THOUGHTS ON “LEGAL TENDER” AND GAMES OF PRETENCE Economic Perspectives 54 – April 2019 Few people understand the purpose of so-called “legal tender”. It is widely believed that the government’s legal tender laws protect citizens’ money by formally designating it as the official medium for the settlement of transactions. The Latin root is “tendere”, to […]

Unregulated regulation – a contagious malady EMILE WOOLF – EP 52 [Going Postal – 8 April 2019] More often than not, regulation is a cover-up for exploitation or protectionism – probably both. Thoughtless, invasive regulation has become unstoppable. Traders and consumers adhere to the idea that highly regulated markets serve their interests, and it suits […]

The French economist Frederic Bastiat is chiefly remembered for having developed the concept of “opportunity cost” or, more colourfully, “that which is seen, and that which is not seen”. We could put it more simply: there is no such thing as something for nothing. There is a persistent tendency to see only one side of […]

“GOING POSTAL” 25-2-19         [ECONOMIC PERSPECTIVES no. 50: EMILE WOOLF] ECONOMIC DISTORTION, COURTESY OF YOUR CENTRAL BANK Governments rarely set out to take responsibility for every single issue, but that usually happens anyway. As a result there is a growing expectation by citizens that, whatever the problem, it is the government’s job to sort it out […]

[Economic Perspectives – 49] BACK TO BASICS – AND THANKS FOR ALL THE FEEDBACK Last week’s economics essay [EP 48] posted on the “Going Postal” platform generated almost 4,000 comments. The following four responses represent views expressed by many, and prompted me to expand on their subject matter this week. As follows: 1 – Understanding […]

Economic Perspectives 48 GOING POSTAL – 28 JANUARY 2019 How to unravel economic complexity – the simple citizen’s guide Here’s a clue: if there are things that you, as a rational citizen, would never choose to do, it’s almost certain that government should stay clear of them too. But governments rarely act rationally, and the […]

‘DEBUNKING ECONOMIC MYTHOLOGY – PART 6’ [ECONOMIC PERSPECTIVES 47] EXPOSING THE “NO DEAL” MYTHOLOGY Emile Woolf – December 2018 ____________________________________________________________________________ The myth that a “no deal” Brexit will bring catastrophe to the UK is at last being shown up for the fiction that it truly is. “Remain” stalwarts are not giving up easily, however, and […]

  HUMAN RIGHTS & GOVERNMENT ACTION In many of these essays on economics I have been at pains to point out that the prosperity of any community, anywhere, anytime, if it is to last, must be based on observance of the guiding principles of free people; free trade; sound money; and small government. Colleagues sometimes […]

  My colleague Steven Spencer has reminded me of an anecdote relayed by the owner of a brand new Corvette sports car.   A bystander speculated: “I wonder how many people could have been fed with the money that sports car cost?”   The owner replied: “ I really don’t know the answer to that one. But […]

EMILE WOOLF – GOING POSTAL [19-11-2018 – EP43] “DEBUNKING ECONOMIC MYTHOLOGY – PART 6” “WHAT GOVERNMENT CAN – AND CANNOT – DO” Whenever confronting a puzzling situation, it’s worth asking how it came about. When doing this I usually find it helpful to write about it and, given my personal orientation, my way through the […]