CINXE.COM

Econlib - The Library of Economics and Liberty

<!DOCTYPE html> <html lang="en-US"> <head> <meta charset="UTF-8"> <meta name="viewport" content="width=device-width, initial-scale=1"> <!-- Google Tag Manager --> <script>(function(w,d,s,l,i){w[l]=w[l]||[];w[l].push({'gtm.start': new Date().getTime(),event:'gtm.js'});var f=d.getElementsByTagName(s)[0], j=d.createElement(s),dl=l!='dataLayer'?'&l='+l:'';j.async=true;j.src= 'https://www.googletagmanager.com/gtm.js?id='+i+dl;f.parentNode.insertBefore(j,f); })(window,document,'script','dataLayer','GTM-P8T58BB');</script> <!-- End Google Tag Manager --> <meta name='robots' content='index, follow, max-image-preview:large, max-snippet:-1, max-video-preview:-1' /> <style>img:is([sizes="auto" i], [sizes^="auto," i]) { contain-intrinsic-size: 3000px 1500px }</style> <!-- This site is optimized with the Yoast SEO plugin v23.6 - https://yoast.com/wordpress/plugins/seo/ --> <title>Econlib - The Library of Economics and Liberty</title> <meta name="description" content="The Library of Economics and Liberty" /> <link rel="canonical" href="https://www.econlib.org/" /> <link rel="next" href="https://www.econlib.org/page/2/" /> <meta property="og:locale" content="en_US" /> <meta property="og:type" content="website" /> <meta property="og:title" content="Econlib" /> <meta property="og:description" content="The Library of Economics and Liberty" /> <meta property="og:url" content="https://www.econlib.org/" /> <meta property="og:site_name" content="Econlib" /> <meta name="twitter:card" content="summary_large_image" /> <script type="application/ld+json" class="yoast-schema-graph">{"@context":"https://schema.org","@graph":[{"@type":"CollectionPage","@id":"https://www.econlib.org/","url":"https://www.econlib.org/","name":"Econlib - The Library of Economics and Liberty","isPartOf":{"@id":"https://www.econlib.org/#website"},"description":"The Library of Economics and Liberty","breadcrumb":{"@id":"https://www.econlib.org/#breadcrumb"},"inLanguage":"en-US"},{"@type":"BreadcrumbList","@id":"https://www.econlib.org/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home"}]},{"@type":"WebSite","@id":"https://www.econlib.org/#website","url":"https://www.econlib.org/","name":"Econlib","description":"The Library of Economics and Liberty","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https://www.econlib.org/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"}]}</script> <!-- / Yoast SEO plugin. --> <script type="text/javascript"> /* <![CDATA[ */ window._wpemojiSettings = {"baseUrl":"https:\/\/s.w.org\/images\/core\/emoji\/15.0.3\/72x72\/","ext":".png","svgUrl":"https:\/\/s.w.org\/images\/core\/emoji\/15.0.3\/svg\/","svgExt":".svg","source":{"concatemoji":"https:\/\/www.econlib.org\/wp-includes\/js\/wp-emoji-release.min.js?ver=6.7.1"}}; /*! This file is auto-generated */ !function(i,n){var o,s,e;function c(e){try{var t={supportTests:e,timestamp:(new Date).valueOf()};sessionStorage.setItem(o,JSON.stringify(t))}catch(e){}}function p(e,t,n){e.clearRect(0,0,e.canvas.width,e.canvas.height),e.fillText(t,0,0);var t=new Uint32Array(e.getImageData(0,0,e.canvas.width,e.canvas.height).data),r=(e.clearRect(0,0,e.canvas.width,e.canvas.height),e.fillText(n,0,0),new Uint32Array(e.getImageData(0,0,e.canvas.width,e.canvas.height).data));return t.every(function(e,t){return e===r[t]})}function u(e,t,n){switch(t){case"flag":return n(e,"\ud83c\udff3\ufe0f\u200d\u26a7\ufe0f","\ud83c\udff3\ufe0f\u200b\u26a7\ufe0f")?!1:!n(e,"\ud83c\uddfa\ud83c\uddf3","\ud83c\uddfa\u200b\ud83c\uddf3")&&!n(e,"\ud83c\udff4\udb40\udc67\udb40\udc62\udb40\udc65\udb40\udc6e\udb40\udc67\udb40\udc7f","\ud83c\udff4\u200b\udb40\udc67\u200b\udb40\udc62\u200b\udb40\udc65\u200b\udb40\udc6e\u200b\udb40\udc67\u200b\udb40\udc7f");case"emoji":return!n(e,"\ud83d\udc26\u200d\u2b1b","\ud83d\udc26\u200b\u2b1b")}return!1}function f(e,t,n){var r="undefined"!=typeof WorkerGlobalScope&&self instanceof WorkerGlobalScope?new OffscreenCanvas(300,150):i.createElement("canvas"),a=r.getContext("2d",{willReadFrequently:!0}),o=(a.textBaseline="top",a.font="600 32px Arial",{});return e.forEach(function(e){o[e]=t(a,e,n)}),o}function t(e){var t=i.createElement("script");t.src=e,t.defer=!0,i.head.appendChild(t)}"undefined"!=typeof Promise&&(o="wpEmojiSettingsSupports",s=["flag","emoji"],n.supports={everything:!0,everythingExceptFlag:!0},e=new Promise(function(e){i.addEventListener("DOMContentLoaded",e,{once:!0})}),new Promise(function(t){var n=function(){try{var e=JSON.parse(sessionStorage.getItem(o));if("object"==typeof e&&"number"==typeof e.timestamp&&(new Date).valueOf()<e.timestamp+604800&&"object"==typeof e.supportTests)return e.supportTests}catch(e){}return null}();if(!n){if("undefined"!=typeof Worker&&"undefined"!=typeof OffscreenCanvas&&"undefined"!=typeof URL&&URL.createObjectURL&&"undefined"!=typeof Blob)try{var e="postMessage("+f.toString()+"("+[JSON.stringify(s),u.toString(),p.toString()].join(",")+"));",r=new Blob([e],{type:"text/javascript"}),a=new Worker(URL.createObjectURL(r),{name:"wpTestEmojiSupports"});return void(a.onmessage=function(e){c(n=e.data),a.terminate(),t(n)})}catch(e){}c(n=f(s,u,p))}t(n)}).then(function(e){for(var t in e)n.supports[t]=e[t],n.supports.everything=n.supports.everything&&n.supports[t],"flag"!==t&&(n.supports.everythingExceptFlag=n.supports.everythingExceptFlag&&n.supports[t]);n.supports.everythingExceptFlag=n.supports.everythingExceptFlag&&!n.supports.flag,n.DOMReady=!1,n.readyCallback=function(){n.DOMReady=!0}}).then(function(){return e}).then(function(){var e;n.supports.everything||(n.readyCallback(),(e=n.source||{}).concatemoji?t(e.concatemoji):e.wpemoji&&e.twemoji&&(t(e.twemoji),t(e.wpemoji)))}))}((window,document),window._wpemojiSettings); /* ]]> */ </script> <link rel='stylesheet' id='wc-blocks-integration-css' href='https://www.econlib.org/wp-content/plugins/woocommerce-subscriptions/vendor/woocommerce/subscriptions-core/build/index.css?ver=7.7.2' type='text/css' media='all' /> <style id='wp-emoji-styles-inline-css' type='text/css'> img.wp-smiley, img.emoji { display: inline !important; border: none !important; box-shadow: none !important; height: 1em !important; width: 1em !important; margin: 0 0.07em !important; vertical-align: -0.1em !important; background: none !important; padding: 0 !important; } </style> <link rel='stylesheet' id='wp-block-library-css' href='https://www.econlib.org/wp-includes/css/dist/block-library/style.min.css?ver=6.7.1' type='text/css' media='all' /> <style id='classic-theme-styles-inline-css' type='text/css'> /*! This file is auto-generated */ .wp-block-button__link{color:#fff;background-color:#32373c;border-radius:9999px;box-shadow:none;text-decoration:none;padding:calc(.667em + 2px) calc(1.333em + 2px);font-size:1.125em}.wp-block-file__button{background:#32373c;color:#fff;text-decoration:none} </style> <style id='global-styles-inline-css' type='text/css'> :root{--wp--preset--aspect-ratio--square: 1;--wp--preset--aspect-ratio--4-3: 4/3;--wp--preset--aspect-ratio--3-4: 3/4;--wp--preset--aspect-ratio--3-2: 3/2;--wp--preset--aspect-ratio--2-3: 2/3;--wp--preset--aspect-ratio--16-9: 16/9;--wp--preset--aspect-ratio--9-16: 9/16;--wp--preset--color--black: #000000;--wp--preset--color--cyan-bluish-gray: #abb8c3;--wp--preset--color--white: #ffffff;--wp--preset--color--pale-pink: #f78da7;--wp--preset--color--vivid-red: #cf2e2e;--wp--preset--color--luminous-vivid-orange: #ff6900;--wp--preset--color--luminous-vivid-amber: #fcb900;--wp--preset--color--light-green-cyan: #7bdcb5;--wp--preset--color--vivid-green-cyan: #00d084;--wp--preset--color--pale-cyan-blue: #8ed1fc;--wp--preset--color--vivid-cyan-blue: #0693e3;--wp--preset--color--vivid-purple: #9b51e0;--wp--preset--gradient--vivid-cyan-blue-to-vivid-purple: linear-gradient(135deg,rgba(6,147,227,1) 0%,rgb(155,81,224) 100%);--wp--preset--gradient--light-green-cyan-to-vivid-green-cyan: linear-gradient(135deg,rgb(122,220,180) 0%,rgb(0,208,130) 100%);--wp--preset--gradient--luminous-vivid-amber-to-luminous-vivid-orange: linear-gradient(135deg,rgba(252,185,0,1) 0%,rgba(255,105,0,1) 100%);--wp--preset--gradient--luminous-vivid-orange-to-vivid-red: linear-gradient(135deg,rgba(255,105,0,1) 0%,rgb(207,46,46) 100%);--wp--preset--gradient--very-light-gray-to-cyan-bluish-gray: linear-gradient(135deg,rgb(238,238,238) 0%,rgb(169,184,195) 100%);--wp--preset--gradient--cool-to-warm-spectrum: linear-gradient(135deg,rgb(74,234,220) 0%,rgb(151,120,209) 20%,rgb(207,42,186) 40%,rgb(238,44,130) 60%,rgb(251,105,98) 80%,rgb(254,248,76) 100%);--wp--preset--gradient--blush-light-purple: linear-gradient(135deg,rgb(255,206,236) 0%,rgb(152,150,240) 100%);--wp--preset--gradient--blush-bordeaux: linear-gradient(135deg,rgb(254,205,165) 0%,rgb(254,45,45) 50%,rgb(107,0,62) 100%);--wp--preset--gradient--luminous-dusk: linear-gradient(135deg,rgb(255,203,112) 0%,rgb(199,81,192) 50%,rgb(65,88,208) 100%);--wp--preset--gradient--pale-ocean: linear-gradient(135deg,rgb(255,245,203) 0%,rgb(182,227,212) 50%,rgb(51,167,181) 100%);--wp--preset--gradient--electric-grass: linear-gradient(135deg,rgb(202,248,128) 0%,rgb(113,206,126) 100%);--wp--preset--gradient--midnight: linear-gradient(135deg,rgb(2,3,129) 0%,rgb(40,116,252) 100%);--wp--preset--font-size--small: 13px;--wp--preset--font-size--medium: 20px;--wp--preset--font-size--large: 36px;--wp--preset--font-size--x-large: 42px;--wp--preset--font-family--inter: "Inter", sans-serif;--wp--preset--font-family--cardo: Cardo;--wp--preset--spacing--20: 0.44rem;--wp--preset--spacing--30: 0.67rem;--wp--preset--spacing--40: 1rem;--wp--preset--spacing--50: 1.5rem;--wp--preset--spacing--60: 2.25rem;--wp--preset--spacing--70: 3.38rem;--wp--preset--spacing--80: 5.06rem;--wp--preset--shadow--natural: 6px 6px 9px rgba(0, 0, 0, 0.2);--wp--preset--shadow--deep: 12px 12px 50px rgba(0, 0, 0, 0.4);--wp--preset--shadow--sharp: 6px 6px 0px rgba(0, 0, 0, 0.2);--wp--preset--shadow--outlined: 6px 6px 0px -3px rgba(255, 255, 255, 1), 6px 6px rgba(0, 0, 0, 1);--wp--preset--shadow--crisp: 6px 6px 0px rgba(0, 0, 0, 1);}:where(.is-layout-flex){gap: 0.5em;}:where(.is-layout-grid){gap: 0.5em;}body .is-layout-flex{display: flex;}.is-layout-flex{flex-wrap: wrap;align-items: center;}.is-layout-flex > :is(*, div){margin: 0;}body .is-layout-grid{display: grid;}.is-layout-grid > :is(*, div){margin: 0;}:where(.wp-block-columns.is-layout-flex){gap: 2em;}:where(.wp-block-columns.is-layout-grid){gap: 2em;}:where(.wp-block-post-template.is-layout-flex){gap: 1.25em;}:where(.wp-block-post-template.is-layout-grid){gap: 1.25em;}.has-black-color{color: var(--wp--preset--color--black) !important;}.has-cyan-bluish-gray-color{color: var(--wp--preset--color--cyan-bluish-gray) !important;}.has-white-color{color: var(--wp--preset--color--white) !important;}.has-pale-pink-color{color: var(--wp--preset--color--pale-pink) !important;}.has-vivid-red-color{color: var(--wp--preset--color--vivid-red) !important;}.has-luminous-vivid-orange-color{color: var(--wp--preset--color--luminous-vivid-orange) !important;}.has-luminous-vivid-amber-color{color: var(--wp--preset--color--luminous-vivid-amber) !important;}.has-light-green-cyan-color{color: var(--wp--preset--color--light-green-cyan) !important;}.has-vivid-green-cyan-color{color: var(--wp--preset--color--vivid-green-cyan) !important;}.has-pale-cyan-blue-color{color: var(--wp--preset--color--pale-cyan-blue) !important;}.has-vivid-cyan-blue-color{color: var(--wp--preset--color--vivid-cyan-blue) !important;}.has-vivid-purple-color{color: var(--wp--preset--color--vivid-purple) !important;}.has-black-background-color{background-color: var(--wp--preset--color--black) !important;}.has-cyan-bluish-gray-background-color{background-color: var(--wp--preset--color--cyan-bluish-gray) !important;}.has-white-background-color{background-color: var(--wp--preset--color--white) !important;}.has-pale-pink-background-color{background-color: var(--wp--preset--color--pale-pink) !important;}.has-vivid-red-background-color{background-color: