Economics

Misallocating the Gains of a Productive Economy

The economist William Baumol warned us about one of the problems which human beings create under conditions of prosperity, Baumol’s cost disease: Baumol’s cost disease (also known as the Baumol Effect) is a phenomenon described by William J. Baumol and William G. Bowen in the 1960s. It involves a rise of salaries in jobs that … [Read more…]

A Good Point About Capitalist Economic Systems

Here’s a good and short article by a clearheaded thinker, Ivan Eland: Pro-Business vs. Pro-Market: What’s the Difference?. I think a similar point can be made about the political marketplaces. This is to say that there are those politicians who would govern, that is organize certain types of human activities conducive to a fuller human … [Read more…]