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I, Pencil (1958)
I am a lead pencil–the ordinary wooden pencil familiar to all boys and girls and adults who can read and write…. [From “I, Pencil”]
Library of Economics and Liberty
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I Win My European Unemployment Bet
In 2009, the U.S. unemployment rate exceeded Europe’s for the first time in decades. Apologists for European labor market regulation rejoiced, so I publicly bet that European unemployment would exceed U.S. unemployment over the next decade. The original authors I targeted turned me down, even after I offered a 1…
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Charge, Baby, Charge for Parking
Donald Shoup, famed author of the most fascinating possible book about parking, can also do comedy. From his recent essay on “The Pseudoscience of Parking Requirements“: Everyone wants to park free, and most people consider parking a personal issue, not a policy problem. Rational people quickly become emotional about…
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"The Use of Knowledge in Society"
Snippet: What is the problem we wish to solve when we try to construct a rational economic order? On certain familiar assumptions the answer is simple enough. If we possess all the relevant information, if we can start out from a given system of preferences, and if we command complete knowledge of available means, the…
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Rent Control
New York State legislators defend the War Emergency Tenant Protection Act—also known as rent control—as a way of protecting tenants from war-related housing shortages. The war referred to in the law is not the 2003 war in Iraq, however, or the Vietnam War; it is World War II. That is when rent control started in […]
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Selected Essays on Political Economy
Frederic Bastiat (1801-1850) was a French economist, statesman, and author. He led the free-trade movement in France from its inception in 1840 until his untimely death in 1850. The first 45 years of his life were spent in preparation for five tremendously productive years writing in favor of freedom. Bastiat was the…