var(--wp--preset--color--vivid-red) !important;}.has-luminous-vivid-orange-background-color{background-color: var(--wp--preset--color--luminous-vivid-orange) !important;}.has-luminous-vivid-amber-background-color{background-color: var(--wp--preset--color--luminous-vivid-amber) !important;}.has-light-green-cyan-background-color{background-color: var(--wp--preset--color--light-green-cyan) !important;}.has-vivid-green-cyan-background-color{background-color: var(--wp--preset--color--vivid-green-cyan) !important;}.has-pale-cyan-blue-background-color{background-color: var(--wp--preset--color--pale-cyan-blue) !important;}.has-vivid-cyan-blue-background-color{background-color: var(--wp--preset--color--vivid-cyan-blue) !important;}.has-vivid-purple-background-color{background-color: var(--wp--preset--color--vivid-purple) !important;}.has-black-border-color{border-color: var(--wp--preset--color--black) !important;}.has-cyan-bluish-gray-border-color{border-color: var(--wp--preset--color--cyan-bluish-gray) !important;}.has-white-border-color{border-color: var(--wp--preset--color--white) !important;}.has-pale-pink-border-color{border-color: var(--wp--preset--color--pale-pink) !important;}.has-vivid-red-border-color{border-color: var(--wp--preset--color--vivid-red) !important;}.has-luminous-vivid-orange-border-color{border-color: var(--wp--preset--color--luminous-vivid-orange) !important;}.has-luminous-vivid-amber-border-color{border-color: var(--wp--preset--color--luminous-vivid-amber) !important;}.has-light-green-cyan-border-color{border-color: var(--wp--preset--color--light-green-cyan) !important;}.has-vivid-green-cyan-border-color{border-color: var(--wp--preset--color--vivid-green-cyan) !important;}.has-pale-cyan-blue-border-color{border-color: var(--wp--preset--color--pale-cyan-blue) !important;}.has-vivid-cyan-blue-border-color{border-color: var(--wp--preset--color--vivid-cyan-blue) !important;}.has-vivid-purple-border-color{border-color: var(--wp--preset--color--vivid-purple) !important;}.has-vivid-cyan-blue-to-vivid-purple-gradient-background{background: var(--wp--preset--gradient--vivid-cyan-blue-to-vivid-purple) !important;}.has-light-green-cyan-to-vivid-green-cyan-gradient-background{background: var(--wp--preset--gradient--light-green-cyan-to-vivid-green-cyan) !important;}.has-luminous-vivid-amber-to-luminous-vivid-orange-gradient-background{background: var(--wp--preset--gradient--luminous-vivid-amber-to-luminous-vivid-orange) !important;}.has-luminous-vivid-orange-to-vivid-red-gradient-background{background: var(--wp--preset--gradient--luminous-vivid-orange-to-vivid-red) !important;}.has-very-light-gray-to-cyan-bluish-gray-gradient-background{background: var(--wp--preset--gradient--very-light-gray-to-cyan-bluish-gray) !important;}.has-cool-to-warm-spectrum-gradient-background{background: var(--wp--preset--gradient--cool-to-warm-spectrum) !important;}.has-blush-light-purple-gradient-background{background: var(--wp--preset--gradient--blush-light-purple) !important;}.has-blush-bordeaux-gradient-background{background: var(--wp--preset--gradient--blush-bordeaux) !important;}.has-luminous-dusk-gradient-background{background: var(--wp--preset--gradient--luminous-dusk) !important;}.has-pale-ocean-gradient-background{background: var(--wp--preset--gradient--pale-ocean) !important;}.has-electric-grass-gradient-background{background: var(--wp--preset--gradient--electric-grass) !important;}.has-midnight-gradient-background{background: var(--wp--preset--gradient--midnight) !important;}.has-small-font-size{font-size: var(--wp--preset--font-size--small) !important;}.has-medium-font-size{font-size: var(--wp--preset--font-size--medium) !important;}.has-large-font-size{font-size: var(--wp--preset--font-size--large) !important;}.has-x-large-font-size{font-size: var(--wp--preset--font-size--x-large) !important;} :where(.wp-block-post-template.is-layout-flex){gap: 1.25em;}:where(.wp-block-post-template.is-layout-grid){gap: 1.25em;} :where(.wp-block-columns.is-layout-flex){gap: 2em;}:where(.wp-block-columns.is-layout-grid){gap: 2em;} :root :where(.wp-block-pullquote){font-size: 1.5em;line-height: 1.6;} </style> <link rel='stylesheet' id='woocommerce-layout-css' href='https://www.econlib.org/wp-content/plugins/woocommerce/assets/css/woocommerce-layout.css?ver=9.4.2' type='text/css' media='all' /> <link rel='stylesheet' id='woocommerce-smallscreen-css' href='https://www.econlib.org/wp-content/plugins/woocommerce/assets/css/woocommerce-smallscreen.css?ver=9.4.2' type='text/css' media='only screen and (max-width: 768px)' /> <link rel='stylesheet' id='woocommerce-general-css' href='https://www.econlib.org/wp-content/plugins/woocommerce/assets/css/woocommerce.css?ver=9.4.2' type='text/css' media='all' /> <style id='woocommerce-inline-inline-css' type='text/css'> .woocommerce form .form-row .required { visibility: visible; } </style> <link rel='stylesheet' id='style-css' href='https://www.econlib.org/wp-content/themes/econlib/style.css?ver=1733202364' type='text/css' media='all' /> <link rel='stylesheet' id='font-awesome-css' href='https://www.econlib.org/wp-content/themes/econlib/assets/css/font-awesome.css?ver=6.7.1' type='text/css' media='all' /> <link rel='stylesheet' id='bootstrap-css' href='https://www.econlib.org/wp-content/themes/econlib/assets/css/bootstrap.css?ver=6.7.1' type='text/css' media='all' /> <link rel='stylesheet' id='jquery-ui-style-css' href='https://www.econlib.org/wp-content/themes/econlib/assets/css/jquery-ui.min.css?ver=1733202364' type='text/css' media='1' /> <link rel='stylesheet' id='select2-css' href='https://www.econlib.org/wp-content/plugins/woocommerce/assets/css/select2.css?ver=9.4.2' type='text/css' media='all' /> <link rel='stylesheet' id='econlib-articles-css' href='https://www.econlib.org/wp-content/themes/econlib/assets/css/articles.css?ver=6.7.1' type='text/css' media='all' /> <link rel='stylesheet' id='econlib-admin-style-css' href='https://www.econlib.org/wp-content/themes/econlib/assets/css/admin.css?ver=6.7.1' type='text/css' media='all' /> <link rel='stylesheet' id='main-css' href='https://www.econlib.org/wp-content/themes/econlib/assets/css/main.css?ver=1' type='text/css' media='all' /> <script type="text/javascript" src="https://www.econlib.org/wp-includes/js/jquery/jquery.min.js?ver=3.7.1" id="jquery-core-js"></script> <script type="text/javascript" src="https://www.econlib.org/wp-includes/js/jquery/jquery-migrate.min.js?ver=3.4.1" id="jquery-migrate-js"></script> <script type="text/javascript" src="https://www.econlib.org/wp-content/plugins/woocommerce/assets/js/jquery-blockui/jquery.blockUI.min.js?ver=2.7.0-wc.9.4.2" id="jquery-blockui-js" defer="defer" data-wp-strategy="defer"></script> <script type="text/javascript" id="wc-add-to-cart-js-extra"> /* <![CDATA[ */ var wc_add_to_cart_params = {"ajax_url":"\/wp-admin\/admin-ajax.php","wc_ajax_url":"\/?wc-ajax=%%endpoint%%","i18n_view_cart":"View cart","cart_url":"https:\/\/www.econlib.org\/cart\/","is_cart":"","cart_redirect_after_add":"yes"}; /* ]]> */ </script> <script type="text/javascript" src="https://www.econlib.org/wp-content/plugins/woocommerce/assets/js/frontend/add-to-cart.min.js?ver=9.4.2" id="wc-add-to-cart-js" defer="defer" data-wp-strategy="defer"></script> <script type="text/javascript" src="https://www.econlib.org/wp-content/plugins/woocommerce/assets/js/js-cookie/js.cookie.min.js?ver=2.1.4-wc.9.4.2" id="js-cookie-js" defer="defer" data-wp-strategy="defer"></script> <script type="text/javascript" id="woocommerce-js-extra"> /* <![CDATA[ */ var woocommerce_params = {"ajax_url":"\/wp-admin\/admin-ajax.php","wc_ajax_url":"\/?wc-ajax=%%endpoint%%"}; /* ]]> */ </script> <script type="text/javascript" src="https://www.econlib.org/wp-content/plugins/woocommerce/assets/js/frontend/woocommerce.min.js?ver=9.4.2" id="woocommerce-js" defer="defer" data-wp-strategy="defer"></script> <script type="text/javascript" id="WCPAY_ASSETS-js-extra"> /* <![CDATA[ */ var wcpayAssets = {"url":"https:\/\/www.econlib.org\/wp-content\/plugins\/woocommerce-payments\/dist\/"}; /* ]]> */ </script> <script type="text/javascript" src="https://www.econlib.org/wp-content/themes/econlib/assets/js/handlebars.js?ver=6.7.1" id="econlib-script-handlebars-js"></script> <script type="text/javascript" src="https://www.econlib.org/wp-content/themes/econlib/assets/js/masonry.pkgd.js?ver=6.7.1" id="econlib-script-masonry-js"></script> <script type="text/javascript" src="https://www.econlib.org/wp-content/themes/econlib/assets/js/popper.js?ver=6.7.1" id="econlib-script-popper-js"></script> <script type="text/javascript" src="https://www.econlib.org/wp-content/themes/econlib/assets/js/bootstrap.js?ver=6.7.1" id="econlib-script-bootstrap-js"></script> <script type="text/javascript" src="https://www.econlib.org/wp-content/themes/econlib/assets/js/mark.js?ver=6.7.1" id="econlib-script-mark-js"></script> <script type="text/javascript" id="econlib-script-search-js-extra"> /* <![CDATA[ */ var global_var = {"ajaxUrl":"https:\/\/www.econlib.org\/wp-admin\/admin-ajax.php"}; /* ]]> */ </script> <script type="text/javascript" src="https://www.econlib.org/wp-content/themes/econlib/assets/js/search.js?ver=6.7.1" id="econlib-script-search-js"></script> <script type="text/javascript" src="https://www.econlib.org/wp-content/themes/econlib/assets/js/highlighter.js?ver=6.7.1" id="econlib-script-highlighter-js"></script> <link rel="https://api.w.org/" href="https://www.econlib.org/wp-json/" /><link rel="EditURI" type="application/rsd+xml" title="RSD" href="https://www.econlib.org/xmlrpc.php?rsd" /> <noscript><style>.woocommerce-product-gallery{ opacity: 1 !important; }</style></noscript> <style class='wp-fonts-local' type='text/css'> @font-face{font-family:Inter;font-style:normal;font-weight:300 900;font-display:fallback;src:url('https://www.econlib.org/wp-content/plugins/woocommerce/assets/fonts/Inter-VariableFont_slnt,wght.woff2') format('woff2');font-stretch:normal;} @font-face{font-family:Cardo;font-style:normal;font-weight:400;font-display:fallback;src:url('https://www.econlib.org/wp-content/plugins/woocommerce/assets/fonts/cardo_normal_400.woff2') format('woff2');} </style> <style type="text/css" id="wp-custom-css"> .share-post-widget-top{ margin:0; clear:both; } .row{ margin-left:0; margin-right:0; } .recent-cards .article-text h4, .card-title-container .card-title{ font-size: 26px; white-space:normal !important; } .recent-cards .read-more-btn{ display:block !important; float:none !important; } section.articles-page article .main-content, .card-block .article-content{ display: none !important; } .article-single-page section{ padding: 10px; } .article-single-page .card-comment, .navbar-search, .lg-nextprev{ display:none !important; } .article-single-page .post-title{ font-size: 24px; font-weight: 600; } .m-metawrap{ margin-top:5px; margin-bottom:20px; } .m-metawrap::after{ content:""; clear:both; display:table; } .m-meta-stuff{ float:left; font-size:13px; font-weight:600; } .s-nextprev{ margin-bottom:20px; } .share-post-widget2{ float:right; } .share-post-widget2 a{ font-size:18px; margin:0 3px; } .navbar-toggler{ font-size:14px; padding:0; border:0; } /* header .logo{ margin-left:0; } .search-header{ width:100%; } .search-header input[type="text"]{ background:rgba(255,255,255,0.4); width:85%; color:#fff; } */ .article-single-page section .post-content .highlight{ float:none; margin: 0 0 20px 0; width:100%; } .comments-section .extra-content-bordered .extra-content-bordered{ padding-left:20px; } .article-single-page section .post-content a{ /*color: #fff;*/ color: #007bff; } .article-single-page section .post-content p a{ color: #007bff; } .desktop-related{ display:none; } .mobile-related{ display:block; } .mobile-related article{ margin:0; } .articles-page .row .col-md-6{ padding-right:0; padding-left:0; } .articles-page .row .col-md-6 .card-block{ padding:10px 0 10px 0; } h4.col-10{ padding-left:0; } article.grid-card .card-block{ padding:10px 0; min-height:auto !important; } .grid-masonry .col-md-6{ padding-left:0; padding-right:0; } .feature-content-block .col-xl-6{ padding-left:0; padding-right:0; } .articles-grid .title-date{ padding:20px 0; margin:0; } .navbar-dark .navbar-toggler{ float:left; margin-right:10px; margin-top:3px; color:#fff; font-size:18px; } .seach2{ /*color:#fff !important;*/ color:#999 !important; background:none !important; border:0 !important; float:right; height:30px; } #modalSearchForm{ top:70px; } #modalSearchForm input[type="text"]{ color: #15a2e8; } .modal-header{ border-bottom:0; padding:15px 15px 5px 15px; } .modal-header .close{ margin:-11px -15px -15px auto; } .modal-footer{ justify-content:flex-start; } .econ-btn{ font-size:14px; background:#44c3da !important; padding:7px 20px; border-radius:5px; display:block; width:100%; } .search-btn-wrap{ padding:0 15px 15px 15px; } .search_tool_bgwrap{ padding-top:0; background-image: linear-gradient(#0e1634, #ffffff); } .search_tool_wrap{ padding:20px; background:#fff; } .search_tool_wrap .form-control, .search_tool_wrap .form-check-label{ font-family: Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; } .search_tool_wrap .form-control{ margin-bottom:5px; border-radius:0; border-top-width:0; border-left-width:0; border-right-width:0; } .search_tool_wrap .card-body{ padding:0 0 15px 15px; border:0; } .search_tool_wrap .col-6{ padding:0; } .search-filter-toggles a, .search-on{ color:#000; font-weight:600; font-size:16px; display:block; } .search-option-wrap{ margin:20px 0 0 0; } .fa-caret-down, .fa-caret-right{ color: #1781fc; } #search_term{ border-radius:0; border-top-width:0; border-left-width:0; border-right-width:0; margin-bottom:10px; color:#1781fc !important; font-weight:500; font-size:20px !important; background:none !important; } .start-date, .end-date{ display:inline-block; float:left; width:49%; } .start-date{ margin-right:5px; } .sp_searchterm_wrap{ position:relative; } .sp_searchterm_wrap .close{ position:absolute; top:0; right:0; } .search_note{ font-size:13px; } .refine-search{ background:#27a79a; width:100%; border-radius:5px; color:#fff; text-transform:uppercase; font-weight:600; } .results-header{ background:#0d1534; } .results-header-row div{ color:#fff; font-size:14px; } .sortbytoggle-wrap{ /*background:#4a90e2;*/ background:#0d1534; padding:5px; position:relative; float:right; /*display:none;*/ } .sort-total-wrap{ padding:5px; background:#0d1534; color:#fff; font-size:14px; float:left; } .sortby-toggle, .sortby-toggle:focus, .sortby-toggle .fa{ color:#fff; font-weight:600; } .sortby-toggle .fa{ font-size:16px; } #results-orderby{ padding:20px; /*background:#4a90e2;*/ background:#0d1534; position: absolute; top:31px; left:0; width:100%; } #results-orderby a{ display:block; text-align:center; color:#fff; padding:3px; font-size:14px; } #results-orderby a.orderby-active{ color:#494d5a; } .fa-check{ color:#fff; } .search_result_article{ margin-bottom:20px; padding:10px 0; } .search_result_article .col-6{ padding:0; } .search_result_title a{ color:#1ca5e9; font-size:18px; font-weight:600; } .search_result_content, .sr_meta{ font-size:14px; } .search_result_cat{ font-weight:600; } .search_result_year{ font-style:italic; } .search_tool_wrap #refine_search{ cursor: pointer; } .search_result_content b{ background-color:#FFFF00; } .preloader_wrap{ margin-top:20px; padding:0 20px; position: relative; height:20px; width:100%; overflow:hidden; } .slider{ position:absolute; width:100%; height:5px; overflow-x: hidden; display:none; } .line{ position:absolute; opacity: 0.5; background:#acece6; width:100%; height:5px; } .subline{ position:absolute; background:#26a69a; height:5px; } .inc{ animation: increase 2s infinite; } .dec{ animation: decrease 2s 0.5s infinite; } .sortby-toggle{ text-transform:capitalize; } span.badge.new { font-weight: 300; font-size: 12px; color: #fff; background-color: #26a69a; border-radius: 2px; margin-right:5px; margin-bottom:5px; padding:5px; cursor:pointer; } #divResultSummary{ /*display:block;*/ display:none; margin-top:10px; } @keyframes increase { from { left: -5%; width: 5%; } to { left: 130%; width: 100%;} } @keyframes decrease { from { left: -80%; width: 80%; } to { left: 110%; width: 10%;} } .clear-fix{ clear:both; } .clear-fix::after { content: " "; display: block; height: 0; clear: both; } /* 2nd level menu */ ul.dropdown-menu{ background:#72bdca; position:absolute !important; /*width:100%;*/ text-align:center !important; padding:0; left:auto; } ul.dropdown-menu li a{ font-family:Arial; font-weight:bold; font-size:16px; line-height:16px; padding:10px 5px; } ul.dropdown-menu li a:hover{ color:#fff; } .dropdown-menu a:before{ content:none !important; } .dropdown-item:focus, .dropdown-item:hover{ background:#72bdca; } .nav-main .nav-item:hover{ background:none; } .navbar.nav-main .nav-item.menu-with-icon a:before{ content: none; } nav{ background:#000; line-height:45px; } nav a{ font-family: Arial; font-size:16px; font-weight:bold; color:#9497a6; } .menu-toggle{ float:left; } .econlib_logo{ float:left; text-align:left; margin-bottom:7px; } .econlib_logo span{ display:none; color:#fff; font-size:12px; margin-left:5px; text-align:left; display:none; } .main-header{ padding:20px 8px; display:flex; align-items:center; position:relative; } .logo-wrap{ flex-grow:1; } .nav-wrap{ flex-grow:2; } .search-wrap{ flex-grow:1; } .fa-bars{ font-size:30px; } .fa-search:before{ font-size:25px; } /***********************/ header{ overflow:visible; } .navbar{ position:absolute; top:100%; left:0; z-index:99; width:100% } header .navbar-toggler{ display:block; } #menu-top-menu .menu-item{ text-align:left; } .sp-srpc{ border:0; border-radius:5px; background:#27a79a; color:#fff; padding:5px 20px; display:inline-block; cursor:pointer; } .jump_to_page{ padding: 6px; background: #27a79a; color: #fff; border-radius: 5px; border: 0; } #template_submenu{ background:#72bdca; height:45px; padding:10px 15px; position:relative; } #template_submenu .subnav-parent, #template_submenu .subnav-toggler{ font-family:Arial; font-size:16px; line-height:16px; font-weight:bold; } #template_submenu ul{ display:none; background:#72bdca; position:absolute; top:100%; left:0; width:100%; z-index:9; padding:0; /*display:inline-block; height:45px; line-height:45px; list-style:none; text-align:center; margin:0; padding:0;*/ } #template_submenu.open ul{ display:block; } #template_submenu ul li{ display:block; } #template_submenu ul li a{ color:#212529; font-family:Arial; font-size:16px; font-weight:normal; line-height:16px; display:block; padding:15px 22px !important; text-align:center; } #template_submenu ul li a:hover{ color:#fff; } #template_submenu ul li a.active{ color:#fff; } .subnav-toggler{ color:#fff; cursor:pointer; } .subnav-toggler .fa{ color:#fff; } .nav-link{ padding:15px 5px; } .nav-wrap #menu-top-mobile{ z-index:999; } .nav-wrap #menu-top-mobile li{ text-align:left; } /*.nav-wrap{ display:none; }*/ .nav-mobile-wrap{ display:block; } .nav-mobile-wrap li{ text-align:left; } .page_subcat_wrap{ /*background-image: linear-gradient(to bottom, #616161, #333);*/ padding:0; } #cee_subcat_wrap{ /*background:linear-gradient(0deg, rgba(1, 1, 1, 0.5), rgba(1, 1, 1, 0.5));*/ } #econlog_subcat_wrap{ /*background-image: linear-gradient(to bottom, #616161, #333);*/ background:linear-gradient(0deg, rgba(1, 1, 1, 0.5), rgba(1, 1, 1, 0.3)), url(../wp-content/uploads/2019/03/blog-13.jpg); background-size:cover; background-repeat:no-repeat; background-position: center center; } .page_subcat_wrap .subcat_wrap{ height:45px; max-width:1280px; margin:auto; padding:10px 15px; opacity: 0.68; background-color: #0e1733; /*max-height:450px;*/ /*overflow-y:hidden;*/ } .subcat_wrap::-webkit-scrollbar { width: 12px; } .subcat_wrap::-webkit-scrollbar-track { -webkit-box-shadow: inset 0 0 6px rgba(0,0,0,0.5); } .subcat_wrap::-webkit-scrollbar-thumb { -webkit-box-shadow: inset 0 0 6px rgba(114,189,202,0.7); } .page_subcat_wrap .subcat_wrap h4{ display:none; font-family:Arial; font-size:23px; color:#ababab; text-align:center; } .page_subcat_wrap .subcat_wrap .oakcol{ display:none; width:100%; padding:0; } .page_subcat_wrap .open .oakcol{ display:block; } .page_subcat_wrap .open{ height:auto; } .page_subcat_wrap .subcat_wrap .oakcol a{ font-family:Arial; font-size:14px; display:block; /*padding:5px;*/ padding:5px 0; color:#4a90e2; } .page_subcat_wrap .subcat_wrap .oakcol a.active-subcat{ color:#cbcbcb; } .subcat{ display:inline-block; color:#fff; font-size:14px; } .subcat-parent{ color:#4a90e2; } .subcat-toggler{ cursor:pointer; } .subcat-parent, .subcat-toggler{ margin-bottom:10px; } .clear{ clear:left; } #book-resource *{ font-family: Arial; color:#4a4a4a; } #book-resource a{ color:#007bff; } #book-resource h2{font-size:22px;} #book-resource h3{font-size:20px;} #book-resource h4{font-size:18px;} .grey-section{ background:#d8d8d8; margin-bottom:10px; padding:40px 20px 100px 20px; } .grey-section:last-of-type{ margin-bottom:0; } .div-container{ display:block; max-width:1280px; margin:auto; padding:10px; } .article-second-container, .video-container{ display:block !important; } .article-second-container .div-item{ width:100%; height:auto !important; } .video-container .div-item{ width:100%; height:auto !important; } .div-item{ /*border:1px solid #000;*/ height:280px; margin-right:25px; margin-bottom:10px; display:block; color:#212529; } .div-item:hover, .div-item:active{ color:#212529; } .div-item:last-child{ margin-right:0; } .div-item-content{ padding:20px 0; min-height:280px; } .video-container .div-item-content{ min-height:170px; } .div-item-content a{ color:#000; font-size:24px; font-family:Arial; font-weight:600; } .article-img-bg{ width:100%; height:270px; background-repeat:no-repeat; background-size: cover; background-position:top center; position:relative; } .article-img-bg span{ color:#fff; font-size:21px; text-transform:uppercase; font-family:Arial; position:absolute; left:20px; bottom:10px; text-shadow: 2px 2px 4px #000000; } .col3, .col2{ margin-top:40px; } .grow1{ flex-grow:1; } .current-month, .previous-month, .previous-month2, .previous-month3{ width:100%; border:1px solid #979797; background:#d8d8d8; padding:10px; display:flex; align-items: center; justify-content: center; text-align:center; } .month-bg{ background-position: center center !important; background-size: cover !important; } /*.class-december{ background:linear-gradient(0deg, rgba(255, 255, 255, 0), rgba(255, 255, 255, 0)), url(../wp-content/uploads/2018/02/December.jpg); } .class-november{ background:linear-gradient(0deg, rgba(255, 255, 255, 0), rgba(255, 255, 255, 0)), url(../wp-content/uploads/2018/02/November.jpg); } .class-october{ background:linear-gradient(0deg, rgba(255, 255, 255, 0), rgba(255, 255, 255, 0)), url(../wp-content/uploads/2018/02/October.jpg); } .class-september{ background:linear-gradient(0deg, rgba(255, 255, 255, 0), rgba(255, 255, 255, 0)), url(../wp-content/uploads/2018/02/September.jpg); } .class-august{ background:linear-gradient(0deg, rgba(255, 255, 255, 0), rgba(255, 255, 255, 0)), url(../wp-content/uploads/2018/02/August.jpg); } .class-july{ background:linear-gradient(0deg, rgba(255, 255, 255, 0), rgba(255, 255, 255, 0)), url(../wp-content/uploads/2018/02/July.jpg); } .class-june{ background:linear-gradient(0deg, rgba(255, 255, 255, 0), rgba(255, 255, 255, 0)), url(../wp-content/uploads/2018/02/June.jpg); } .class-may{ background:linear-gradient(0deg, rgba(255, 255, 255, 0), rgba(255, 255, 255, 0)), url(../wp-content/uploads/2018/02/May.jpg); } .class-april{ background:linear-gradient(0deg, rgba(255, 255, 255, 0), rgba(255, 255, 255, 0)), url(../wp-content/uploads/2018/02/April.jpg); } .class-march{ background:linear-gradient(0deg, rgba(255, 255, 255, 0), rgba(255, 255, 255, 0)), url(../wp-content/uploads/2018/02/March.jpg); } .class-february{ background:linear-gradient(0deg, rgba(255, 255, 255, 0), rgba(255, 255, 255, 0)), url(../wp-content/uploads/2018/02/February.jpg); } .class-january{ background:linear-gradient(0deg, rgba(255, 255, 255, 0), rgba(255, 255, 255, 