Econlib

In their textbook, Modern Principles of Economics, Tyler Cowen and Alex Tabarrok ask what happens when Walmart buys toys from a Chinese supplier. I decided to test this once by going to my local Walmart and buying an action figure of All Elite Wrestling's

In Season 1 of the TV show Severance, we learn that the main character, Mark Scout, once shared a life with his wife, Gemma, whose presumed death he mourns. In Season 2, the audience sees flashbacks of the highlights of their romantic life but also some p

The law of diminishing marginal utility is one of the foundational principles of economics, but its significance extends far beyond the marketplace. The principle states that as a person acquires additional units of a good, the satisfaction gained from ea

The core of this argument is that the American Founding set the United States on a unique path that made it one of the richest and freest places in the world. Yet, this causal connection requires a leap of faith. Few have attempted to conjure a counterfac

The recent removal of Nicolás Maduro from Venezuela's presidency is a dramatic development after more than two decades of socialist experimentation under Hugo Chávez and Maduro, characterized by expropriation, macroeconomic mismanagement, and political re

In intellectual debate, I find a special charm when someone plays the proverbial

Despite facing little explicit costs, Kiki's delivery service is a costly endeavor. Fortunately, for viewers, it's a charming lesson on the nature of costs and an introduction to James Buchanan's work on cost and choice. Kiki's Delivery Service, Studio Gh

I began my blogging career at TheMoneyIllusion in early 2009 and ended that blog last year. In January 2014, I started blogging here at EconLog and have greatly enjoyed the opportunity. This will be my final post. I wish to thank everyone who works at Eco

In his examination of why we should move away from legalism and more in the direction of discretion, Barry Lam concedes that there are strong arguments in favor of a legalist approach. His analysis of legalism continues by looking at what he sees as the s

Every year in December, The Economist finds a