When intellectuals first began to think about economics, they tended to think about the interests of the elites who controlled the government. That is how economics got its name back in the 16th century. The term economics comes from the…
Monthly Archives: June 2015
Is your family earning twice as much as your parents were 40 years ago (in real dollars)? You should be.
FRED data shows that real per-capita income in the US has doubled since 1975 even despite the financial crisis of 2008. Unfortunately, this income growth mainly went to the top 10% richest Americans. Median family income was stagnant from the…
Elites are more important than everyone else because much of our wellbeing depends on them.
There is vast difference between the lives of ordinary people north of the Rio Grande river versus the people to the south. There are even greater differences between the lives of people across other arbitrary political borders like between North…
Marginal value is a misnomer. Market prices reveal the median value.
Ever since the Marginal Revolution of the late 19th century, economics has been defined by marginal benefit and marginal cost. That is what determines the most famous picture in economics, the supply and demand graph. The demand curve is really the marginal benefit…
Medianism 