0)), url(../wp-content/uploads/2018/02/January.jpg); }*/ .section-title{ max-width:1280px; margin:auto; text-align:center; } .boxed-article{ width:100%; margin-right:40px; height:auto; } .section-title h2{ margin:60px auto; font-size:22px; } .section-title h2.featured{ margin:2px auto 50px auto; } .section-title h5{ margin:40px auto 0 auto; } .boxed-article:last-child{ margin-right:0; } .boxed-article .ba-title{ text-align:center; margin:10px 0 40px 0; } .boxed-article .ba-title a{ font-family:Arial; font-size:16px; font-weight:600; color:#000; } .boxed-article img{ width:100%; height:200px; object-fit:cover; } .ul-article{ /*list-style:none;*/ padding-left:20px; height:70%; } .ul-article a, .ul-article li{ font-weight:bold; font-size:16px; color:#000; } .ul-article a:hover{ text-decoration:underline; } .article-issue{ font-weight:600; font-size:24px; color:#fff; text-shadow:2px 2px 4px #000000; } .bio-links a{ display:inline-block; } .econlib_logo span{ display:none !important; } footer h6{ display:none !important; } .torch-text2{ color: #dbecf1 !important; font-size: 14px; margin-bottom:40px; } div.networking{ padding-top:40px; } .torch-text{ margin-bottom:2px; } h2.lined{ display:block; max-width:1280px; width: 100%; text-align: center; border-bottom: 2px solid #72bdca; line-height: 0.1em; margin: 10px auto 40px auto; } h2.lined span { background:#fff; padding:0 10px; } .oak-more-entries{ text-align:center; } #btn-more-entries{ background:#d8d8d8; border:1px solid #979797; padding:10px 60px; margin:20px; color:#000; cursor:pointer; border-radius:10px; font-size:18px; font-weight:600; } .title-category{ padding-top:20px; } .title-category h3{ font-size:16px; } #econtal-page-banner{ display:block !important; padding-bottom:20px; } #econtal-page-banner .col-md-6, #econtal-page-banner .col-md-12, #econtal-page-banner .col-lg-6{ padding-left:0 !important; padding-right:0 !important; } .econtalk-page.econtalk.main-banner:before{ left:0; } .pp-multiple-authors-layout-inline{ font-size:18px; margin-bottom:0; line-height:normal; display:inline-block; } a.author.url{ font-size:18px; line-height:normal; color:#212529; } .card-block .pp-multiple-authors-layout-inline, .card-block a.author.url{ font-size:14px; } .card-title a{ color:#000000; } h2.pp-multiple-authors-layout-inline{ font-weight:normal; } #label_total_shown{ display:none; } .facet_span_ctr, .search_result_facet_counter{ font-family:Arial, sans-serif; font-style:normal; font-size:14px; color:#27baae; font-weight:bold; cursor:pointer; } /*body{ max-width:1920px; margin:auto; }*/ .econtalk-container{ padding-right:0; padding-left:0; display:block; } #econtalks{ display:block; overflow:auto; } #econtalks .grid-masonry-item{ width:100%; } #econtalk-recent-wrap{ clear:both; margin-bottom:20px; } #econtalk-recent-image{ display:block; width:100%; height:30vh; background-repeat:no-repeat; background-size:cover; background-position:right center; } #econtalk-recent-content{ width:100%; } /*#econtalk-recent-content, #econtalk-recent-image{ float:left; }*/ #wrap-content-head{ background:#0e0c0c; padding:10px; } #wrap-content-body{ padding:20px; background:#f0f0f0; } /*#wrap-content-head span{ color:#72bdca; font-size:22px; font-weight:600; text-transform:uppercase; display:block; margin-bottom:15px }*/ span.wrap-title{ color:#72bdca; font-size:22px; font-weight:700; text-transform:uppercase; display:block; margin-bottom:15px } span.lwe-title{ color:#000; padding:20px 0 0 20px; } span.lwe-related{ padding:20px 0 0 0; } span.newsletter-title{ color:#fff; } .econtalk-archive-titles{ font-size:28px; font-weight:600; } #wrap-content-head h2{ margin-bottom:20px; } #wrap-content-head h2 a{ color:#fff; } .btn_pill{ background:#fff; color:#72bdca; border-radius:25px; border:0; padding:7px 30px; font-weight:600; margin-right:15px; cursor:pointer; text-align:center; display:block; margin-bottom:5px; } .lw_btn_pill{ padding:7px 7px; float:left; margin-left:-20px; border-radius:0; } #twe-date{ font-size:16px; font-weight:bold; } #twe-excerpt{ font-size:18px; font-weight:500; } .econtalk-action-btn{ display:block; width:85%; margin:auto; margin-bottom:5px; text-align:center; color:#fff; padding:15px 40px; border:0; text-transform:uppercase; font-size:16px; /*margin-right:10px;*/ cursor:pointer; border-radius:0; vertical-align:top; } .econtalk-action-btn:hover{ color:#fff; } .btn-listen{ background:#00c29d; } .btn-transcript{ background:#44c3da; } .btn-share{ background:#282e2f; } #wrap-btn-pills{ display:none; margin-bottom:16px; } .lw-col{ width:100%; } #last-week-epi-wrap{ background:#e8fbff; } #newsletter-wrap{ background:#363636; } #newsletter-wrap p{ color: #fff; padding: 20px 0 20px 20px; font-size:34px; line-height:1.2; } #newsletter-wrap form{ display:flex; padding:0 20px 20px 20px } #newsletter-wrap form .email{ width:70%; margin-right:20px; border-radius:0; } #newsletter-wrap form .btn{ width:30%; border-radius:0;; } #lw-image{ width:300px; height:300px; display:block; background-repeat:no-repeat; background-size:cover; background-position:center } #episode-archive-wrap{ background:#adf0ff; padding:20px 60px; } #single-episode-archive-wrap{ padding:20px; } #episode-archive-wrap .lwe-title, #single-episode-archive-wrap .lwe-title, #episode-archive-wrap p, #single-episode-archive-wrap p{ text-align:center; } #episode-archive-wrap p, #single-episode-archive-wrap p{ font-size:20px; font-weight:500; } #single-episode-archive-wrap .lwe-title{ padding:20px 0 0 0; } #featured-guest-wrap{ margin-top:20px; background:#f6f6f6; height:763px; } #lw-article-wrap{ display:blok; padding:0 20px 20px 20px; } #lw-image, #lw-content{ width:100%; } #lw-content p{ font-weight:500; } #lw-content h2 a, #lw-content h2 a:hover{ color:#000; } #econtalk-related-wrap{ background:#fff; padding:0 20px 20px 20px; } #wrap-rel-article a{ color:#000; font-weight:600; } #wrap-rel-article .lw_btn_pill{ color:#72bdca; } #browse-by-wrap{ display:block; } #browse-by-wrap a#bb-guest{ background-image:url(../wp-content/themes/econlib/assets/img/social.png); } #browse-by-wrap a#bb-date{ background-image:url(../wp-content/themes/econlib/assets/img/monthly-calendar.png); } #browse-by-wrap a{ display:block; position:relative; height:45px; width:100%; margin-top:30px; margin-bottom:30px; background-size:cover; } #single-episode-archive-wrap #browse-by-wrap a{ width:100%; height:200px; } #browse-by-wrap span{ position:absolute; bottom:0; color:#fff; background:#241919; font-size:18px; padding:10px; border:0; display:block; width:100%; text-align:center; margin-top:120px; } span.featured-guest-title{ color:#000000; text-align:center; padding-top:20px; } .carousel-control-next, .carousel-control-next:hover, .carousel-control-prev, .carousel-control-prev:hover{ color:#44c3da; } .carousel-indicators li { width: 15px; height: 15px; border-radius: 20px; background-color: rgba(105, 105, 105, 0.5); } .carousel-indicators .active { background-color: #44c3da; } .carousel-item .card a, .carousel-item .card-title{ text-align:center; } .carousel-item .card{ background:none; padding:40px 20px; border:0; } .carousel-item .card-text{ font-size:16px; font-family: Arial, sans-serif; color:#000; } .carousel-item .card-title{ font-size:21px; font-weight:500; font-family: Arial, sans-serif; color:#000; } .carousel-item .card-body{ padding:20px 15%; } span.econ-extra-title, span.past-epi-title{ text-align:center; color:#000; display:block; } span.econ-extra-title{ margin-bottom:0; padding:20px; } span.past-epi-title{ padding:20px; } #bg-wrap-econ-extras{ margin:auto; margin-top:20px; max-width:1230px; background:#f8f6f6; } #econtalk-extras-wrap .card-block, #econtalk-extras-wrap .card-comment, #econtalk-past-epi-wrap .card-block, #econtalk-past-epi-wrap .card-comment{ padding:10px !important; } /*#econtalk-extras-wrap .col-xl-3:first-child{ flex:0 0 50%; max-width:50%; }*/ #econtalk-extras-wrap .col-md-6{ max-width:100%; } #econtalk-extras-wrap h4 a, #econtalk-past-epi-wrap h4 a{ font-weight:600; } #econtalk-extras-wrap .card-block *, #econtalk-past-epi-wrap .card-block *{ font-family:Arial, sans-serif; } #econtalk-past-epi-wrap, .fa-caret-down{ color: #44c3da; } #econtalk-single-podcast-wrap{ display:flex; padding:0; flex-direction:column-reverse; } #podcast-wrap{ width:100%; padding:20px; background:#f0f0f0; display:none; } #podcast-wrap-mobile .clear-fix{ padding:20px; background:#000; } #podcast-wrap-mobile #econtalk-desc-wrap{ padding:20px; } #podcast-wrap-mobile #single-econtalk-title a{ color:#fff; font-size:22px; } #podcast-img{ display:block; width:100%; height:220px; background-repeat: no-repeat; background-size: cover; background-position: right center; } #econtalk-single-tabs-wrap{ margin-top:20px; } #econtalk-single-tabs-wrap nav{ background:#fff; margin-top:20px; } #econtalk-single-tabs-wrap nav a{ margin-left:0; margin-right:5px; margin-bottom:5px; background:#e1e1e1; } #econtalk-single-tabs-wrap .nav-tabs .nav-link{ color:#000; text-transform:uppercase; } #econtalk-single-tabs-wrap .nav-tabs .nav-link:hover{ color:#fff; background-color:#231f1f; border-radius:0; } #econtalk-single-tabs-wrap .nav-tabs .nav-link.active{ color:#fff; background-color:#231f1f; border:0; border-radius:0; } #econtalk-single-tabs-wrap #nav-tabContent{ width:100%; } #single-econtalk{ width:100%; } #econtalk-single-tabs-wrap #single-econtalk-tab-sidebar{ width:100%; } #single-econtalk-audio-wrap{ margin:20px 0; } #single-econtalk-title a{ color:#000; } #single-econtalk-date{ font-weight:600; } #single-econtalk-desc{ font-weight:500; } #single-about-the-guest{ padding:20px; margin-bottom:20px; background:#e8fbff; } #single-related-episodes{ padding:20px; } #single-about-the-guest span, #single-related-episodes span{ text-align:center; color:#000; } #single-about-the-guest-img{ text-align:center; margin-bottom:20px; } #single-related-episodes a{ color: #000; font-weight: 600; font-size: 20px; } #econtalk-single-podcast-wrap .btn-transcript, #econtalk-single-podcast-wrap .btn-listen{ display:none; } #single-about-the-guest h5 a{ display:block; text-align:center; color:#00c29d; } #checkbox_toggle{ font-family: Arial; font-size: 13px; color: #1ca5e9; cursor:pointer; } .woo_subscribe_now_btn{ background-color: #44c3da; border-radius: 2px; box-shadow: none; border: none; color: #fff !important; font-family: Lato; font-size: 16px; padding:20px 40px; font-weight: 400; letter-spacing: 0.6px; text-transform: uppercase; cursor: pointer; } .woocommerce *{ font-family: Lato !important; } .cart-collaterals{ padding-bottom:40px; } #customer_details .col-1, #customer_details .col-2{ max-width:100%; } #customer_details .form-row{ display:block; } .year-picker .col-8, .year-picker .col-4{ padding-left:0; display:inline-block; max-width:50%; flex:0 0 50%; } .year-picker .row{ padding-bottom:5px; } .year-picker .col-8 h3, .year-picker .col-4 h3{ font-size:14px; font-weight:600; } .dropdown-filter-wrap, .dropdown-filter-wrap2{ width:50%; position:relative; } .dropdown-filter-wrap2{ width:33.33%; } .dropdown-filter-wrap .btn-secondary, .dropdown-filter-wrap2 .btn-secondary{ color:#000; background:none; border:0; font-size:16px; } @media (min-width:768px){ .search_tool_bgwrap{ padding-top:40px; } .main-header{ height:64px; padding:0 20px; } section.main-banner, .navbar-search{ display:block !important; } .lg-nextprev{ display:flex !important; } .article-single-page .card-comment{ display:inline-block !important; } .m-featured-image, .s-nextprev{ display:none; } section.articles-page article .main-content, .card-block .article-content{ display: block !important; } .recent-cards .article-text h4, .card-title-container .card-title{ font-size: 18px; } .recent-cards .article-text h4{ white-space:nowrap !important; } .recent-cards .read-more-btn{ display:inline-block !important; float:right !important; } header .logo{ margin-left:5%; } .search-header{ width:auto; } .articles-page .row .col-md-6{ padding-right:15px; padding-left:15px; } .grid-masonry .col-md-6{ padding-left:15px; padding-right:15px; } article.grid-card .card-block{ min-height:250px !important; } .articles-grid .title-date{ padding:20px; } /* search tool desktop */ .search_tool_wrap{ max-width: 815px; margin: 0 auto; padding: 20px; border-radius: 12px; } .search_tool_wrap form{ padding: 55px 165px 10px 165px; } .search_tool_wrap h4{ font-size: 30px; text-align: center; margin-bottom:32px; } .search_result_article h4{ text-align: left; margin-bottom:5px; } .sp_searchterm_wrap #search_term{ margin-bottom:27px; } .sp_searchterm_wrap #search_term{ font-size:20px; font-weight:500; } .sp_searchterm_wrap .close{ top:10px; } .search_tool_wrap #refine_search{ display:block; width:80%; margin:45px auto 0 auto; padding:14px 50px; font-size:18px; } .search_results h4{ /*display:none;*/ text-align:left; } .sortbytoggle-wrap{ width:41.5%; float:left; margin-right:1%; /*display:block;*/ } .sort-total-wrap{ width:57.5%; float:left; } #results-orderby a{ text-align:left; } #divResultSummary{ display:block; /*justify-content:flex-end;*/ } .page_subcat_wrap{ padding:25px; } .page_subcat_wrap .subcat_wrap .oakcol{ display:block; width:50%; float:left; padding:10px 15px; } .page_subcat_wrap .subcat_wrap{ padding:30px; height:auto; } .page_subcat_wrap .subcat_wrap .oakcol a{ /*text-align:center;*/ font-size:18px; color:#fff; } .page_subcat_wrap .subcat_wrap .oakcol a.active-subcat{ color:#4a90e2; } .page_subcat_wrap .subcat_wrap .oakcol a.active-subcat::before{ content:"> "; } .page_subcat_wrap .subcat_wrap h4{ display:block; } .subcat{ display:none; } .page_subcat_wrap .subcat_wrap{ /*overflow-y:scroll;*/ } /*.grey-section{ padding:40px 0 100px 0; }*/ .div-container{ display:flex; } .section-title h2{ font-size:32px; } .boxed-article .ba-title{ margin:25px 0 0 0; } #cee_subcat_wrap{ /*background:linear-gradient(0deg, rgba(1, 1, 1, 0.5), rgba(1, 1, 1, 0.3)), url(../wp-content/uploads/2021/08/image-3.png); background-size:cover; background-repeat:no-repeat; background-position: bottom center;*/ } #label_total_shown{ display:inline-block; } .sortbytoggle-wrap, #results-orderby{ background:#4a90e2; } .results-header{ background:none; } } .category-list .category-card{ margin-bottom:0; } html { scroll-behavior: smooth; } @media (min-width:992px){ .article-single-page section .post-content .highlight{ float:right; margin: 20px 0 20px 20px; width:220px; } .mobile-related{ display:none; } .desktop-related{ display:block; } .econtalk-container{ display:flex; padding-right:15px; padding-left:15px; } #econtalk-extras-wrap .col-xl-3:first-child{ flex:0 0 50%; max-width:50%; } #econtalk-recent-image{ height:auto; width:40%; } #econtalk-recent-content{ width:60%; } #econtalk-recent-content, #econtalk-recent-image{ float:left; } #wrap-content-head{ padding:40px 40px 20px 40px; } #wrap-content-body{ padding:40px; } .btn_pill{ display:inline-block; margin-bottom:0; text-align:left; } .econtalk-action-btn{ display:inline-block; margin-bottom:0; width:auto; text-align:left; } .lw-col{ width:50%; } .lw-col:first-child{ margin-right:20px; } #lw-article-wrap{ display:flex; } #lw-image{ display:block; width:45%; } #lw-content{ width:55%; margin-left:10px; } #browse-by-wrap{ display:flex; } #single-episode-archive-wrap #browse-by-wrap a:first-child{ margin-right:5%; } #browse-by-wrap a:first-child{ margin-right:8%; } #browse-by-wrap a{ height:225px; width:46%; } #econtalks .grid-masonry-item{ width:305px; float:left; } #econtalk-single-podcast-wrap{ display:flex; flex-direction:row; } #podcast-wrap-mobile{ display:none; } #podcast-wrap{ display:block; float:left; width:60%; padding:40px; } #podcast-img{ float:left; width:40%; height:auto; } #econtalk-single-tabs-wrap #nav-tabContent{ width:60%; float:left; padding:20px !important; } #econtalk-single-tabs-wrap #single-econtalk-tab-sidebar{ width:40%; float:left; padding:20px !important; } #single-episode-archive-wrap #browse-by-wrap div{ width:43%; } #wrap-btn-pills{ display:block; } .econtalk-archive-titles{ font-size:32px; } #econtalk-related-wrap{ background:none; } .lw_btn_pill{ float:right; border-radius:25px; margin-right:0; } #econtalk-single-tabs-wrap nav a{ margin-left:15px; margin-right:15px; margin-bottom:0; background:#fff; } /*#econtalk-single-podcast-wrap .btn-transcript, #econtalk-single-podcast-wrap .btn-listen{ display:inline-block; }*/ } @media (min-width:1180px){ .econlib_logo, .econlib_logo span{ display:block; } header .navbar-toggler{ display:none; } .navbar{ position:static; } .navbar-nav{ flex-direction:row; } .navbar-collapse{ display:block; } #menu-top-menu > .menu-item{ min-width:130px; text-align:center; flex-grow:1; } .navbar-nav .dropdown-menu{ /*position:absolute;*/ background:#72bdca; /*top:100%;*/ /*left:0; width:100%;*/ margin:0; border:0; border-radius:0; } li.menu-item-has-children{ position:static; } .main-header{ position:relative; } ul.dropdown-menu li{ /*float:none !important; display:inline-block !important; */ } ul.dropdown-menu li a{ padding:10px 20px; } .nav-wrap #menu-top-mobile li{ /*min-width:130px;*/ flex-grow:1; text-align:center; } /*.nav-wrap{ display:flex; } .nav-mobile-wrap{ display:none; }*/ #template_submenu{ padding:0; text-align:center; } #template_submenu ul{ display:inline-block; position:static; width:auto; height:45px; padding:0; margin:0 auto; /*display:inline-block; height:45px; line-height:45px; list-style:none; text-align:center; margin:0; padding:0;*/ } #template_submenu ul li{ display:inline-block; } #template_submenu .subnav-parent, #template_submenu .subnav-toggler{ display:none; } /*.previous-month, .previous-month2{ width:25%; } .current-month{ width:50%; }*/ .current-month, .previous-month, .previous-month2, .previous-month3{ width:25%; } .article-second-container .div-item{ width:49%; float:left; } .article-second-container .div-item:nth-child(even){ margin-right:0; } .div-item{ margin-bottom:0; } .video-container .div-item{ width:31%; float:left; height:auto !important; } } /* ##Device = Tablets, Ipads (portrait) ##Screen = B/w 768px to 1024px */ @media (min-width: 768px) and (max-width: 1024px) { /* CSS */ } /* ##Device = Tablets, Ipads (landscape) ##Screen = B/w 768px to 1024px */ @media (min-width: 768px) and (max-width: 1024px) and (orientation: landscape) { .site-container{ max-width:100%; } .econtalk-container{ padding-left:0; padding-right:0; } .btn_pill:last-child, #btnGroupDrop1{ margin-top:10px; } } div.smcx-modal{top:0 !important;left:0 !important;max-width:100% !important;width:100% !important;height:100% !important;max-height:100% !important;background:rgba(0,0,0,0.5) !important;margin-top:0 !important;margin-left:0 !important;margin:0 !important;}.smcx-modal-invitation>.smcx-modal-content{margin:12% auto 0 auto !important;} #_customize-input-cee_page_header{ width:100% !important; } /* Econlog Archive Page - 2024 */ .econ-arch-filter-wrap{ padding:0 0 40px 0; margin-bottom:40px; } #econ-arch-sort-dd{ margin-right:20px; } .econ-arch-postwrap{ display:flex; flex-wrap:wrap; } .econarch-items{ width:100%; padding:5px; } .econarch-items h4 a{ color:#000; display:block; margin:5px 0; font-size:20px; line-height:24px; } .econarch-items .econarch-img{ background-repeat:no-repeat; background-size:cover; border:1px solid #cecece; display:block; width:100%; height:200px; } .econarch-items p.econ_mr_author{ margin-bottom:5px; font-size:14px; } .econarch-items .pad-right{ padding-right:15px; } .econarch-sortfilter-wrap{ display:flex; } #econ-arch-filter-cat{ width:100%; } #econ-arch-filter-cat option{ overflow: hidden; white-space: pre; text-overflow: ellipsis; } #econarch-pagination-wrap{ padding:20px 0; } #econarch-pagination-wrap a{ color:#2F9985; font-weight:500; } .el-relpost-wrap{ background:#f7f7f7ff; } @media screen and (min-width: 654px) { #econ-arch-filter-cat{ width:auto; } } @media screen and (min-width: 680px) { .econarch-items{ width:50%; } } @media screen and (min-width: 980px) { .econarch-items{ width:33%; } } @media screen and (min-width: 1381px) { .econarch-items{ width:25%; } } /* End - Econlog Archive Page */ </style> <!--<script src="https://use.fontawesome.com/releases/v6.4.2/js/all.js"></script>--> <link rel="stylesheet" href="https://cdnjs.cloudflare.com/ajax/libs/font-awesome/6.6.0/css/all.min.css" /> </head> <body> <header id="econ_header_wrap"> <div class="secondary_top_menu_wrap"> <div class="site-container"> <div class="menu-secondary-top-menu-container"><ul id="menu-secondary-top-menu" class="menu"><li id="menu-item-62159" class="menu-item menu-item-type-custom menu-item-object-custom current-menu-ancestor current-menu-parent menu-item-has-children menu-item-62159"><a href="#">Liberty Fund Network</a> <ul class="sub-menu"> <li id="menu-item-62160" class="menu-item menu-item-type-custom menu-item-object-custom current-menu-item current_page_item menu-item-home menu-item-62160 active"><a href="https://www.econlib.org/" aria-current="page">Econlib</a></li> <li id="menu-item-62290" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-62290"><a href="https://www.libertyfund.org/">Liberty Fund</a></li> <li id="menu-item-62161" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-62161"><a href="https://oll.libertyfund.org/">OLL</a></li> <li id="menu-item-62162" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-62162"><a href="https://www.adamsmithworks.org/">Adam Smith Works</a></li> <li id="menu-item-62163" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-62163"><a href="https://lawliberty.org/">Law &#038; Liberty</a></li> </ul> </li> </ul></div> <div class="econ_search_icon_wrap"> <a id="top-search" class="search2 fa-solid fa-magnifying-glass" href="https://www.econlib.org/search/"></a> </div> </div> </div> <style> .fa-magnifying-glass:hover { cursor: pointer; } .fa-2x { color: #FFFFFF !important; } </style> <div id="main_menu_wrap"> <div class="econ_logo_wrap"> <a class="econ_logo" href="https://www.econlib.org"> <img src="https://www.econlib.org/wp-content/themes/econlib/assets/img/econlib-logo-2022-dark.png; ?>"> </a> </div> <div class="econ_top_menu_wrap"> <div class="menu-top-menu-container"><ul id="menu-top-menu" class="menu"><li id="menu-item-72" class="menu-with-icon menu-econlog menu-item menu-item-type-custom menu-item-object-custom menu-item-has-children menu-item-72"><a href="https://www.econlib.org/econlog/">EconLog</a> <ul class="sub-menu"> <li id="menu-item-56830" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-56830"><a href="https://www.econlib.org/econlog/">Blog</a></li> <li id="menu-item-56831" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-56831"><a href="https://www.econlib.org/econlog-by-author/">Browse by Author</a></li> <li id="menu-item-56832" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-56832"><a href="https://www.econlib.org/econlog-by-category/">Browse by Topic</a></li> <li id="menu-item-70551" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-70551"><a href="/econlog/econlog-archive/?orderby=date&#038;order=desc">Browse by Date</a></li> <li id="menu-item-56833" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-56833"><a href="https://www.econlib.org/search/?search-area=econlog">Search EconLog</a></li> <li id="menu-item-56834" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-56834"><a href="https://www.econlib.org/library/rss-feeds-for-econlog/">RSS</a></li> <li id="menu-item-56835" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-56835"><a target="_blank" href="http://eepurl.com/igaZgT">Subscribe</a></li> </ul> </li> <li id="menu-item-73" class="menu-with-icon menu-econtalk menu-item menu-item-type-custom menu-item-object-custom menu-item-has-children menu-item-73"><a href="https://www.econtalk.org/">EconTalk</a> <ul class="sub-menu"> <li id="menu-item-56836" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-56836"><a href="https://www.econtalk.org/">Latest Episodes</a></li> <li id="menu-item-56837" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-56837"><a href="https://www.econlib.org/econtalk-archives-by-date/#content">Browse by Date</a></li> <li