Scarcity

Scarcity. What is scarce and what isn’t? Is information scarce? Will 3D printers bring about an era of ‘post-scarcity’? Some say that air isn’t scarce and hydrogen isn’t scarce. We can all agree that platinum is pretty scarce, and in discussions about Bitcoin, one tends to hear the term ‘artificial scarcity’ fairly often. Continue reading

Some Examples of Market Regulation

Market regulation is rampant in the mercantilist market of modern-day America. By utilizing government force, already existing companies can make competitors less profitable and create barriers to entry that prevent competitors from entering the marketplace. By regulating the market in favor of certain firms (firms and companies in this context are interchangeable) over others, the firms that benefit do not need to meet customer demand to the same extent that they otherwise would. Continue reading

Is Statism Bad?

First and most importantly, I never use the word ‘bad’ in this context (formal-level economics/philosophy). It’s too fuzzy and subjective to carry any meaning. The proper term would be incorrect. False. People who think a minimum wage is necessary because if not people will be paid nothing are wrong. Completely obviously wrong. Nobody here is in favor of a minimum wage. Minimum wage also can be showed to go contrary to basic logic. Price controls are always destructive. Continue reading

Regression Theorem and Defining Money

It’s relatively common to see regression theorem being mentioned in economic discussion, especially when it comes to whether or not something is money. This is surprising because regression theorem has absolutely nothing to do with money or the definition of money. Regression theorem only involves prices and is really more a direct restatement of common sense. Continue reading