Photo by Chris and Jenni It has become commonplace to hear complaints about the United States Postal Service; specifically concerning their slow delivery, high prices, poor service, and lost or misdelivered mail. Economists frequently tell us about the inherent problems with any service controlled by a monopoly. How many of us are aware that the…
Most often, legislatures enact laws intended to address perceived societal problems by setting rules or establishing agencies to correct the problem. While we may, to be generous, presume good intentions, the normal, real world outcome is that the perceived problem is either made real or if actually real, is exacerbated. Photo by drewleavy Federal Hiring…
To begin: In order to function optimally, markets require strong (easily defended), clearly defined, and transferable property rights; when those rights are weak or vague (as they often are) or when there is active political interference, we sometimes see unfortunate consequences which are then blamed on “market failure.” Photo by Nicholas_T Efficient protection of the…
Given the actions of the Federal Reserve, particularly over the last twenty years or so, we have become accustomed to the fixing of interest rates as normal. Indeed, there appear to be benefits for many from such policies, at least in the near term. After all, given mortgage rates as low as 2% to 3%,…
When any of us suffers an injury or serious illness we require medical care, so it must be a right that we receive it. Right? When a large number of people begin to insist that something is a right, we can be sure that the politicians will begin crafting the legislation to declare it so,…