id="menu-item-56838" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-56838"><a href="https://www.econlib.org/econtalk-by-featured-guest/">Browse by Guest</a></li> <li id="menu-item-56839" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-56839"><a href="https://www.econlib.org/econtalk-by-category/#content">Browse by Category</a></li> <li id="menu-item-56840" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-56840"><a href="https://www.econlib.org/econtalk-extra-by-author/#content">Browse Extras</a></li> <li id="menu-item-56841" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-56841"><a href="https://www.econlib.org/search/?search-area=econtalk">Search EconTalk</a></li> <li id="menu-item-56842" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-56842"><a href="https://www.econlib.org/econtalk-faq/rss-feeds-for-econtalk/">RSS Feeds</a></li> </ul> </li> <li id="menu-item-71" class="menu-with-icon menu-articles menu-item menu-item-type-custom menu-item-object-custom menu-item-has-children menu-item-71"><a href="https://www.econlib.org/articles/">Articles</a> <ul class="sub-menu"> <li id="menu-item-56825" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-56825"><a href="https://www.econlib.org/articles/">Latest Articles</a></li> <li id="menu-item-56826" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-56826"><a href="https://www.econlib.org/liberty-classics/">Liberty Classics</a></li> <li id="menu-item-56827" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-56827"><a href="https://www.econlib.org/article-by-author/#content">Browse by Author</a></li> <li id="menu-item-56828" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-56828"><a href="https://www.econlib.org/article-by-date/#content">Browse by Date</a></li> <li id="menu-item-56829" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-56829"><a href="https://www.econlib.org/search/?search-area=article">Search Articles</a></li> </ul> </li> <li id="menu-item-76" class="menu-with-icon menu-books menu-item menu-item-type-custom menu-item-object-custom menu-item-has-children menu-item-76"><a href="https://www.econlib.org/books/">Books</a> <ul class="sub-menu"> <li id="menu-item-56865" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-56865"><a href="https://www.econlib.org/books/">Books</a></li> <li id="menu-item-56885" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-56885"><a href="https://www.econlib.org/library/biographies-of-authors/">Bios</a></li> <li id="menu-item-56867" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-56867"><a href="https://www.econlib.org/books-by-date/">Books by Date</a></li> <li id="menu-item-56868" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-56868"><a href="https://www.econlib.org/books-by-author/">Books by Author</a></li> <li id="menu-item-56869" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-56869"><a href="https://www.econlib.org/search/?search-area=book">Search Books</a></li> </ul> </li> <li id="menu-item-74" class="menu-with-icon menu-encyclopedia menu-item menu-item-type-custom menu-item-object-custom menu-item-has-children menu-item-74"><a href="https://www.econlib.org/cee/">Encyclopedia</a> <ul class="sub-menu"> <li id="menu-item-56843" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-56843"><a href="https://www.econlib.org/cee/">Index</a></li> <li id="menu-item-56844" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-56844"><a href="https://www.econlib.org/cee-by-author/">Browse by Author</a></li> <li id="menu-item-56845" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-56845"><a href="https://www.econlib.org/cee-archive-by-title/">Browse by Title</a></li> <li id="menu-item-56846" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-56846"><a href="https://www.econlib.org/biographies/">Biographies</a></li> <li id="menu-item-58009" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-58009"><a href="https://www.econlib.org/search/?search-area=cee">Search Encyclopedia</a></li> </ul> </li> <li id="menu-item-77" class="menu-with-icon menu-guides menu-item menu-item-type-custom menu-item-object-custom menu-item-has-children menu-item-77"><a href="https://www.econlib.org/guides/">Guides</a> <ul class="sub-menu"> <li id="menu-item-56870" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-56870"><a href="https://www.econlib.org/guides/">Index</a></li> <li id="menu-item-56871" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-56871"><a href="https://www.econlib.org/guides/econlibreads/">#ECONLIBREADS</a></li> <li id="menu-item-56872" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-56872"><a href="https://www.econlib.org/library/Topics/College/CollegeTopics.html">College Topics</a></li> <li id="menu-item-56873" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-56873"><a href="https://www.econlib.org/library/Topics/HighSchool/HighSchoolTopics.html">High School Topics</a></li> <li id="menu-item-56874" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-56874"><a href="https://libertyfund.us17.list-manage.com/subscribe?u=4f34889c6d4b9694383c21088&#038;id=fead12f27b">Subscribe to QuickPicks</a></li> <li id="menu-item-56875" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-56875"><a href="https://www.econlib.org/search/?search-area=guide">Search Guides</a></li> </ul> </li> <li id="menu-item-75" class="menu-with-icon menu-videos menu-item menu-item-type-custom menu-item-object-custom menu-item-has-children menu-item-75"><a href="https://www.econlib.org/videos/">Videos</a> <ul class="sub-menu"> <li id="menu-item-56863" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-56863"><a href="https://www.econlib.org/videos/">Index</a></li> <li id="menu-item-56864" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-56864"><a href="https://www.econlib.org/search/?search-area=video">Search Videos</a></li> </ul> </li> <li id="menu-item-62169" class="lfn-mobile menu-item menu-item-type-custom menu-item-object-custom current-menu-ancestor current-menu-parent menu-item-has-children menu-item-62169"><a href="#">Liberty Fund Network</a> <ul class="sub-menu"> <li id="menu-item-62170" class="menu-item menu-item-type-custom menu-item-object-custom current-menu-item current_page_item menu-item-home menu-item-62170 active"><a href="https://www.econlib.org/" aria-current="page">Econlib</a></li> <li id="menu-item-62171" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-62171"><a href="https://oll.libertyfund.org/">OLL</a></li> <li id="menu-item-62172" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-62172"><a href="https://www.adamsmithworks.org/">Adam Smith Works</a></li> <li id="menu-item-62173" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-62173"><a href="https://lawliberty.org/">Library of Law &#038; Liberty</a></li> </ul> </li> </ul></div> </div> <div class="mobile_menu_wrap"> <button id="mobile-menu-toggler" class="navbar-toggler" type="button" target="econ_top_menu_wrap"> <i class="fas fa-bars"></i> </button> <a class="search2 fa fa-search" href="https://www.econlib.org/search/"></a> </div> </div> </header> <div id="bc-wrap"> <ul id="bc-uc"> <li class="bc-li bc-li-home"><a href="https://www.econlib.org">Home</a>&nbsp; &sol; &nbsp;</li> </ul> </div> <section class="site-container home_page"> <div class="row home_featured_row"> <div class="col home_featured_cl"> <a href="https://www.econtalk.org/translating-life-and-fate-with-robert-chandler/" title="Translating Life and Fate (with Robert Chandler)" style="background-image: url(https://www.econlib.org/wp-content/uploads/2024/12/Russia-cottage.jpg);"></a> </div> <div class="col home_featured_cr"> <p class="hf_category">Biography, Intellectual History, Industry Interviews: Individuals at Work, Literature, Reading, and Writing</p> <h1><a href="https://www.econtalk.org/translating-life-and-fate-with-robert-chandler/" title="Translating Life and Fate (with Robert Chandler)">Translating Life and Fate (with Robert Chandler)</a></h1> <span class="hf_author"> Dec 2 2024 </span> <div class="hf_excerpt">What does it take to translate a 900-page Russian novel written before the fall of the Soviet Union? For聽a start, it means learning what the Soviet censor cut and changed in the Russian original.聽It聽also聽means聽living聽in a seaside cottage for four months to聽immerse yourself completely in the characters&#8217; lives and meet your publisher&#8217;s deadline. Listen聽as Robert Chandler, </div> <p><a class='btn' href="https://www.econtalk.org/translating-life-and-fate-with-robert-chandler/">More</a></p> </div> </div> </section> <section class="site-container home_page"> <div class="row home_fa_row"> <h2>Featured Articles</h2> <div class="flexbox"> <div class="flexbox-item"> <p class="fa_category">Book Review</p> <a href="https://www.econlib.org/library/columns/y2022/lemieuxsocialjustice.html" title="Social Justice as a Tribal Remainder" class='fa_feat_img' style="background-image: url(https://www.econlib.org/wp-content/uploads/2022/09/Depositphotos_340383516_S-300x225.jpg);"></a> <h4><a href="https://www.econlib.org/library/columns/y2022/lemieuxsocialjustice.html" title="Social Justice as a Tribal Remainder">Social Justice as a Tribal Remainder</a></h4> <p>A Book Review of The Mirage of Social Justice, by Friedrich Hayek. Volume II of his Law, Legislation, and Liberty1 Published in 1976, The Mirage of Social Justice was the second volume of Friedrich Hayek&#8217;s trilogy Law, Legislation, and Liberty. My review of the first volume, Rules and Order, appeared on Econlib2 following the publication .. <a class="a_more_link" href="https://www.econlib.org/library/columns/y2022/lemieuxsocialjustice.html">MORE</a></p> </div> <div class="flexbox-item"> <p class="fa_category">Article</p> <a href="https://www.econlib.org/library/columns/y2022/borderswelfare.html" title="Can We Have Welfare Without the Threat of Violence?" class='fa_feat_img' style="background-image: url(https://www.econlib.org/wp-content/uploads/2022/11/wizard-spell-300x200.jpg);"></a> <h4><a href="https://www.econlib.org/library/columns/y2022/borderswelfare.html" title="Can We Have Welfare Without the Threat of Violence?">Can We Have Welfare Without the Threat of Violence?</a></h4> <p>Most grownups don&#8217;t believe in magic anymore. Sometimes, though, it can be helpful to imagine it. A powerful ring turns the wearer invisible in J. R. R. Tolkien&#8217;s The Lord of the Rings. That power means the wearer can act with relative impunity. (For that device, Tolkien had Plato to thank.) We can also imagine .. <a class="a_more_link" href="https://www.econlib.org/library/columns/y2022/borderswelfare.html">MORE</a></p> </div> <div class="flexbox-item"> <p class="fa_category">Article</p> <a href="https://www.econlib.org/library/columns/y2022/hoganmonetarypolicy.html" title="Hollywood&#8217;s Monetary Policy" class='fa_feat_img' style="background-image: url(https://www.econlib.org/wp-content/uploads/2022/06/Hollywood-money-300x200.jpg);"></a> <h4><a href="https://www.econlib.org/library/columns/y2022/hoganmonetarypolicy.html" title="Hollywood&#8217;s Monetary Policy">Hollywood&#8217;s Monetary Policy</a></h4> <p>A Book Review of The Lords of Easy Money: How the Federal Reserve Broke the American Economy, by Christopher Leonard.1 Many great movies are &#8220;based on a true story&#8221;鈥攎eaning some parts are true, but the details, even entire plotlines, are embellished with what is sometimes called &#8220;poetic license.