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- Philosophy and Methodology
- Art Carden
Mises Daily
Author:
Art Carden
Online Publish Date:
A common criticism of the market economy is that the wealth it generates brings with it unacceptable levels of income inequality—it is conceded that the market economy generates great deals of material wealth, but it is argued that this material wealth is accrued unevenly. The astute reader will note that income inequality, as measured by the Gini
Mises Daily
Author:
Art Carden
Online Publish Date:
When a firm’s revenue is greater than its costs, that firm earns a profit. When a firm’s costs are greater than its revenue, that firm suffers a loss. Fair enough. But what do profits and losses mean? Are they the product of blind chance? What useful information can possibly be contained in profits and losses? Contrary to public opinion, profits
Mises Daily
Author:
Art Carden
Online Publish Date:
Where does morality leave off and social science pick up? This is not to give the short shrift to issues of morality, but it recognizes that many social issues are far more complicated than they first appear to be; and before we make policies, we have to make sure that we have considered the likely unintended consequences of the policies we
Mises Daily
Author:
Art Carden
Online Publish Date:
One of the things that first attracted me to economics is that its logic leads us sometimes to counterintuitive conclusions. A perfect example of this is the regulated workplace. The minimum wage raises incomes for some workers and lowers incomes for others. Workplace safety regulations advantage those who are very risk averse at the expense of
Mises Daily
Author:
Art Carden
Online Publish Date:
History provides ample evidence that ideas matter, and reverence for facts is an intellectual virtue. History also shows that one of the more pernicious phenomena in the world is a set of facts that simply aren’t true. Western industrial history, and the policies building on it are marred by a broad collection of false “facts” that have proven
Mises Daily
Author:
Art Carden
Online Publish Date:
It seems like the news is just a never-ending catalog of newer and better ways in which the political class is destroying the world. The US government is spending hundreds of billions of dollars to prop up firms that should be liquidated so that the capital they are tying up can be better used elsewhere, new restrictions on credit cards will hurt
Mises Daily
Author:
Art Carden
Online Publish Date:
[This article is based on remarks prepared for a panel on “What’s Wrong With the World?” at Rhodes College on September 29, 2009.] I assume that we all want to use the lives we’ve been given to make the world a better place. This isn’t as straightforward as it seems at first. It is insufficient merely to think globally; and depressingly many kinds