Presidential Drama
It is the ritual of every 4 years. The whole world stops to debate the U.S. presidential election. Most pundits focus on the low likeability… Read More »Presidential Drama
It is the ritual of every 4 years. The whole world stops to debate the U.S. presidential election. Most pundits focus on the low likeability… Read More »Presidential Drama
I am writing this post in the wake of the horrendous terrorist act in Orlando, Florida where 49 innocent people lost their lives at the… Read More »Liberty vs. Security
One of the main positive aspects of the United States Constitution is the separation of powers between 3 different branches of government. The reason the… Read More »The Tyranny of Fast Government Decisions
Think about a product or a service you bought recently and why you paid that price for it. For example, if you are a Netflix… Read More »Value, Price and Cost
As Ludwig von Mises explained in his masterpiece book Human Action, the economy consists of individuals performing actions based on their individual preferences and engage in market exchanges “catallactics” with other individuals. People act to satisfy their needs and the needs of other citizens involved. For example, an employee performs his job to meet the goals set by his employer and to earn compensation. We can understand what happens in the market through analyzing the actions people make and the needs they satisfy. For example, when an entrepreneur starts a business that provides a product or a service that meet a certain need, people who value this need will buy this product or service to meet that need and while doing that they satisfy the entrepreneur’s need to have a successful business. If that business doesn’t satisfy enough customers to generate a profit, the entrepreneur will have to either adapt his business to the market or go out of business freeing his time and resources to work on something else.
Many politicians rely on a different standard in the analysis. They explain everything as a conflict between two groups of people:
Of course, there are business owners that abuse their workers, businesses that cheat their customers and white people who discriminate against minority people. But there are also many business owners that treat their workers very well, many businesses that do everything they can to serve their customers and many people who don’t consider race at all in their actions.