Gross racial discrimination alone has never been sufficient to prevent blacks from earning a living and bettering themselves by working as skilled or unskilled craftsmen and as business owners, accumulating considerable wealth. The fact that whites sought out blacks...
https://youtu.be/mYfH_9arsRk In 1981, the cheapest IBM personal computer cost $4,459 (in 2018 U.S. dollars), or 210 hours of labor. An Insignia tablet and keyboard combo cost $120 in 2018, or 5.6 hours of labor. - Ten Global Trends Every Smart Person Should Know, CATO...
The White House is becoming frustrated with its partners in the Group of 7’s (G7) refusal to commit to its economic war against the Kremlin. After the invasion of Ukraine last year, President Joe Biden pledged to isolate Moscow and cripple the Russian economy. However, the Kremlin has found ample access to the world economy, including some of Washington’s closest allies.
To criticize occupational licensing laws is not to argue that information about the quality of a licensee's services is not important to consumers. However, it is by no means clear that licensing is the most effective way to provide that information. Indeed, licensing...
In the name of protecting public health, California requires that an individual who seeks to perform any kind of hairstyling service must complete nine months (1,600 hours) of classes at a state-approved cosmetology school, at a tuition cost of at least $5,000, before...
https://youtu.be/0MY12U37IVA In order for the state to function, the mass of the people has to believe in its legitimacy. To that end, the state employs a class of professional apologists and controls the means of propaganda, often through dominance of the education...
The most immediate effect of licensing is to restrict the number of practitioners because of the higher entry costs involved in meeting the qualifications of the activity. Some licenses, as in the cases of cosmeticians and barbers, require many months of schooling....
The standard theory of monopoly within the mainstream of the economics profession is that monopolies increase prices and reduce production levels compared to competitive industries. So I gathered historical economic data on prices and production for seventeen of the...
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