“If you want to be an economist, it would be wise to study the economy.” [1]
It was a simple but profound statement made in an everyday email exchange. The writer was Peter Boettke, the author of an important new book, Living Economics: Yesterday, Today, and Tomorrow (reviewed below), which makes a case for realistic, applicable, fascinating economics in place of so much of the hyper-theoretical, classroom variety.
Real-world economics elucidates the world of business, politics, and decision-making in general. Such analysis and application brings in real-world energy, the subject of MasterResource and much of my books.
A prolific scholar, Dr. Boettke is BB&T Professor for the Study of Capitalism, Mercatus Center, and University Professor of Economics and Philosophy, Department of Economics, all at George Mason University. He was profiled for his good teaching work in the Wall Street Journal piece, Spreading Hayek, Spurning Keynes.…
The following was published at Econlib (Library of Economics and Liberty by Rob Bradley with the editorial help of David R. Henderson.
A website project of Liberty Fund, Econlib offers concise, online classical-liberal scholarship for “students, teachers, researchers, and aficionados of economic thought.”
Mineral resources, not synthetically producible in human time frames,1 are fixed in the earth. As each is mined, less supply remains, suggesting that cost and, thus, price must increase as production cumulates.
Yet, for virtually all minerals, the opposite seems to be true: As more is mined, more is discovered to be mined. Prices and costs do not inexorably rise. What was high-cost yesterday has become lower-cost, undercutting the perennial complaint that “the easy stuff has been found.” Overall, there seems to be little difference between minerals and general goods and services.…
The Foundation for Economic Education (FEE) and the Institute for Humane Studies (IHS) were crucial in my intellectual development. Back in the 1970s, when I attended my first FEE and IHS seminars, there were few such gatherings on the political economy of liberty. For some of us students, the timing was just about right for receiving during the summer what we missing at our colleges and universities.
So it was with interest that I read about Cato University 2012. The July 29–August 3 seminar is a great opportunity for students of liberty. The redone, spacious Cato Institute at 1000 Massachusetts Avenue, NW, will be the venue for the first time in many years.
“In a time of political turbulence, a presidential election, ideological posturing, and so much more,” the announcement reads, “our nation’s capital is the perfect setting for examining the roots of our commitment to liberty and limited government and for exploring the ideas and values on which the American republic was founded.”…