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 […]
? The Tragedy of The Commons | How to avoid it?
The tragedy of the commons – what is it and how to avoid it? Are there any good solutions? Is there a way to stop it? In […]
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 […]
How is money created?
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 […]
Opportunity Cost | The Road Not Taken
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 […]
The Methodology of the Austrian School
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 […]
A Petition – Frédéric Bastiat | Candlestick makers’ Petition
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 protectionist […]