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Economics of Dictatorships: What are the Elements in a Dictatorship
What is a Dictatorship? A dictatorship is a form of government characterized by the concentration of power in the hands of a single person or a small group of individuals, typically without the consent of the governed and often without mechanisms for meaningful political opposition or participation by the general population. In a dictatorship, the… Read more
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Unraveling the Housing Bubble and Great Recession of 2008
What is a Housing Bubble? A housing bubble occurs when property prices inflate beyond their intrinsic values, driven by speculation, excessive lending, and an unsustainable demand for real estate. This bubble is often followed by a sharp decline in property values, causing financial distress for homeowners and triggering broader economic repercussions. What Caused the Housing… Read more
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The Federal Reserve’s Role in the Great Depression
The Great Depression of the 1930s remains one of the most significant economic crises in American history. While there are various factors and theories behind this devastating event, a common thread among economists like Ludwig von Mises, Murray Rothbard, and contemporary commentator Peter Schiff is the role of the Federal Reserve System. In this article,… Read more
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Implications of the Welfare State
The concept of the welfare state, which aims to provide social and economic support to citizens in need, has been subject to various discussions and debates. Critics often argue that certain aspects of the welfare state can inadvertently create disincentives for work and responsible behavior. Specifically, concerns have been raised about how certain welfare policies… Read more
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The Role of Incentives in Economics: Actions in Private & Public Sectors
Incentives play a fundamental role in driving human action and shaping decision-making processes across various spheres of society. Whether in the government or the private sector, understanding how incentives influence behavior is crucial for analyzing the effectiveness of policies and systems. This article delves into the power of incentives, particularly how they relate to government… Read more
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What is Inflation? Can Prices Be Controlled?
Inflation is term thrown around a lot these days. What most people refer to when they say “inflation” is actually the consumer price index (CPI). When historically “inflation” has always been defined as the money supply. What is the Money Supply? Money in Circulation The money supply refers to the total amount of money available… Read more