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Articles by Marcus Shera
Just Sentiments: 22 Smithian Essays
Free PDF direct download complete In March 2022, Adam Smith Works, a website of Liberty Fund, launched Just Sentiments. Collected here are the 22 essays that appeared during 2022–2023. Most are on the thought of Adam Smith. Each author draws on his or her own lengthier scholarly works, to offer interpretations that are important, textually grounded, and compactly expressed.
The Poverty of Mushy Environmentalism
Contrary to what economists believe, there are no scarce resources. The public debt is a “social convention” as are government deficits. The physical world, however, is not infinite, and constitutes the sine qua non condition of mankind’s existence. There is one scarce resource: the earth. Preserving mankind from climate change is thus the supreme goal, to which all necessary resources must be sacrificed.
Sam Peltzman on Industrial Deconcentration
I’m going through old copies of the Journal of Law and Economics, the first journal to which I subscribed, before sending them off to a young woman who is majoring in economics and thinking about going into a graduate program. I came across an article by my UCLA industrial organization professor, Sam Peltzman. I took his two-quarter IO sequence in my first year at UCLA, which was his last year before he moved to the University of Chicago.
Constraints Must Constrain: Becker and Backwards Induction
The most powerful weapon in an economist’s arsenal is the law of demand. When the price (or opportunity cost) of something increases, people will purchase, consume, or choose it less often. The law of demand is a common backbone for many arguments. If the spine breaks the body falls. Naturally, those who want to undermine economic arguments will attack the law of demand directly.
Classical liberals on ‘social justice’
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J. R. R. Tolkien's Small Government Politics
Tolkien’s political views are surprisingly compatible with libertarian philosophy. There are a number of historical figures that many want to claim for their political camp, such as Adam Smith, Thomas Aquinas, and Jesus Christ to name a few. Since his landmark literary achievements in the middle of the 20th century, J.R.R. Tolkien has also been such a contested figure. Hippies, conservatives, distributists, and libertarians have claimed the creator of the Shire as one of their own.
What Sheremetyevo Airport Taught Me About Transition Econ.
What Sheremetyevo Airport Taught Me About Transition Econ. Marcus Shera , Foundation for Economic Education September 24, 2019 No matter what economic system you live under, scarcity still exists, and choices have to be made along some margin. Socialism trades prices and the knowledge bundled within for politics, bureaucracy, and oversight. Read Full Article »
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