supply and demand, time value of money
Kling's Corner
A decade after the financial crisis of 2008 and its aftermath, economists are still grappling with its nature and significance. An important recent contribution is A Crisis of Beliefs, by Nicola Gennaioli and Andrei Shleifer (henceforth GS).1 They tell the story this way (page 7): Homebuyers were unrealistically optimistic about future home price growth. Investors .. MORE
Article
Armen Alchian (1914-2013) was an economist’s economist. How his mind worked and why it so impressed his peers is illustrated perfectly by an episode from his time at the Rand Corporation in the 1950s as the Cold War was ramping up. Both the United States and Soviet nuclear programs were cloaked in secrecy. As the .. MORE
Book Review, Kling's Corner
So if our instincts undervalue truth, that’s not surprising—our instincts evolved in a different world, one better suited to the soldier. Increasingly, our world is becoming one that rewards the ability to see clearly, especially in the long run; a world in which your happiness isn’t nearly as dependent on your ability to accommodate yourself .. MORE
Finance: stocks, options, etc.
Economic Growth
Economic and Political Philosophy
Energy, Environment, Resources
Microeconomics
Economic Education
Books: Reviews and Suggested Readings
Cost-benefit Analysis
econtalk-extra
Ian Leslie’s work focuses on human behavior. He has appeared on two earlier episodes of EconTalk (Ian Leslie on Curiosity and Ian Leslie on Conflicted). In this episode, host Russ Roberts and Leslie continue the discussion of human behavior, discussing Leslie’s thesis that AI is already changing how we think. It isn’t just the machines .. MORE
econtalk-extra
Have you ever been on a truffle hunt? Do you savor the memories of truffles shaved over your pasta or risotto? Are you a dog lover? If any of these apply, then this episode was made for YOU! EconTalk host Russ Roberts welcomed author Rowan Jacobsen to talk about his book, Truffle Hound. Jacobsen spent .. MORE
Energy, Environment, Resources
Bryan Cutsinger has been doing an excellent job of presenting economic problems to solve. Sometimes, to do basic economics, you need to know basic math. Here’s a statement from research scientist Carey King in “Why Energy Efficiency Might Not Cut Emissions As Much as You Think,” Wall Street Journal, November 11, 2024 (print edition): The .. MORE
Economic Education
4. Econ Log EconLog, run by the Library of Economics and Liberty, includes various contributors sharing ideas on economic theory, public policy, and classical liberal views. This blog offers a place for lively debate and different opinions. (bold in original) This is from Anja Finegan, “The Top Economics Blogs to Follow in 2025,” inomics.com, October 7, 2024. Finegan .. MORE
Explore the lasting legacies and
continued relevance of our classic titles.
For a long time now the theory of capital has been under a cloud. Twenty years ago, when Professor Knight launched his attack on the capital theories of Boehm-Bawerk and Wicksell, there opened a controversy which continued for years on both sides of the Atlantic. Today very little is heard of all this. The centre .. MORE
It is fortunate for the modern world that there is a considerable number of persons who have time, inclination, and ability to inquire how human communities may best secure a prosperous existence and ultimate salvation from disasters or even annihilation. It is fortunate that the necessity is so widely felt of making such inquiries, and .. MORE
After James M. Buchanan won the Nobel Prize, some people suggested public choice was too obvious for a Nobel. To others, it was wrong. Some said it was both. Others claimed that public choice is immoral: after all, Buchanan wrote from the “homely observation” that people respond to incentives and pursue their interests in the .. MORE
In 1936, seven years into the Great Depression, John Maynard Keynes’ General Theory of Employment, Interest, and Money was published. The culmination of Keynes’ theorizing in support of policies of manipulation of money and credit by the state in order to achieve macroeconomic equilibrium came with that book. A central bank, in that context, became .. MORE
VIDEO
A five-part short video series on the life and contemporary relevance of Adam Smith. This video series, produced by AdamSmithWorks, can be watch as a full 38-minute feature, or in five thematic, classroom-friendly chunks. To access all, click here. Below are some discussion prompts related to this video: Part 1: The Invisible Hand .. MORE
VIDEO
Nobel laureate Ronald H. Coase (1910-2013) was recorded in 2001 in an extended video now available to the public. Coase’s articles, “The Problem of Social Cost” and “The Nature of the Firm” are among the most important and most often cited works in the whole of economic literature. Coase recounts how he tried to encourage .. MORE
Econlib Videos
Conversations with some of the most original thinkers of our time
The Reading Lists by Topic pages contain some suggested readings organized by topic, including materials available on Econlib. Brief reviews or descriptions are included for many items.
Supplementary materials for popular college textbooks used in courses in the Principles of Economics, Microeconomics, Price Theory, and Macroeconomics are suggested by topic.
These free resources are appropriate for teachers of high school and AP economics, social studies, and history classes. They are also appropriate for interested students, home schoolers, and newcomers to the topic of economics.
Regulation The federal government has been regulating prices and competition in interstate transportation ever since Congress created the Interstate Commerce Commission (ICC) to oversee the railroad industry in 1887. Truckers were brought under the control of the ICC in 1935 after persistent lobbying by state regulators, the ICC itself, and especially, the railroads, which had .. MORE
One of the most popular definitions of recessions is that they are periods when real gross national product (GNP) has declined for at least two consecutive quarters. In 1990, real GNP declined between the third and fourth quarters and again between the fourth quarter of 1990 and the first quarter of 1991. Hence, there is .. MORE
Bankruptcy is common in America today. Notwithstanding two decades of largely uninterrupted economic growth, the annual bankruptcy filing rate has quintupled, topping 1.5 million individuals annually. Recent years also have seen several of the largest and most expensive corporate bankruptcies in history. This confluence of skyrocketing personal bankruptcies in a period of prosperity, an increasingly .. MORE
-Arthur Seldon
-John Stuart Mill Full Quote >>
-James M. Buchanan Full Quote >>