&#8221; Though it&#8217;s not on the big screen .. <a class="a_more_link" href="https://www.econlib.org/library/columns/y2022/hoganmonetarypolicy.html">MORE</a></p> </div> </div> </div> </section> <section class="site-container home_page"> <div class="row home_recent_row"> <div class="col recent_cl"> <h2>Most Recent</h2> <div class="home_mr_items"> <p class="mr_category">Article</p> <h4><a href="https://www.econlib.org/library/columns/y2024/rabushkahongkong.html" title="Freedom in Hong Kong: The Sweet and the Sour">Freedom in Hong Kong: The Sweet and the Sour</a></h4> <p class="mr_author">By Alvin Rabushka</p> </div> <div class="home_mr_items"> <p class="mr_category">Book Review</p> <h4><a href="https://www.econlib.org/library/columns/y2024/carsoncostchoice.html" title="<em>Cost and Choice</em>: Insights for Choosers"><em>Cost and Choice</em>: Insights for Choosers</a></h4> <p class="mr_author">By Byron Carson</p> </div> <div class="home_mr_items"> <p class="mr_category">Book Review</p> <h4><a href="https://www.econlib.org/library/columns/y2024/klingtruthvesteem.html" title="Seeking Truth versus Seeking Esteem">Seeking Truth versus Seeking Esteem</a></h4> <p class="mr_author">By Arnold Kling</p> </div> <div class="home_mr_items"> <p class="mr_category">Book Review</p> <h4><a href="https://www.econlib.org/library/columns/y2024/buftondemocracy.html" title="Democracy&#8217;s Opportunity Cost">Democracy&#8217;s Opportunity Cost</a></h4> <p class="mr_author">By Janet Bufton</p> </div> <div class="home_mr_items"> <p class="mr_category">Biography, Intellectual History</p> <h4><a href="https://www.econtalk.org/translating-life-and-fate-with-robert-chandler/" title="Translating Life and Fate (with Robert Chandler)">Translating Life and Fate (with Robert Chandler)</a></h4> <p class="mr_author"></p> </div> <div class="home_mr_items"> <p class="mr_category">Fiscal Policy</p> <h4><a href="https://www.econlib.org/my-weekly-reading-for-december-1-2024/" title="My Weekly Reading for December 1, 2024">My Weekly Reading for December 1, 2024</a></h4> <p class="mr_author">By David Henderson</p> </div> <div class="home_mr_items"> <p class="mr_category">Economics of Crime</p> <h4><a href="https://www.econlib.org/supply-and-demand-for-fentanyl/" title="Supply and Demand for Fentanyl">Supply and Demand for Fentanyl</a></h4> <p class="mr_author">By Scott Sumner</p> </div> <div class="home_mr_items"> <p class="mr_category">Economic Education</p> <h4><a href="https://www.econlib.org/is-graduate-econ-school-a-good-idea/" title="Is Econ Grad School a Good Idea?">Is Econ Grad School a Good Idea?</a></h4> <p class="mr_author">By David Henderson</p> </div> <div class="home_mr_items"> <p class="mr_category">Economic Education</p> <h4><a href="https://www.econlib.org/some-aspects-of-economic-illiteracy/" title="Some Aspects of Economic Illiteracy">Some Aspects of Economic Illiteracy</a></h4> <p class="mr_author">By Pierre Lemieux</p> </div> <div class="home_mr_items"> <p class="mr_category">Adam Smith</p> <h4><a href="https://www.econlib.org/adam-smiths-wisdom-and-the-nuclear-energy-debate" title="Adam Smith&#8217;s Wisdom and the Nuclear Energy Debate">Adam Smith&#8217;s Wisdom and the Nuclear Energy Debate</a></h4> <p class="mr_author">By Andrew Follett</p> </div> </div> <div class="col econ_cr"> <div style="display:flex;"> <h2>EconTalk</h2> <a class="econ_all_link" href="https://www.econlib.org/econtalk-archives-by-date/#content">All &gt;</a> </div> <div class="home_et_items"> <p class="et_category">econtalk-extra</p> <h4><a href="https://www.econtalk.org/extra/puzzling-about-prices-and-popcorn/" title="Puzzling About Prices (and Popcorn)">Puzzling About Prices (and Popcorn)</a></h4> <p>As we&#8217;ve become more vigilant in our attempt to revive price theory, we&#8217;ve been looking back through the archives for supporting material, and this early EconTalk episode with Richard McKenzie was at the top of our list! (We recommend McKenzie&#8217;s book聽Why Popcorn Costs So Much at the Movies, too!) We invite you to listen (or .. <a class="a_more_link" href="https://www.econtalk.org/extra/puzzling-about-prices-and-popcorn/">MORE</a></p> </div> <div class="home_et_items"> <p class="et_category">econtalk-podcast</p> <h4><a href="https://www.econtalk.org/seeking-immortality-with-paul-bloom/" title="Seeking Immortality (with Paul Bloom)">Seeking Immortality (with Paul Bloom)</a></h4> <p>Would聽an AI simulation聽of your dead loved one be聽a聽blessing or聽an聽abomination?聽And if you knew that after your own death, your loved ones would create a simulation of you, how would that knowledge聽change the way you choose to live today? These are some of the questions聽psychologist聽Paul Bloom discusses with EconTalk&#8217;s Russ Roberts as we stand on the threshold .. <a class="a_more_link" href="https://www.econtalk.org/seeking-immortality-with-paul-bloom/">MORE</a></p> </div> <div style="display:flex;"> <h2>EconLog</h2> <a class="econ_all_link" href="/econlog/">All &gt;</a> </div> <div class="home_el_items"> <p class="el_category">Economics of Crime</p> <h4><a href="https://www.econlib.org/supply-and-demand-for-fentanyl/" title="Supply and Demand for Fentanyl">Supply and Demand for Fentanyl</a></h4> <p>The FT has an article with the following headline and subhead: Fentanyl deaths are falling. What鈥檚 behind the decline? The evidence points to changes in the drug supply It&#8217;s an excellent article, but there&#8217;s really no evidence to support the subhead (which is usually written by the editor, not the journalist.) The article does provide .. <a class="a_more_link" href="https://www.econlib.org/supply-and-demand-for-fentanyl/">MORE</a></p> </div> <div class="home_el_items"> <p class="el_category">Economic Education</p> <h4><a href="https://www.econlib.org/is-graduate-econ-school-a-good-idea/" title="Is Econ Grad School a Good Idea?">Is Econ Grad School a Good Idea?</a></h4> <p>For me, it was a great idea. Your mileage may vary. On his Substack yesterday, Arnold Kling posted yesterday about the pitfalls of going to graduate school in economics. It&#8217;s titled, appropriately, given the content, &#8220;Beware of Econ Grad School.&#8221; Arnold lists 3 possible motives for getting a Ph.D. in economics. Intellectual Curiosity. You like .. <a class="a_more_link" href="https://www.econlib.org/is-graduate-econ-school-a-good-idea/">MORE</a></p> </div> <div id="homeBrowseArticle"> <img src="https://staging.econlib.net/wp-content/uploads/2023/03/EcoLib-Logo-White.png" style="width:200px;"> <h4>LIBERTY CLASSICS SERIES</h4> <p>Explore the lasting legacies and <br>continued relevance of our classic titles.</p> <a class="btn" href="/liberty-classics/">Browse Articles</a> </div> </div> </div> </section> <section class="site-container home_page"> <div class="row home_bt_row"> <div style="display:flex;width:100%"> <h2>Book Titles</h2> <a class="bt_all_link" href="/books/">All Books &gt;</a> </div> <div class="flexbox"> <div class="flexbox-item"> <a href="https://www.econlib.org/library/LFBooks/MckyT/mckyPL.html" title="A Plea for Liberty: An Argument Against Socialism and Socialistic Legislation" class='bt_feat_img' style="background-image: url(https://www.econlib.org/wp-content/uploads/2018/06/nonPubbooks-300x200.jpg);"></a> <div class='bt_desc'> <h4><a href="https://www.econlib.org/library/LFBooks/MckyT/mckyPL.html" title="A Plea for Liberty: An Argument Against Socialism and Socialistic Legislation">A Plea for Liberty: An Argument Against Socialism and Socialistic Legislation</a></h4> <p class="bt_author">By Thomas Mackay</p> <p>Thomas Mackay (1849-1912) was a successful English wine merchant who retired early from business so he could devote himself entirely to the study of economic issues such as the Poor Laws, growing state intervention in the economy, and the rise of socialism. Mackay was asked by the individualist and laissez-faire lobby group, the Liberty and .. <a class="a_more_link" href="https://www.econlib.org/library/LFBooks/MckyT/mckyPL.html">MORE</a></p> </div> </div> <div class="flexbox-item"> <a href="https://www.econlib.org/library/Whately/whtPE.html" title="Introductory Lectures on Political Economy" class='bt_feat_img' style="background-image: url(https://www.econlib.org/wp-content/uploads/2018/02/non-LF-books-200x300.jpg);"></a> <div class='bt_desc'> <h4><a href="https://www.econlib.org/library/Whately/whtPE.html" title="Introductory Lectures on Political Economy">Introductory Lectures on Political Economy</a></h4> <p class="bt_author">By Richard Whately</p> <p>The following pages are presented to the public, in compliance with a requisition of the Statute relative to the Professorship of Political-Economy, that one Lecture at least shall be published every year.Conceiving that one object of that provision must be, that the Public may have some knowledge of what sort of Lectures on the subject .. <a class="a_more_link" href="https://www.econlib.org/library/Whately/whtPE.html">MORE</a></p> </div> </div> </div> </div> </section> <section class="site-container home_page"> <div class="row home_brsr_row"> <h2>Book Reviews and Suggested Readings</h2> <div class="flexbox"> <div class="flexbox-item"> <a href="https://www.econlib.org/library/Columns/y2021/MingardiMisesomnipotentgovernment.html" title="Etatism and Totalitarianism: The Legacy of Mises&#8217;s <em>Omnipotent Government</em>" class='brsr_feat_img' style="background-image: url(https://www.econlib.org/wp-content/uploads/2021/05/bombing-of-vienna-300x239.jpg);"></a> <div class='brsr_desc'> <h4><a href="https://www.econlib.org/library/Columns/y2021/MingardiMisesomnipotentgovernment.html" title="Etatism and Totalitarianism: The Legacy of Mises&#8217;s <em>Omnipotent Government</em>">Etatism and Totalitarianism: The Legacy of Mises&#8217;s <em>Omnipotent Government</em></a></h4> <p class="brsr_author">By Alberto Mingardi</p> <p>A Liberty Classic Book Review of Omnipotent Government: The Rise of the Total State and Total War, by Ludwig von Mises. Liberty Fund.1 Classical liberalism &#8220;had a good war.&#8221; In 1944, two seminal books in this tradition of thought were published. The first of these was F.A. Hayek&#8217;s The Road to Serfdom, the other Omnipotent .. <a class="a_more_link" href="https://www.econlib.org/library/Columns/y2021/MingardiMisesomnipotentgovernment.html">MORE</a></p> </div> </div> <div class="flexbox-item"> <a href="https://www.econlib.org/library/Columns/y2020/KlingHenrich.html" title="A WEIRD Turn in Social Science" class='brsr_feat_img' style="background-image: url(https://www.econlib.org/wp-content/uploads/2020/11/WEIRD-story-300x249.jpg);"></a> <div class='brsr_desc'> <h4><a href="https://www.econlib.org/library/Columns/y2020/KlingHenrich.html" title="A WEIRD Turn in Social Science">A WEIRD Turn in Social Science</a></h4> <p class="brsr_author">By Arnold Kling</p> <p>[E]conomists and psychologists studying Western samples have simply assumed for decades that they were measuring a feature of our species&#8217; psychology rather than a local cognitive calibration to society&#8217;s institutions, languages, and technologies. 