Understanding Economics

Economics and Physics

Physics is Not Logical Nobel Prize winning New Zealand physicist Ernest Rutherford (1871 – 1937) is reported to have claimed that “all science is either physics or stamp collecting.” He evidently meant that physics is the only real science and everything… Read More ›

On Competition and Markets

From a broad philosophical perspective, competition is encoded in the basic DNA of the universe. At every level of analysis, competing forces seek domination. At the largest inanimate scales, gravitational and electromagnetic forces constantly compete in stars. At the smallest… Read More ›

Minimum Wages

In response to my two earlier posts on “Understanding Economics” and its followup, the matter of minimum wages has come up in the comments. Some ideas have the peculiar characteristic that they appear to be good at first glance but… Read More ›