America”

What Wasn’t Said in “Wealth Inequality In America”

here is the actual distribution of wealth in America the poorest Americans don’t even register there down to pocket change and the middle class is barely distinguishable from the poor in fact even the rich between the top 10 and 20 percentile are worse off only the top 10% are better off and how much …

What Motivated Adam Smith?

What Motivated Adam Smith?

Adam Smith is widely considered to be the father of economics, but if you read the Wealth of Nations, one thing that comes through very clearly is that one of his main concerns is not just to explain where wealth comes from, but in particular, how do we raise the estates of the least among …