Economy

Truth and Myth on the Gender Pay Gap

There are myths on both sides here, and taking steps toward gender equality requires an honest accounting of the economic and social facts. The ongoing battle over gender equality has turned the question of the relative pay of women and men into quite the political football. Over the last few years, defenders of markets, including me, have…
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There is No Such Thing as Trickle-Down Economics

Critics of liberalism and the market economy have made a long-standing habit of inventing terms we would never use to describe ourselves. The most common of these is ‘neo-liberal’ or ‘neo-liberalism’, which appears to mean whatever the critics wish it to mean to describe ideas they don’t like. To the extent the terms have clear…
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We Didn’t Humanise Markets, Markets Humanised Us

Over Labour Day weekend, I saw many friends arguing that labour unions and government intervention “humanised capitalism” by giving us the 8-hour workday, the 40-hour workweek, ending child labour, and so forth. Unfortunately, these folks have their history backward. We didn’t humanise capitalism, it humanised us. The wealth produced by capitalism allowed us to indulge…
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