Acton Institute Powerblog Archives

Post Tagged 'economy'

5 victims of the $15 minimum wage

As protests for a $15-per-hour minimum wage continue to rage across the country, cities like Seattle and states like California and New York have already begun to adopt such schemes. But alas, prices are not play things, and such measures are bound to reap a range of deleterious effects, from raised consumer prices to increased unemployment to reduced working hours to outright business closures. Continue Reading...

The magic of the washing machine

What was the greatest invention of the industrial revolution? Hans Rosling makes the case for the washing machine. Rosling explains how the productivity gains of the washing machine—and similar labor-saving devices—lead to increases in education and economic growth in the developing world. Continue Reading...

Is ‘fair trade’ fair?

Most consumers have heard of fair-trade coffee, but have no idea how fair-trade actually works. In this video, economist Victor Claar covers the basics of the fair-trade model, and explores whether fair trade can deliver on its promises to help the poor. Continue Reading...

Deck the halls with macro follies

During the holiday shopping season the media inevitably talks about consumer spending, and how it is vital to economic growth and job creation. But if people are buying more that means that are saving less. Continue Reading...

What you should know about subsidies

Note: This is post #13 in a weekly video series on basic microeconomics. What is a subsidy? A subsidy is really just a negative or reverse tax, explains Alex Tabarrok. Instead of collecting money in the form of a tax, the government gives money to consumer or producers. Continue Reading...

The cost of Twelve Days of Christmas: $34,363.49

If you’ve been stuck at the mall listening to a song about ten Lords a-Leaping and eight Maids a-Milking you can blame the Jesuits. Rumor has it they invented the Twelve Days of Christmas song as a catechism in code for persecuted Catholics in 16th-century England. Continue Reading...

Understanding tax revenue and deadweight loss

Note: This is post #12 in a weekly video series on basic microeconomics. Why do taxes exist? What are their effects? In this video by Marginal Revolution University, economist Alex Tabarrok explains how taxes affect consumer surplus and producer surplus. Continue Reading...

Samuel Gregg: Protectionism harmful in the long run

In a new article at The Christian Science Monitor titled “Can ‘economic nationalism’ keep more jobs in US?” Acton Director of Research Samuel Gregg is interviewed about President-elect Donald Trump’s stated goal of keeping jobs and businesses from leaving for foreign countries.  Continue Reading...