The main principle of trade policy is make or buy. “Economics” comes from the Greek word oikonomia, deriving from oikos, meaning “house” or “household,” and nomos, meaning “law” or “rule”. Thus, oikonomia originally meant “prudent household management,” including labor, finances, and property, to ensure stability and self-sufficiency for the family. Over time, the term expanded...
Too expensive even for the rich. Do the wealthy hate Britain? You would be forgiven for thinking so, from the way wealthy people and companies are fleeing the country. As many as 11,000 millionaires have left since the beginning of 2024, often taking their businesses with them. The effects are finally being felt: in April...
How private property promotes human flourishing is the subject of a new lesson that Northwood University has posted in the complimentary online course, The Philosophy of Free Enterprise. “Next to our right to life, private property may be one of the most essential human rights,” explains Dr. Dale Matcheck, David E. Fry Endowed Professor in...
Reading this article in the comfort of civilization, from a sophisticated tech device, not having to worry about whether you’ll be able to afford dinner later today, or whether you’ll sleep in safety, it might seem natural to assume that this level of comfort is the natural state of Homo sapiens. Nothing could be further...
On April 2, President Donald Trump made a sweeping declaration that could reshape the global economic landscape for years. Deemed “Liberation Day,” his announcement of reciprocal tariffs on nearly every major trading partner marked the most dramatic shift in American trade policy levels not seen in a century since the infamous Smoot-Hawley Tariff Act of...
Bolivia’s fuel pumps are running on empty, an almost unthinkable crisis for a country once known for its vast natural gas reserves. Long lines of trucks and cars stretch through city avenues, with drivers waiting hours or even days for gas or diesel. Bolivia’s state-run energy model has produced a fuel shortage. How did a...
The Trump administration’s tariffs and the damage they could cause to people’s livelihoods globally are a rude reminder that free markets matter. But we live in a time when the mainstream voices of the media, academia, and politics are hopelessly preoccupied with their disdain for “capitalism.” Despite the unprecedented progress and technological advancement free markets...
Northwood University recently announced the appointment of Dr. Gabriel Benzecry, a rising star in the field of Austrian economics and history of economic thought, as the new David E. Fry Professor of Free Market Economics, effective Fall 2025. Dr. Benzecry currently serves as an Assistant Professor and Bretzlaff Scholar at Northwood University. Like Dr. Fry,...
Psychotherapist Orion Taraban, host of the enormously popular PyschHacks YouTube channel, has a new book out. In The Value of Others: Understanding the Economic Model of Relationships to Get (and Keep) More of What You Want in the Sexual Marketplace, he attempts to explain dating and romantic relationships through the lens of economics. It’s an...
Carl Schurz (1829–1906) was one of many Prussian exiles who arrived in the United States following the failed revolutions of 1848. After reforms failed to materialize in Europe, Schurz became one of the German “48ers” who came to America to escape political persecution for his role in the unsuccessful uprisings. Schurz went on to contribute...
Imagine two businesses across the street from each other: a hardware store and a café. Once a year, the café buys a set of pans from the hardware store to keep its kitchen running. Meanwhile, every day, the hardware store’s employees and the managerial staff pop over to the café for lunch—sandwiches, coffee, maybe a...
The Free Market Road Show delivered powerful insights from renowned economic thought leaders during its April 14 stop at Northwood University. Originating from the Austrian Economics Center, the Free Market Road Show typically visits the world’s largest cities. Its stop in Midland underscores Northwood University’s reputation as a leading destination for free-market discourse. The lineup...
President Donald Trump’s tariff agenda exhibits no signs of a popular mandate. Recent polling found that 61 percent of the public believe raising tariffs will hurt average Americans, compared to just fourteen percent who see them as helpful. Seventy-six percent expect tariffs will produce increased prices at the store. Clear majorities also oppose Trump’s specific...
At the end of March, the Supreme Court denied a petition for certiorari in Bowers v. Oneida County Industrial Development Agency, a case involving a county confiscating a private developer’s land to give it to his business rival. Bryan Bowers, a local developer, was under contract to purchase land in Utica, New York, and planned...