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FREE MARKET GEMS

Unintended consequences . . . are sometimes just obvious consequences that smart people saw coming. Take the minimum wage. A rise in labor costs will be paid, and that money will come “from customers, other employees, or the bottom line.” It’s not a surprise. It’s inevitable.

Price is not the price . . . Dan Russell of Learn Liberty explains real price vs. nominal price, as well as the concept of consumer surplus. [3:50]

Prison overcrowding . . . is a function of economics: Police, prosecutors, and judges all have common access to the prison system, but none bears any cost in usuing (cost entirely socialized; that means you and me). It’s the “Tragedy of the Commons”, says Chris Calton of Mises.

Losing a liberty-loving judge . . . You’ve probably never heard of her, but US Court of Appeals judge Janice Rogers Brown, a strong economic libertarian and Constitutionalist, is retiring. Barack Obama thought she was crazy, so that’s something.

People will die! . . . Actually, we’ll all die eventually no matter how hard we try to legislate death away. One of Remy’s best. [2:00]