Byron Carson

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Articles

Cost and Choice: Insights for Choosers

Dec 2, 2024 | econlib.org | Byron Carson |James M. Buchanan |Adam Smith |David Ricardo

A Liberty Classic Book Review of Cost and Choice: An Inquiry in Economic Theory, by James M. Buchanan. In less than one hundred pages, James Buchanan excoriates economists—classical and modern—for their unrecognized confusions about cost. More than an insular academic debate, Cost and Choice: An Inquiry in Economic Theory develops a biting set of logical tools people—economists, philosophers, students, and laymen—can use to better understand human behavior in private and public settings.
What Americans Can Learn From Venezuela’s Crackdown on ‘Price Gougers’

Sep 2, 2024 | aier.org | Andrew Byers |Byron Carson |Michael Munger

Things are rarely so bad that decisive action by government officials can’t make things worse. In the current election, the Republicans are trying to outdo each other by proposing larger and more restrictive tariffs. The Democrats have just come out with a remarkably bad plan to outlaw “price gouging,” particularly for groceries. Such proposals get more attention from politicians at election time, because to get votes you have to show you did something.
How the Ukraine War Will End

Aug 16, 2024 | aier.org | Andrew Byers |Byron Carson

More than two years after Russia invaded Ukraine in February 2022, the war drags on with no apparent end in sight. Ukraine has recaptured 54 percent of the territory initially seized by Russia, but further offensives to push Russia out of Ukraine have stalled. Russia continues to control 18 percent of Ukraine, and recently opened a new northeastern front in the war around the Ukrainian city of Kharkiv.
Loury’s ‘Late Admissions’ is Right on Time

Aug 15, 2024 | aier.org | Byron Carson |Michael Peterson

In his self-searing memoir, Late Admissions: Confessions of a Black Conservative, Glenn C. Loury tells all in only the way he can. Loury’s singular journey from precocious young boy in Chicago’s South Side to one of the nation’s sharpest social critics doesn’t fit with many of the success narratives remarkable thinkers tell about themselves. You see, Loury’s account is brutally honest.
Erik Angner’s Defense of Our Dismal Discipline

Aug 13, 2024 | aier.org | Byron Carson

Stumbling upon the Freakonomics phenomenon in the late ‘00s probably made me study economics. The books, podcasts, and informational phenomenon that University of Chicago economist Steven Levitt and journalist Stephan Dubner launched beginning in 2005 was less economics than it was pop psychology wrapped in an economics framework.
Cuban Food Shortages: Another Red Flag

Aug 9, 2024 | aier.org | Byron Carson

To say that Cuba is not a “food country” is quite an understatement, now that food shortages are seemingly commonplace. Tasty food is one thing, but many people in Cuba might not have any food to begin with.
The (Other) Cost of Inflation: Inflation Erodes More Than the Value of Money, History Shows

Jan 26, 2024 | thedailyeconomy.org | Byron Carson

Across the world, people are struggling under the specter of inflation. In Venezuela, the inflation rate is 360 percent. In Argentina, it’s 160 percent. In Turkey, inflation is about 50 percent, than its neighbor Iran. In Europe, has finally cooled to about 3 percent, down from more than 10 percent a year ago. Canada and the United States have witnessed a similar pattern.
This Joke Isn’t Funny Anymore: Maybe You Don’t Need a Can Opener

Dec 26, 2023 | aier.org | Byron Carson |Art Carden

People love to laugh, and economists are easy targets. As Michael Munger explains, jokes can be a great teaching tool. A classic joke at the expense of the dismal scientists runs as follows:A chemist, a physicist, and an economist were stranded on a deserted island. They had a can of beans, but since they didn’t have a can opener, they had to devise a way to open it.
Christmas Calculations and Yuletide Yields

Dec 25, 2023 | aier.org | Byron Carson

My father and I went to buy a Christmas tree earlier in the week. Fortunately, it wasn’t anything like the epic journey to procure a tree: There wasn’t any singing, no driving under 18-wheelers, and we didn’t need a saw. Aside from the holiday memory, the trip reinforced important lessons about economic calculation, capital values, and how interest rates help entrepreneurs husband resources over time.
Johan Norberg’s The Capitalist Manifesto: A Review

Nov 24, 2023 | aier.org | Byron Carson

There’s a scene in the 2004 film Troy where Nestor, the Greek elder and advisor to King Agamemnon, tries to temper the latter’s hatred for Achilles. “How many battles have we won off the edge of his sword? This will be the greatest war the world has ever seen. We need the greatest warrior,” Nestor says, referring to Achilles. Similarly, a call to arms for capitalism needs the greatest capitalist.