Acton Institute Powerblog Archives

Post Tagged 'marginal revolution'

How markets link the world

Note: This is post #16 in a weekly video series on basic microeconomics. Ten years ago this week, Apple unveiled the iPhone. It’s a product that was designed in California and produced by thousands of people all over the world. Continue Reading...

An economist’s Christmas: Is gift-giving wasteful?

During a season such as Christmas, where hyper-consumerism and hyper-generosity converge in strange and mysterious ways, it’s a question worth asking: How much of our gift-giving is inefficient and wasteful? For some, it’s a buzz-kill question worthy of Ebenezer Scrooge. 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...

Psychologists confirm: Power corrupts

The Economist reports on a new study by psychologists that looks into the problem of abuse of power. The researchers attempt to “answer the question of whether power tends to corrupt, as Lord Acton’s dictum has it, or whether it merely attracts the corruptible.” These results, then, suggest that the powerful do indeed behave hypocritically, condemning the transgressions of others more than they condemn their own. Continue Reading...