Journal of Private Enterprise

Articles from Vol. 22, No. 1, Fall

An Evaluation of Learning, Earning and Investing: A Model Program for Investor Education
To be uninformed about markets and financial management has practical consequences for individuals, especially today when consumers face an increasingly complex array of new financial services and products about which they must try to make wise choices...
A Pitfall of New Growth Theory: Rhetoric, Rent Seeking and the Semi-Informed Voter
New Growth Theory, or endogenous growth theory, provides economists with a more complete way to systematically investigate economic growth, as it focuses on the endogenous nature of growth due to positive externalities in knowledge (Romer, 1986; and...
Are We Taking Certain Liberties by Assuming a Relationship Exists between Economic and Political Freedom?
Scholars (Vega-Gordillo and Alvarez-Arce, 2003) have debated the connection between economic freedom and political freedom. Empirical stuthes of such arguments have not conclusively found support for the presence or absence of such a relationship.Is...
Consumer Sovereignty in the Modern Global Era
Consumer sovereignty is the idea that consumers exert ultimate control over the economy. Under consumer sovereignty, consumer preferences determine the composition of goods that are produced in the economy. Through their spending decisions, individual...
Does Development Aid Lead to Economic Freedom?
For more than 50 years individual countries and international agencies have given aid to third world countries to promote economic development, yet poverty still persists in many recipient nations. In recent years development economists and agencies...
Schumpeter's Creative Destruction: A Review of the Evidence*
Thoughtful scholars from Adam Smith to Jared Diamond, have asked the same life-and-death question: why do some societies succeed, and others fail, in producing the goods that make life long, healthy and prosperous? Smith's answer was basically that when...
Stock Markets and Slot Machines*
Occasionally, an unexpected departure from lesson plans couple with student input to allow the development of insights that were no part of an instructor's expectations for the day. They result from action and not design, to borrow a phrase. Sometimes...
Teaching Economic Principles with Comic Strips
Like many college facility I occasionally tape a funny comic strip to my office door for students and other passersby to read. Sometimes these comics reflect my partisan political views, but often they merely represent some elementary economic principle....
The Control of Money
Stable money is one of the most important prerequisites of free markets. In Capitalism and freedom, Milton Friedman addressed the questions of the monetary arrangements most consistent with economic freedom within individual countries and between countries....
The Kantian Ethic of Capitalism
Some authors (e.g., Evan & Freeman, 1993; Phillips, 2003) have suggested Kantian ethics as a foundation for schemes designed to put limitations on the possibilities for voluntary exchange. This is a misuse of Kant. As the ultimate expression of classical...
The Politics of Poverty and the Poverty of Politics
How much should government do to help the poor directly through taxes and transfers designed to reduce income inequality, instead of indirectly by confining itself to the limited, but important, tasks necessary for the private production of wealth through...