Economics

How the Minimum Wage Reduces Inequality

Companies make profits. The minimum wage changes how those…

Economism and Economics

One point I try to be clear about in my new book is that economism — the assumption that simple Economics 101 models accurately describe the real world — is not the same as economics. There are people who think that all of economics, or at least all of modern, mathematically inclined…

Economism and the Law

Economism — the simplistic, unreflecting application of Economics 101 models to complex, real-world issues — is particularly influential in the law, including both legal academia and actual court opinions that decide important questions.

Economism and Health Care

A core feature of competitive markets, according to the basic model, is that they allocate goods to the people or companies that are willing to pay the most for them. In theory, and in many situations, this is a good thing: If I am willing to pay $1,000 for a custom portrait of my…

Larry Kudlow and Economics in the Trump Administration