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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
¿De dónde viene la riqueza? | Ahorros e inversiones
Imaginaos un mundo en el que, de un momento a otro desaparecen todas las herramientas, todos los edificios, coches, máquinas e incluso cosas tan básicas como cuchillos, [...]
I, Pencil By Leonard E. Read
I, Pencil By Leonard E. Read I am a lead pencil—the ordinary wooden pencil familiar to all boys and girls and adults who can read and write. [...]
Prisoner’s Dilemma and Self-enforcing Contracts
“Two men suspected of a crime are arrested. Though there is no evidence to convict them on a principal charge, there is enough to convict them on a [...]
The Tragedy of The Commons | How to avoid it?
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. [...]
Fractional Reserve Banking vs. 100% Reserve Banking
What is the difference between fractional reserve banking and full reserve banking? How do they work? Do they have advantages and disadvantages? Is one better than the other? [...]