In India, government jobs pay far more than equivalent jobs in the private sector—so much so that the entire labor market and educational system have become grossly distorted by rent-seeking to obtain these jobs. Teachers in the public sector, for example, are paid at least five times more than in the private sector. It’s not...
Boeing is struggling. The most recent round of bad news to hit the manufacturer came when, after Boeing’s project to build the next Air Force One was delayed again, this time until 2029, President Trump announced he would instead accept a jet gifted from the Qatari royal family. While the legality of that move has...
Critics often scoff at the market economists’ claim that competition fosters relentless innovation. A recent meme points to the ubiquity of chicken sandwiches across major fast food chains as supposed evidence of stagnation in capitalism. If twelve top firms offer a similar product, the argument goes, how innovative can an economic system truly be? But...
Socialism,” said the British free speech campaigner Lord Young, “Always begins with a universal vision for the brotherhood of man and ends with people having to eat their own pets.” While exaggerated, the point stands — socialism never delivers what it promises. Yet now, the world capital of capitalism is flirting with that catastrophe. The...
Three of us were fortunate to have studied together at Northwood University under some of the most iconic professors of our time, including Dr. V. Orval Watts, Dr. David E. Fry, Mr. Jeffrey Bennett, Dr. Robert Serum and Dr. Dale M. Haywood. It was in Dr. Haywood’s business strategy class that we were first introduced...
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...
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...
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...