What’s the difference between invention and innovation?
Have you ever heard about the dispute of two Steves who created an apple? Of course, it is about the disagreements between Steve Wozniak and Steve Jobs: [...]
Types of interventions and the effects of prohibition
Today, let's discuss the types of market intervention and, using an example, the effects of one of its types. Our aim is not to determine [...]
Capitalism, Socialism, Interventionism
To understand the effects of interventionism and find out what it is, we have to state what capitalism and socialism in economic terms are, because they are sometimes defined in different ways. [...]
Climate Change from the Economic Point of View
Everyday we hear chilling stories about climate change in the media: In a dozen years or so humanity will certainly die out, forests will burn or wither, and the glaciers will melt, [...]
Automation: chance or threat?
Less than two years before Stephen Hawking’s death in December 2016, the renowned physicist has warned in The Guardian that the automation and artificial intelligence was destroying the middle class. He wrote [...]
Was Tulipmania the Madness of Crowds?
The Seventeenth century was the golden age for the Netherlands. Trade, industry, science, and art were all blooming. Some of the reasons for this development were immigration of qualified employees to the [...]
Capitalism – The Unknown Ideal?
We start by addressing an important question: What is politics? There are numerous definitions. One encyclopedic definition states: "According to political philosophy politics is a strife to implement the idea of The [...]
Investment Risk and Its Types
In the simplest of terms, the “investment risk,” is a possibility of an investment bringing a result other than anticipated.1 You may lose some or all of your invested funds, even though [...]
Universal Basic Income | Pros and Cons | UBI
Have you ever wondered what it would be like to go back to the 1970s soviet country, and return to our times with then-popular maxim: “Down you lie or up you stand, [...]
Why is US healthcare system so expensive?
Why is US healthcare system so expensive? Is it because the free market failed? Or is it because of various government interventions? Learn Austrian Economics in a fun way!