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November 2012

Volume 62, 2012

Lewis Andrews explains how tight immigration controls leave innocent people vulnerable to human traffickers; Warren C. Gibson explores one of Mises’s most important principles, Isaac Morehouse uses fantasy football to illustrate a fundamental economic concept; Sandy Ikeda discusses how market inefficiencies create value; and much, much more. 


FEATURES

Stripping off the Gray Flannel Suit

OCTOBER 16, 2012 by SARAH SKWIRE

Everyone knows The Man in the Gray Flannel Suit is about how commerce strangles the spirit, right? They should try reading it, says Sarah Skwire.

Is Being Less Productive Good for Humanity?

OCTOBER 17, 2012 by STEVEN HORWITZ

Economists know that just making more stuff isn't the same as productivity--it has to be stuff people want, at prices they're willing to pay. The nation's most famous newspaper doesn't seem to get this, so Steven Horwitz delivers a lesson in basic economics.

The Magic of Free Trade

OCTOBER 22, 2012 by ARTHUR FOULKES

Despite the bad rap it gets, free trade is the key to economic progress. Arthur Foulkes has the details.

What Is Profit?

OCTOBER 22, 2012 by FRED E. FOLDVARY

Fred Foldvary says profit isn't quite as sinple a concept as it might seem at first glance.

Subjective Value

OCTOBER 24, 2012 by MAX BORDERS

Trade begins with the private inner states of individuals,who value things differently. This is great news for people seeking their own happiness, Max Borders explains, and bad news for people who think they can legislate the happiness of others.

Economics and the Calculation Problem

OCTOBER 29, 2012 by ALEX SALTER

Central planning can't deliver resources efficiently because it ignores the full complexity of the price system.Alex Salter lays it out.

Wrapping an Enigma in a Mystery: Why Inflation Is So Misunderstood

OCTOBER 31, 2012 by RICHARD W. FULMER

Inflation wouldn't be so hard to understand if it wasn't wrapped up in so much untruth, wishful thinking, and misdirection, Richard Fulmer says.

The Law of Demand

NOVEMBER 05, 2012 by ART CARDEN

Ignoring the law of demand often has perverse consequences. Art Carden has a few examples.

Fantasy Football, Opportunity Cost, and Comparative Advantage

NOVEMBER 07, 2012 by ISAAC M. MOREHOUSE

Don't let the "fantasy" in fantasy football fool you: The game illustrates some crucial points about opportunity costs and comparative advantage. Isaac Morehouse has been keeping score.

The Virtue of Market Inefficiency

NOVEMBER 14, 2012 by SANDY IKEDA

Freeman readers know markets excel at creating new efficiencies and improving everyone's lives in the process. The inefficiencies they create might be even more interesting, says Sandy Ikeda.

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COLUMNS

Outsourcing Is Bad for the Economy?

OCTOBER 18, 2012 by TYLER WATTS

Politicians love blaming economic troubles on outsourcing. But outsourcing is fundamental to the creation of wealth--and it happens constantly, with nearly everything we buy, explains Tyler Watts.

Klinging to Reality

OCTOBER 25, 2012 by DONALD BOUDREAUX

Market failure, thought a slippery concept, does not necessarily call for government intervention. On the contrary, markets are better than political institutions at minimizing the frequency and severity of poor decision-making.

How FDR’s Economic Bill of Rights Changed American Politics

NOVEMBER 01, 2012 by BURTON FOLSOM

President Roosevelt's promotion of his Economic Bill of Rights crystallized the rising dominance of statist ideas; the rights he asserted only have meaning if government is the source of all rights.

Diversity, Ignorance, and Stupidity

NOVEMBER 08, 2012 by WALTER E. WILLIAMS

No evidence of any kind suggests that we would be sorted proportionally by race, sex, nationality, or any other human characteristic were it not for discrimintation. Nevertheless, much of our thinking, policy, and litigation is based on an assumption of proportionality.

Perspective

NOVEMBER 11, 2012 by LAWRENCE W. REED


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