Note: This is post #48 in a weekly video series on basic microeconomics. Ever wonder why pharmaceuticals are so expensive? In this video by Marginal Revolution University, Alex Tabarrok shows how low elasticity of demand results in monopoly markups. This is especially the case with goods that involve the “you can’t take it with you” effect (for example, people with serious medical conditions are relatively insensitive to the price of life-saving drugs) and the “other people’s money” effect (if third...

Today marks the 16th anniversary of the worst terrorist attack ever on American soil. Here are five facts you should know about what happened in the aftermath of the events on September 11, 2001: 1. It took 99 days—until December 19, 2001—for thefires at Ground Zeroto be extinguished.Cleanup at Ground Zero wasn’t pleted until May 30, 2002. It took 3.1 million hours of labor to clean up 1.8 million tons of debris at a total cost of cleanup of $750...

The North Korean people are not the same as the North Korean regime. Photo: “Pyongyang, North Korea” by (stephan) (CC BY-SA 2.0) Today the United Nations Security Council will meet and vote on a resolution to impose new restrictions on North Korea. This resolution is a direct response to recent North Korean missile activity and threats from Kim Jong Un. On July 4, North Korea tested an intercontinental ballistic missile and claimed it could hit any nation on Earth and...

Defending the free market and advocating for ever-greater access to capital is of paramount importance during uneven economic patches. That is how Christians should ments from Justin Welby, the archbishop of Canterbury, who recently said that the economy is “broken.” The archbishop cited familiar economic data of unequal economic growth, youth hopelessness, and questions about wage stagnation. Many of these are part of a ing report from the IPPR’s Commission on Economic Justice, of which he is a member. But...

Last week FEE published an essay by economist Dierdre McCloskey titled “The Core of Liberty is Economic Liberty.” McCloskey writes, [E]conomic liberty is the liberty about which most ordinary people care. True, liberty of speech, the press, assembly, petitioning the government, and voting for a new government are in the long run essential protections for all liberty, including the economic right to buy and sell. But the lofty liberties are cherished mainly by an educated minority. Most people—in the long...

On the Upstream segment of this week’s Radio Free Acton podcast, I discuss the visual art of Renee Radell with Gregory Wolfe. Radell’s work is the subject of Renee Radell: Web of Circumstance (Predmore Press, 2016, 220 pages, $80), a book presenting a career overview of her artistic efforts. In his review of Web of Circumstance for The University Bookman, Wolfe – founder and editor of Image magazine – determines the panying text by Eleanor Heartney superficial in contrast to...

The European discount grocery chain Lidl stirred controversy by removing the cross from its products’ labels, so as not to give offense. Eagle-eyed consumers noticed that Eirdanous, its Greek food line, featured a picture of a blue-domed Greek Orthodox Church by the sea – but unlike every other such church, its cupola was not topped by a cross. pany Photoshopped the symbol of Christ’s victory over death and Hell off of the Anastasi(in Greek, literally, “resurrection”) Church inSantorini. Perhaps to...

Today, Vermont Senator Bernie Sanders is unveiling his legislation for a single-payer healthcare system. Here is what you should know about single-payer systems and Sanders’s proposal: What is single-payer healthcare? In a single-payer healthcare system, the government pays for all medically necessary service for of all citizens, regardless of e or ability to pay. Does the U.S. have a single-payer system? In the U.S. most citizens over the age of 65 and people under 65 who have specific disabilities qualify...

The U.S. Census Bureau released its latest report on e and poverty in the United States today. Here are seven figures from the report you should know about: 1. Real median household e increased 3.2 percent between 2015 and 2016—from $ 57,230 to $59,039. (This figure surpasses the previous high reached in 1999.) 2. Real median es in 2016 for family households ($75,062) and nonfamily households ($35,761) increased 2.7 percent and 4.5 percent, respectively, from their 2015 medians. (This is...

“Consumerism is, quite precisely, the consuming of life by the things consumed. It is living in a manner that is measured by having rather than being.” -Richard John Neuhaus In a free economy, we each serve distinct roles as both producers and consumers. As producers, we create and serve, leveraging the work of our hands to meet the needs of our neighbors. As consumers, however, we look to ourselves and our own needs. Consumption is good and necessary thing, but...