When the disciplines of economics and sociology were being invented in Britain 250 years ago, their progenitors such as Adam Smith, David Hume, Adam Ferguson, and others were preoccupied with how vibrant commercial activity and human behavior were related. Economic dynamism was not only about economic growth, money, and the division of labour, though it...
In the tradition of classical liberalism, success — whether in business or in governance — should ultimately be judged by how well it serves the individual, not by how efficiently it props up institutions or satisfies bureaucratic metrics. A small but telling episode from my own life illustrates how far we’ve drifted from that principle....
Adam Smith recognized the importance of the “make or buy” decision. It is the maxim of every prudent master of a family, never to attempt to make at home what it will cost him more to make than to buy…What is prudence in the conduct of every private family, can scarce be folly in that...
The latest data indicates half of the new jobs the U.S. added in June were government jobs. It’s the weakest month for private-sector jobs in nine months. Additionally, unemployment claims last month reached the highest levels since 2018 (ex covid). There’s another indicator of how stagnant this job market is: the number of hires. In...
Regulations by government agencies may often be well-intended. A few may even be essential for maintaining safety standards, environmental quality, and reducing fraud. But the rapid growth of the administrative state interferes with our liberties and hampers our economy. Even estimating the cost of complying with extensive regulations is no easy task. A 2023 report...
Europe’s free university model is often seen as a triumph of modern society. With no crushing tuition bills, minimal student debt, and a promise of equal access, it sounds ideal. In countries like Germany and France, students pay only a small administrative fee, typically between $200 and $500 a year, compared to the staggering tuition...
Northwood University is announcing the culmination of its complimentary online course about free enterprise: The Philosophy of Free Enterprise Certificate of Completion. The Philosophy of Free Enterprise is a complimentary, self-paced course that introduces learners to the foundational principles of free enterprise, including limited government, individual responsibility, the rule of law, voluntary exchange, and the...
New data from the Bureau of Economic Analysis confirm that inflation remained low in May. The Personal Consumption Expenditures Price Index (PCEPI), which is the Federal Reserve’s preferred measure of inflation, grew at an annualized rate of 1.6 percent last month. It has averaged 1.1 percent over the last three months and 2.3 percent over...
When Donald Trump vowed to tackle excessive federal spending, few expected Elon Musk, the world’s most prominent entrepreneur, to lead the charge. Yet, in a move that reflected Trump’s unconventional style, Musk was appointed head of the newly created Department of Government Efficiency (DOGE), tasked with dismantling the bloated federal bureaucracy. DOGE launched ambitiously, aiming...
America’s economy is by far the world’s biggest. With a projected 2025 GDP of over $30 trillion, we have been better at bringing prosperity to large groups of people than any nation in history. We’re also the most indebted. In absolute terms, the U.S. owes more money than any other nation, and was recently downgraded...
The Techno-Industrial Policy Playbook, published by American Compass, The Foundation for American Innovation, The Institute for Progress, and New American Industrial Alliance (NAIA) Foundation, is being sold as a bold new blueprint for American renewal. It proposes that the federal government directly invest in politically chosen “strategic sectors,” led by a National Investment Council and...
“Amity Island had everything. Clear skies. Gentle surf. Warm water. People flocked there every summer. It was the perfect feeding ground.” On June 20, 1975, moviegoers lined up to see a new picture, a pulpy horror movie about a shark. And it delivered, offering popcorn-spilling jump-scares as the shark leapt up on the screen. The...
In his novel Ignorance, the late Milan Kundera called nostalgia “the suffering caused by an unappeased yearning to return.” Nostalgia is a powerful force, particularly so today. For years, Hollywood has tapped into our desire to return to the past to cash in. Though Disney’s 2025 flop Snow White shows the formula is far from...
The first Karate Kid movie was released in June 1984, and presently, the story lives on with the new release of Karate Kid: Legends. I recently re-watched The Karate Kid and The Karate Kid Part II with my own kids, and these films were just as good as I remembered. When I was growing up...