George Will writes in Newsweek, “Improbable as it might seem, perhaps the most important fact for a voter or politician to know is: No one can make a pencil. That truth is the essence of a novella that is, remarkably, both didactic and romantic. Even more remarkable, its author is an economist. If you read Russell Roberts’s The Price of Everything: A Parable of Possibility and Prosperity, you will see the world afresh-unless you already understand Friedrich Hayek’s idea of spontaneous order. Roberts sets his story in the Bay Area, where some Stanford students are indignant because a Big Box store doubled its prices after an earthquake. A student leader plans to protest Stanford’s acceptance of a large gift from Big Box. The student’s economics professor, Ruth, rather than attempting to dissuade him, begins leading him and his classmates to an understanding of prices, markets and the marvel of social cooperation.” Roberts will discuss his novel way of teaching economics at a Cato Book Forum, with comments by Nick Gillespie, a literature Ph.D. who is surely the only journalist to have interviewed both Ozzy Osbourne and the 2002 Nobel laureate in economics, Vernon Smith.
Featuring the author Betty Medsger; with comments by Julian Sanchez, Research fellow, Cato Institute; moderated by Gene Healy, Vice president, Cato Institute.
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In this issue of the Cato Journal, economists Geoffrey Black, D. Allen Dalton, Samia Islam, and Aaron Batteen offer one prominent example of allowing the market to work. Also in this issue, economists Jason E. Taylor and Jerry L. Taylor reexamine the relationship between marginal tax rates and U.S. growth, and Robert Krol looks at bias in CBO and OMB economic forecasts.
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A 1996 ruling has let the administrative branch run amock, changing the rules of the game without new legislation or congressional/judicial oversight.
The 2008-2009 financial crisis and Great Recession have vastly increased the power and scope of the Federal Reserve, and radically changed the financial landscape. This new ebook examines those changes and considers how the links between money, markets, and government may evolve in the future.