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Why People Pay Higher Prices for Some Goods Relative to Others
One of the important points made by Carl Menger in his 1871 Principles is that people ordinally rank their preferences, valuing some things more than others. While this seems to be a common-sense principle, it actually has important implications for
3
The Birth of “Irrational Exuberance”
Long before there was Alan Greenspan to turn the Federal Reserve into Casino Central, there was John Law, France's minister of finance more than three centuries ago. Like Greenspan's infamous bubbles, Law's money-printing scheme made people rich—for a very short
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Yes, Car Seat Laws Reduce the Birth Rate
Thanks to increasingly broad car-seat laws, a third child often requires the purchase of a larger, more expensive vehicle. At the margins, this has an effect on fertility.