Production Theory

In product development there are two kinds of errors.

Once again, Penn and Teller hilariously explode the myths and superstitions about capitalism with a healthy contempt and a plethora of curse words,

Life without international trade: using local labor and materials only, a suit takes 500 man-hours to produce.

A very nice pro-market commentary by Richard W.

Saving in the interest of infinitely postponed consumption is not saving at all — it is pure loss.

You don't have to be a rocket scientist to solve these problems. We need to return to the sound monetary policy of the gold standard and an America where education and assistance to the needy are in the hands of the private sector, not government bureaucrats.

Traveled to a big city lately? If so, you must have gotten words of wisdom from someone close to you.

Here is an interesting paper by Christopher Coyne and Steve Dav

What a wacky world we live in.

And, perhaps, it also explains why a careful analysis of the time structure of production (not in terms of an "average" period of production) is a necessary basis for a satisfactory analysis of the trade cycle.