Walter E Williams‘ short course continues today: There’s a reggae song that advises, “If you want to be happy for the rest of your life, never make a pretty woman your wife.” Mechanics have been accused of charging women higher prices for emergency road repairs. Airlines charge business travelers higher prices than tourists. Car-rental companies…
DetailsI got sick of waiting around for the GMU website to go back up, so LewRockwell hooked me up in the meantime: My last article introduced the law of demand, which states that, holding everything else constant, the lower the price of something, the more people will take of it; and the higher the price,…
DetailsHalfway done with your homework. I know it is boring. Just do it or you’re going to your room!: Someone might have made you a gift of this [kick-ass blog post by Kevin Johnston]. Does that mean reading this article is free? The answer is a big fat no. If you weren’t reading the article,…
DetailsW. E. Williams has #4 for you today: In the last lecture, we discussed three of four kinds of behavior that can be called economic behavior: production, consumption and exchange. We’ll turn our attention to the fourth — specialization. Specialization is said to occur when people produce more of a commodity than they consume or…
DetailsThere are four classes of behavior that can be called economic behavior. They are: production, consumption, exchange and specialization. The discussion of specialization will be left to the next article. Production is any behavior that creates utility, that is, raises the want-satisfying capacity of something. When a mill smelts iron ore, it raises the want-satisfying…
DetailsWalter E. Williams’ second installment of Economics for the Citizen: At the end of the previous article, you were left with this question: Which is the best method of resolving conflict over what’s produced, how and when it’s produced, and who’s going to get it? Among the methods for doing so were the market mechanism,…
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