Relative price is one price in terms of another price.
Walter Williams
Economics for the Citizen (Part 5)
The cost of having or doing something is what had to be given up.
Economics for the Citizen (Part 4)
Specialization is said to occur when people produce more of a commodity than they consume or plan to consume.
Economics for the Citizen (Part 3)
There are four classes of behavior that can be called economic behavior. They are: production, consumption, exchange and specialization.
Economics for the Citizen (Part 2)
Economic theory can’t answer normative questions.
Economics for the Citizen (Part 1)
The first lesson in economic theory is that we live in a world of scarcity.
Greedy or Ignorant
"The Dog and His Bone" is one of Aesop's many instructive fables. It's about a dog carrying a bone in his mouth. As he was crossing a footbridge over a stream and happened to glance into the water, he saw his own reflection. Thinking it was another dog with a bigger...
Are We a Republic or a Democracy?
The framers gave us a Constitution that is replete with undemocratic mechanisms.
National Sales Tax?
Rep. John Linder (R-Ga.) has authored H.R. 25 "To promote freedom, fairness, and economic opportunity by repealing the income tax and other taxes, abolishing the Internal Revenue Service, and enacting a national sales tax to be administered primarily by the States."...
Higher Education in Decline, Part 2
The nation’s primary and secondary education is a national disgrace; will we allow our undergraduate education to become so as well?
Higher Education in Decline
College costs have risen dramatically over the last several decades. In many cases, it's difficult to find a college where per-student costs are under $20,000 each year. Most often, tuition doesn't measure the true cost because taxpayer and donor subsidies pay part of...
Attacking Condi
Dr. Condoleezza Rice, President Bush's national security adviser and now his secretary of state nominee, has been the subject of nasty, demeaning and disrespectful cartoons and commentary. Some of the worst has come from people like Julian Bond, chairman of the...
Good and Bad Economics
Here are a couple of newspaper headlines following Florida's bout with hurricane disasters: "Storms create lucrative times," St. Petersburg Times (Sept. 30, 2004), and "Economic growth from hurricanes could outweigh costs," USA Today (Sept. 27, 2004). The writers,...
Is Politics The Way?
Black politicians and the civil rights establishment take it as an act of faith that progress for black people requires racial politics and government programs. How about examining this vision with a few simple, common-sense questions? Whether you're black, white or...
Economic Efficiency Scores: How Should You Vote?
When you vote for a member of the House of Representatives or the Senate, what should be your selection criteria? I'm all too afraid that most Americans, were they to be honest, would answer that they'd vote for the person who has pushed or will push for legislation...
Political Demagoguery
Politicians have a field day misleading Americans who, as a result of having been dumbed down by our education system, can't think, reason or analyze. How many times have we heard the political lament "There are 43 million Americans without health insurance"? While...
School Violence Toleration
I'm wondering just when parents, especially poor minorities, will refuse to tolerate day-to-day school conditions that most parents wouldn't dream of tolerating. Lisa Snell, director of the Education and Child Welfare Program at the Los Angles-based Reason Foundation,...
The Academic Halls of Stupidity: Success Equals Effort
Benedict College in Columbia, S.C., enforces an academic policy that defies belief. Say I'm a freshman taking your class in biology. I learn little from your lectures, assigned readings and homework. I do attend class every day, take notes and manage to average 40...
American Despotism: Emasculation of the American Constitution
No one’s private property is safe because what’s a public benefit is subject to wide interpretation.
Productive Inequality: Is it Fair?
Shaquille O'Neal ($32 million), Tiger Woods ($80 million), Oprah Winfrey ($210 million), Barry Bonds ($23 million), Mel Gibson ($210 million) and Lance Armstrong ($19 million) are at or near the top of their professions, and their annual earnings show it. But is it...
Dangers of No Tax Liability
In last week's column, I reported on the Washington, D.C.-based Tax Foundation's study that estimated that 44 percent of income earners will legally have no 2004 federal income tax liability. The study concluded, "When all of the dependents of these income-producing...
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