The scientific method prescribes the use of open debate among both the believers and dissenters of any particular theory in order to fully test its soundness. Even though economics is not one of the “hard” sciences the scientific method retains its use as a measure of soundness. For economics, however, […]
At an economics convention I attended some time ago, one of the attendees attempted to convince me that the primary reason for the decline in the aggregate U.S. economy was a reduction in domestic manufacturing. “We don’t make anything anymore,” he told me. This is a very common fallacy which […]
Free trade is an interesting phenomenon. Considering it in the literal sense, one would think that free trade meant the unrestricted trade of goods without tariffs, taxes, quotas, or other arbitrary restrictions. Unfortunately, the term “free” has been hijacked at some point in our history and now means “not quite […]
