In the name of classical liberalism, Richard Epstein makes an economic case against unions. He assumes that both conventional firms with monopoly power and trade unions can be described as “monopolies” and that both can be analyzed adequately by the highly simplified generalizations of Econ 101. Epstein writes: It is well-established in economic theory that the benefits to any monopolist…

“The king is dead. Long live the king!” This seemingly contradictory proclamation made upon the death of a monarch encapsulates the theory of the “king’s two bodies.” The medieval concept differentiated between the king as a physical human being, mortal and capable of error, and the king as the body politic, “a Body that cannot be seen or handled, consisting…

Imagine that a university has two assistant-professor positions, one for a professor of environmental economics and another for a professor of hermeneutics. If the economist ends up with a higher salary, what would be the most reasonable explanation? A) the economist has skills desired by businesses, government, and nonprofits, forcing the university to offer a higher salary to compete with…

The election of 1988 is just on the periphery of our collective memory in 2020. The youngest voters to cast their ballots that year would have been born in 1970, making them 50 years old today. That means that it is time for historians and political scientists to begin writing in earnest about it, since most people today will have…