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 Benjamin H. Friedman, Research Fellow in Defense and Homeland Security Studies, Cato Institute; Spencer Ackerman, Senior Writer, WIRED Magazine; and Julian Sanchez, Research Fellow, Cato Institute; moderated by Laura Odato, Director of Government Affairs, Cato Institute.
Featured PublicationWe are grateful to the Harry and Lynde Bradley Foundation and the Carthage Foundation whose support of the October 2012 Cato Conference “Europe’s Crisis and the Welfare State: Lessons for the United States” made possible this special issue of the Cato Journal.
Latest CommentaryAmartya Sen, as befits a Nobel laureate, has often produced careful calculations to throw light on dark situations, such as the number of...
Latest Blog Post
A climate model can’t do worse than explaining nothing, right? Wrong.
Featured BookRenowned development economist Deepak Lal draws on 50 years of experience around the globe to describe developing-country realities and rectify misguided notions about economic progress.
More Bang for Your Buck
The Cato Institute tops a new measure of think tank performance in the United States, according to a recent report. Cato bested all other U.S. think tanks in the main category of “Aggregate Profile per Dollar Spent.” “I’m grateful to the Center for Global Development for showing that Cato gives its sponsors something I wish government gave more of to taxpayers: bang for the buck,” said Cato CEO John Allison.