In the manors of feudal England there were some constituent lands that were available for shared use. One of the types of these common lands were common pastures. [...]

Money creation: described by many as the biggest scam in the history of mankind; for others it’s a blessing and a driving force of the economy. For John [...]

Imagine the following situations: 1) A young man enrolls in a tuition-free public university. From his point of view he gets the education for free. He [...]

When we refer to the Austrian School of Economics, we do not mean an institution located in a building in Vienna, nor we mean the Austrian economy. Instead, [...]

A Petition - Frédéric Bastiat. Animation of famous candlestick makers' petition by Frédéric Bastiat. It's a great lesson about free trade, and a big blow to the [...]

In our previous videos entitled "The Value of Things" and "Scarce Resources" we have discussed how value is a subjective phenomenon. Two diverse people can estimate value of [...]

We live in a world of scarcity. This fact is beyond question. Our time, land, and work are scarce. Producer and consumer goods are scarce as well. Human [...]

Without a question we can all remember the financial crisis of 2007–2008. Perhaps you learned of its effects the hard way. The media told us that greed and [...]

The Great Depression of the 1930s is still considered by many to be a failure of the free market and of the laissez-faire capitalism. At a first glance, [...]