How Does the Economy Actually Work?

In every stage of my formal schooling – from high school to college to graduate school – I took courses in economics. Yet with all that education I struggled to understand a seemingly simple question: How does the economy actually work? Continue Reading...

Does Capitalism Exploit Workers?

One of the most common criticisms of capitalism is that the system exploits workers. It’s an old claim (dating back to at least Karl Marx). But is it true? Philosopher Matt Zwolinski argues that even if individual capitalists want to exploit workers the free market tends to prevent them from doing so. Continue Reading...

4 Theories About the Business Cycle

Expansion. Contraction. Repeat. For almost 200 years, we’ve recognized this boom-and-bust pattern as the business cycle, the downward and upward movement of gross domestic product (GDP) around its long-term growth trend. Continue Reading...

What Would Life Be Like Without Capitalism?

In an era where socialism is (inexplicably) once again in vogue, we should ask, “What would life be like in a world without capitalism?” The Fund for American Studies has produced a superb It’s a Wonderful Life-style video that not only shows what life would be like if we banned free enterprise (i.e., Continue Reading...

Video: Freedom and the Poverty Industry

Kris Mauren, executive director of the Acton Institute, kicks off the second season of the Free Market Series, a television program for American and Canadian audiences produced by The World Show in partnership with the Montreal Economic Institute and broadcast on PBS affiliates. Continue Reading...