Big Government advocates often claim that we have government to thank for our modern 40-hour work week. In the bad old days, businesses forced employees to work super long hours, but then benevolent government stepped in and forced all businesses to limit the work week to 40 hours. How much of that is true? Let’s … Continue reading How did we get the 40-hour work week?
Over the past week or two, a few random threats to freedom have caught my eye. Nothing as alarming as purges or labor camps, but still threats to freedom. Freedom can be undermined by threats both big and small. Smaller threats are often less clear and obvious, but they’re still threats. The UK’s NHS Our … Continue reading Lose weight or you’re denied surgery?
Historically, the US has been known as a beacon of freedom. Unfortunately, that reputation has become tarnished over the past ten to fifteen years. I’m referring to economic freedom, not political freedom. Economic freedom means that each person is free to work, produce, consume, and invest as they wish. This involves personal choice, voluntary buying … Continue reading US not the beacon of freedom you think
When people discuss cutting taxes, the question of whether tax cuts can pay for themselves usually arises. I’ll try to answer that question here. The optimistic view says that tax cuts often pay for themselves because lower tax rates encourage economic growth. The larger economy then throws off higher tax revenue, offsetting the tax loss … Continue reading Can tax cuts pay for themselves?
This American retailer has a distinct business model. It aims to sell high volumes of merchandise at low prices. In pursuit of low prices, it bargains hard with its suppliers and grows impressive economies of scale. Its business model draws flocks of customers to its stores. It becomes the largest retailer in the entire world, … Continue reading Creative destruction
US healthcare is generally recognized for its significant innovation and quality medical care. However, it is even more widely recognized for having certain problems. Two main problems are usually cited. Problem #1 is that 10-15% of the population is uninsured at any point in time. Problem #2 is that medical care and health insurance are … Continue reading Origin of healthcare problems
It is an article of faith to some class warriors that the rich do not pay their “fair share” of taxes. Is it true? We can evaluate this claim since there is plenty of publicly available data. The data here comes from a 2016 CBO report. Effective tax rates It is difficult to look at … Continue reading Do the rich pay their fair share?
Congress is talking about tax reform. Hopefully something will get done. The US tax code is overly complicated and discourages growth. This post will lay out some rough goals for tax reform, with a few details on how to achieve the goals. It’s aimed at the US tax code, but some principles apply anywhere. The … Continue reading Tax reform goals
I have mentioned a couple times that economic growth is very important. But it’s easy to hear a message like that and think, “yeah, yeah, growth is important, got it,” without it truly registering. This is a crucial concept for achieving prosperity, so let me try to make it more tangible. Without the solid growth … Continue reading Illustrating the power of growth
OK, stop laughing. I just want to clarify that although I am a know-it-all smarty-pants when I praise free-market capitalism or criticize Big Government, that only applies to overarching principles. I do not claim to know the specific paths that others should follow in their economic lives. I don’t know which jobs and careers people … Continue reading I know nothing