Note: This is post #56 in a weekly video series on basic microeconomics. Why do wages in America differ greatly among workers? One reason, says economist Alex Tabarrok, includes differences in human capital—tools of the mind. Education is one of the biggest investments people make to increase their human capital. Which college majors offer the greatest returns? And are all returns on education due to human capital? In this video by Marginal Revolution University, Tabarrok explains how a college degree...

Today is Veterans Day, a U.S. public holiday set aside to thank and honor all those who served honorably in the armed forces both in wartime or peacetime. Here are five facts you should know about veterans in the United States: 1. The Veteran’s Administration estimates there are currently 19,998,799 living veterans (18,115,951 men and 1,882,848 women). Out of that number, 8,876,728 served in the Army, 4,264,809 served in the Navy, 3,476,021 served in the Air Force, 2,213,601 served in...

As we reflect on the impact of the Russian Revolution on its 100th anniversary, we’re bound to hear routine admiration of its goals and ideals, even among those who duly recognize the violence and oppression that followed. It’s mon refrain, whether made by college professors or garden-variety Bernie Sanders activists: Socialism has not been tried and found wanting; it has been found difficult and not tried. Indeed, even those who oppose such a system are plicit in this sort of...

Economist Deirdre McCloskey’s transformative trilogy on the “Bourgeois Era” has already shifted the paradigm of popular thought on what, exactly, spurred the rise of capitalism and fostered our newfound freedom and prosperity. According to McCloskey, the Great Enrichment came not from new systems, tools, or materials, but from the ideas, virtues, and rhetoric behind them. “The modern world was made not by material causes, such as coal or thrift or capital or exports or exploitation or imperialism or good property...

Following its 100th anniversary, Communism is experiencing a public relations boon, and it has just recruited its most significant Spokesman: Jesus Christ of Nazareth. Jesus (Who, one must assume, was not consulted on the sponsorship) is said to have been the first and most vociferous Scourge of free enterprise and Advocate of socialist economics. This is precisely the argument made in France by Falk Van Gaver in his new bookChristianity vs. Capitalism: The Economy According to Jesus Christ.Perhaps Van Gaver’s...

“Occupational licensing laws harm workers, as well as consumers who purchase services from professionals that require licensure,” says Tyler Bonin in this week’s Acton Commentary. “This harm is disproportionately placed on economically disadvantaged populations. Thus, when examining the effects of excessive occupational licensing in the U.S., it es apparent that these laws present an undue burden on one’s right to livelihood.” In the U.S., the number of occupations requiring licensure from state governments rose by nearly 25 percent between the...

The Acton Institute will be continuing its Mini Grants on Free-Market Economics program for 2018. The program is intended to enhance the effectiveness in the research and teaching of market economics for faculty at colleges, universities, and seminaries in the United States and Canada. With new application requirements and a simplified application process there is plenty of time to prepare your ponents and apply by the deadline. The application is currently open for submissions and applications must be received electronically...

The Bolshevik Revolution was one of the epochal events of modern history, continuing to affect the world in which we live 28 years after the fall of the Berlin Wall. Modern governments and systems of economics were created in imitation, or opposition, of its fundamental tenets. Too much of the memoration of its centenary last week consisted of celebration by its intellectual heirs. However, lovers of liberty across the transatlantic sphere also paused to reflect upon the occasion. On October...

What does the Bible say about wealth creation? Can wealth creation lead to Biblical human flourishing? Earlier this year two evangelical groups, theLausanne MovementandBAM Global, released apaper exploringbiblical perspectives on the theme of ‘wealth creation for holistic transformation’ to address these questions and more. The paper begins by considering the meaning of the terms ‘wealth’ and ‘holistic transformation.’ First, they discuss the concept of wealth: Biblically speaking, wealth is a concept embodying strength, power, riches, and substance. Sometimes ‘riches’ and...

Should Christians rethink the merits of free markets? Last night The King’s College hosted a debate on that question between First Things editor R.R. Reno and Acton Institute president and co-founder Rev. Robert Sirico. In his opening statement, Reno admits that free markets have done a great deal to promote human flourishing, but says that “markets are human, and like all things human in our fallen world, markets can also impede human flourishing.” Reno claims this is especially true today...