While it is tempting to see the economic success of Singapore and Hong Kong as similar, there really are stark differences between them. Hong Kong has developed through laissiez-faire and entrepreneurship while Singapore is much more state directed.
While it is tempting to see the economic success of Singapore and Hong Kong as similar, there really are stark differences between them. Hong Kong has developed through laissiez-faire and entrepreneurship while Singapore is much more state directed.
Critics of free markets such as Oren Cass claim that Austrians and other supporters of the free economy are engaged in “market fundamentalism.” However, support for free markets is not an act of blind faith but is based upon understanding of how markets actually work.
Critics of free markets such as Oren Cass claim that Austrians and other supporters of the free economy are engaged in “market fundamentalism.” However, support for free markets is not an act of blind faith but is based upon understanding of how markets actually work.
It is one thing to understand economics and quite another to be able to explain how economics works. Those who favor free markets also need to be able to explain and defend them.
We speak of the “economy” as though it produces goods. Yet, the term really is a fiction, as purposeful individuals working in cooperation with each other are the real producers.
Arbitrary and undefined terms like “fair wage” and “living wage” fundamentally misunderstand the nature of work how wages are determined.
HIPAA was enacted in 1996 to protect the privacy of patient health information. In practice, HIPAA’s stringent requirements may harm patients, create a chilling effect on medical researchers and healthcare providers, and significantly increase medical costs.
Nobel-winning economist Claudia Goldin claims that WNBA players are vastly “underpaid” relative to their male counterparts in the NBA. Economic analysis, however, tells us a different story.
Myanmar has been a textbook case of the tragedies of socialism. While people are familiar with Nobel Peace Prize winner Aung San Suu Kyi, who tried to lead the nation to democracy and a market economy, the nation is better known for military dictatorship and political and economic repression.
