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...

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...

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...

To hear politicians across the Atlantic tell it, the dark specter of Paradise is haunting the world. The Paradise Papers reveal precisely how wealthy individuals and corporations – including the Queen of England, U2’ssainted front man Bono, the less-than-saintly Madonna, and scores of others – have used offshore tax havens to limit their tax liability. The papers, which were illegally obtained from Appleby law firm and released by the International Consortium of Investigative Journalists, include 13.4 million files dating from...

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...

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...

“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 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...

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...

Conservative Christians are ing increasingly enticed by the idea of socialism. As many people with good intentions are beginning to consider socialism as a beneficial alternative to capitalism, supporters of the free market would beg to differ. Recently the editor of “First Things”, Rusty Reno, voiced his concerns with capitalism in his essay on Michael Novak’s The Spirit of Democratic Capitalism. Reno criticizes Novak’s view of capitalism and proposes a reexamination of socialism. President and co-founder of the Acton Institute,...