鈥擩oseph Henrich, The WEIRDest People in the World1 (page 389) The latest book by Joseph Henrich is the most ambitious analysis of .. <a class="a_more_link" href="https://www.econlib.org/library/Columns/y2020/KlingHenrich.html">MORE</a></p> </div> </div> </div> </div> </section> <section class="site-container home_page"> <div class="row home_convo_row"> <h2>Conversations</h2> <div class="flexbox"> <div class="flexbox-item"> <p class="fa_category">VIDEO</p> <a href="https://www.econlib.org/archives/2014/04/milton_friedman_conversation.html" title="A Conversation with Milton Friedman" class='convo_feat_img' style="background-image: url(https://www.econlib.org/wp-content/uploads/2018/02/listen.jpg);"></a> <h4><a href="https://www.econlib.org/archives/2014/04/milton_friedman_conversation.html" title="A Conversation with Milton Friedman">A Conversation with Milton Friedman</a></h4> <p>Recipient of the Nobel Memorial Prize in Economic Sciences, Milton Friedman (1912-2006) has long been recognized as one of our most important economic thinkers and a leader of the Chicago school of economics. He is the author of many books and articles in economics, including A Theory of the Consumption Function and A Monetary History .. <a class="a_more_link" href="https://www.econlib.org/archives/2014/04/milton_friedman_conversation.html">MORE</a></p> </div> <div class="flexbox-item"> <p class="fa_category">VIDEO</p> <a href="https://www.econlib.org/archives/2013/09/israel_kirzner_conversation.html" title="A Conversation with Israel Kirzner" class='convo_feat_img' style="background-image: url(https://www.econlib.org/wp-content/uploads/2018/02/Kirzner-vid.jpg);"></a> <h4><a href="https://www.econlib.org/archives/2013/09/israel_kirzner_conversation.html" title="A Conversation with Israel Kirzner">A Conversation with Israel Kirzner</a></h4> <p>Israel Kirzner, Professor Emeritus at NYU, is among the foremost scholars in the continuing development of the Austrian school of economic theory. He has extended our understanding of the workings of a free society, illuminated the role of entrepreneurs in the process of economic discovery, and shed new light on the dynamics of market forces. .. <a class="a_more_link" href="https://www.econlib.org/archives/2013/09/israel_kirzner_conversation.html">MORE</a></p> </div> <div class="flexbox-item"> <p class="fa_category">Econlib Videos</p> <div class='convo_feat_img convo_series_img'> <a href='https://www.econlib.org/videos/'> <img src='https://www.econlib.org/wp-content/uploads/2024/10/play-button.jpg'> </a> </div> <h4><a href='https://www.econlib.org/videos/'>Intellectual Portrait Series</a></h4> <p>Conversations with some of the most original thinkers of our time</p> <p><a href='https://www.econlib.org/videos/' class='btn'>Browse Videos</a></p> </div> </div> </div> </section> <section class="site-container home_page"> <div class="row home_guides_row"> <h2>Guides</h2> <div class="wrap-resources-dropdownlist"> <div class="resources-dropdownlist rdl-box1"> <a class="rdl-img-link " href="https://www.econlib.org/library/ReadingLists.html" alt=""> <img src="https://www.econlib.org/wp-content/uploads/2024/02/reading-list.jpg" class="attachment-large size-large wp-post-image"> </a> <h4><a href="https://www.econlib.org/library/ReadingLists.html">Reading Lists by Topic</a></h4> <p>The Reading Lists by Topic pages contain some suggested readings organized by topic, including materials available on Econlib. Brief reviews or descriptions are included for many items.</p> <div class="dropdown show"> <a class="btn btn-secondary dropdown-toggle" href="#" role="button" id="eco-reading" data-toggle="dropdown" aria-haspopup="true" aria-expanded="false"> Select a Topic </a> <div class="dropdown-menu" id="er-guides-ddm" aria-labelledby="eco-reading"> <input class="form-control guides-topic-search-input" id="er-guides-si" type="text" placeholder="Search.." onkeyup="filterFunction('er-guides-si', 'er-guides-ddm')"> <a class="dropdown-item" href="https://www.econlib.org/library/Topics/nineteenth.html">1800-1900: Economics Classics, including Neoclassical Thought</a> <a class="dropdown-item" href="https://www.econlib.org/library/Topics/austrian.html">Austrian Economics</a> <a class="dropdown-item" href="https://www.econlib.org/library/Topics/businesscycles.html">Business Cycles</a> <a class="dropdown-item" href="https://www.econlib.org/library/Topics/capital.html">Capital and Investment</a> <a class="dropdown-item" href="https://www.econlib.org/library/Topics/socialism.html">Capitalism and Socialism</a> <a class="dropdown-item" href="https://www.econlib.org/library/Topics/moneyclassics.html">Classics in Money and Banking</a> <a class="dropdown-item" href="https://www.econlib.org/library/Topics/Details/comparativeadvantage.html">Comparative Advantage</a> <a class="dropdown-item" href="https://www.econlib.org/library/Topics/development.html">Development and Investment</a> <a class="dropdown-item" href="https://www.econlib.org/library/Topics/ethics.html">Economics and Ethics</a> <a class="dropdown-item" href="https://www.econlib.org/library/Topics/education.html">Economics of Education</a> <a class="dropdown-item" href="https://www.econlib.org/guides/economics-of-health/">Economics of Health</a> <a class="dropdown-item" href="https://www.econlib.org/library/Topics/environment.html">Environmental Economics and Natural Resources</a> <a class="dropdown-item" href="https://www.econlib.org/library/Topics/freetrade.html">Free Trade</a> <a class="dropdown-item" href="https://www.econlib.org/library/Topics/econhist.html">General Economic History</a> <a class="dropdown-item" href="https://www.econlib.org/guides/history-of-economic-thought-what-is-economics/">History of Economic Thought: What is Economics?</a> <a class="dropdown-item" href="https://www.econlib.org/library/Topics/inequality.html">Inequality and Discrimination</a> <a class="dropdown-item" href="https://www.econlib.org/library/Topics/inflation.html">Inflation</a> <a class="dropdown-item" href="https://www.econlib.org/library/Topics/information.html">Information, Markets, and Spontaneous Order</a> <a class="dropdown-item" href="https://www.econlib.org/library/Topics/finance.html">Interest Rates and Uncertainty</a> <a class="dropdown-item" href="https://www.econlib.org/library/Topics/laissezfaire.html">Laissez Faire and the Role of the State</a> <a class="dropdown-item" href="https://www.econlib.org/library/Topics/law.html">Law, Property Rights, and Institutions</a> <a class="dropdown-item" href="https://www.econlib.org/library/Topics/moneyclassics.html">Macroeconomic and Monetary History</a> <a class="dropdown-item" href="https://www.econlib.org/guides/market-structure-firms-and-institutional-organization/">Market Structure, Firms, and Institutional Organization</a> <a class="dropdown-item" href="https://www.econlib.org/library/Topics/math.html">Mathematics, Game Theory, and Quantitative Theory</a> <a class="dropdown-item" href="https://www.econlib.org/library/Topics/methodology.html">Methodology</a> <a class="dropdown-item" href="https://www.econlib.org/library/Topics/money.html">Money Demand and Supply</a> <a class="dropdown-item" href="https://www.econlib.org/library/Topics/nobel.html">Nobel Laureates</a> <a class="dropdown-item" href="https://www.econlib.org/library/Topics/fiction.html">Novels, Short Stories, and Science Fiction</a> <a class="dropdown-item" href="https://www.econlib.org/library/Topics/population.html">Population and Labor Mobility</a> <a class="dropdown-item" href="https://www.econlib.org/library/Topics/mercantilism.html">Pre-1800 Economic Thought, Including Mercantilism</a> <a class="dropdown-item" href="https://www.econlib.org/library/Topics/principlestexts.html">Price Theory and Principles Textbooks</a> <a class="dropdown-item" href="https://www.econlib.org/library/Topics/publictexts.html">Public Finance and Public Economics Textbooks, Public Choice</a> <a class="dropdown-item" href="https://www.econlib.org/library/Topics/race.html">Race, Slavery, and Economics</a> <a class="dropdown-item" href="https://www.econlib.org/library/Topics/technology.html">Technological Change</a> <a class="dropdown-item" href="https://www.econlib.org/library/Topics/Details/invisiblehand.html">The Invisible Hand</a> <a class="dropdown-item" href="https://www.econlib.org/library/Topics/unions.html">Unions</a> <a class="dropdown-item" href="https://www.econlib.org/library/Topics/wages.html">Wages and the Marginal Product of Labor</a> <a class="dropdown-item" href="https://www.econlib.org/library/Topics/war.html">War, Colonialism, and Imperialism</a> <a class="dropdown-item" href="https://www.econlib.org/library/Topics/welfare.html">Welfare, Social Security</a> </div> </div> </div> <div class="resources-dropdownlist rdl-box2"> <a class="rdl-img-link " href="https://www.econlib.org/library/Topics/College/CollegeTopics.html" alt=""> <img src="https://www.econlib.org/wp-content/uploads/2024/02/college-4.jpg" class="attachment-large size-large wp-post-image"> </a> <h4><a href="https://www.econlib.org/library/Topics/College/CollegeTopics.html">College Economics Topics</a></h4> <p>Supplementary materials for popular college textbooks used in courses in the Principles of Economics, Microeconomics, Price Theory, and Macroeconomics are suggested by topic.</p> <div class="dropdown show"> <a class="btn btn-secondary dropdown-toggle" href="#" role="button" id="college-guides" data-toggle="dropdown" aria-haspopup="true" aria-expanded="false"> Select a Topic </a> <div class="dropdown-menu" id="col-guides-ddm" aria-labelledby="college-guides"> <input class="form-control guides-topic-search-input" id="col-guides-si" type="text" placeholder="Search.." onkeyup="filterFunction('col-guides-si', 'col-guides-ddm')"> <a class="dropdown-item" href="https://www.econlib.org/library/Topics/College/aggregatedemand.html">Aggregate Demand</a> <a class="dropdown-item" href="https://www.econlib.org/library/Topics/College/aggregatesupply.html">Aggregate Supply</a> <a class="dropdown-item" href="https://www.econlib.org/library/Topics/College/balanceoftradeandbalanceofpayments.html">Balance of Trade and Balance of Payments</a> <a class="dropdown-item" href="https://www.econlib.org/library/Topics/College/banksandfinancialinstitutions.html">Banks and Financial Institutions</a> <a class="dropdown-item" href="https://www.econlib.org/library/Topics/College/barrierstotrade.html">Barriers to Trade</a> <a class="dropdown-item" href="https://www.econlib.org/library/Topics/College/businesscycles.html">Business Cycles</a> <a class="dropdown-item" href="https://www.econlib.org/library/Topics/College/comparativeadvantage.html">Comparative Advantage and the Benefits of Trade</a> <a class="dropdown-item" href="https://www.econlib.org/library/Topics/College/competitionandmarketstructures.html">Competition and Market Structures</a> <a class="dropdown-item" href="https://www.econlib.org/library/Topics/College/compoundinterest.html">Compound Interest</a> <a class="dropdown-item" href="https://www.econlib.org/library/Topics/College/consumers.html">Consumers</a> <a class="dropdown-item" href="https://www.econlib.org/library/Topics/College/costbenefitanalysis.html">Cost-benefit analysis</a> <a class="dropdown-item" href="https://www.econlib.org/library/Topics/College/costsofproduction.html">Costs of Production</a> <a class="dropdown-item" href="https://www.econlib.org/library/Topics/College/credit.html">Credit</a> <a class="dropdown-item" href="https://www.econlib.org/library/Topics/College/demand.html">Demand</a> <a class="dropdown-item" href="https://www.econlib.org/library/Topics/College/divisionoflaborspecialization.html">Division of Labor and Specialization</a> <a class="dropdown-item" href="https://www.econlib.org/library/Topics/College/economicdevelopment.html">Economic Development</a> <a class="dropdown-item" href="https://www.econlib.org/library/Topics/College/economicgrowth.html">Economic Growth</a> <a class="dropdown-item" href="https://www.econlib.org/library/Topics/College/economicinstitutions.html">Economic Institutions</a> <a class="dropdown-item" href="https://www.econlib.org/library/Topics/College/economicsystems.html">Economic Systems</a> <a class="dropdown-item" href="https://www.econlib.org/guides/efficiency/">Efficiency</a> <a class="dropdown-item" href="https://www.econlib.org/library/Topics/College/elasticityofdemand.html">Elasticity of Demand</a> <a class="dropdown-item" href="https://www.econlib.org/library/Topics/College/employmentandunemployment.html">Employment and Unemployment</a> <a class="dropdown-item" href="https://www.econlib.org/library/Topics/College/entrepreneurs.html">Entrepreneurs</a> <a class="dropdown-item" href="https://www.econlib.org/library/Topics/College/environmentalism.html">Environmentalism</a> <a class="dropdown-item" href="https://www.econlib.org/library/Topics/College/exchangetrade.html">Exchange and Trade</a> <a class="dropdown-item" href="https://www.econlib.org/library/Topics/College/financialcrisisof2008.html">Financial Crisis of 2008</a> <a class="dropdown-item" href="https://www.econlib.org/library/Topics/College/financialmarkets.html">Financial Markets</a> <a class="dropdown-item" href="https://www.econlib.org/library/Topics/College/fiscalpolicy.html">Fiscal Policy</a> <a class="dropdown-item" href="https://www.econlib.org/library/Topics/College/foreigncurrencymarketsexchangerates.html">Foreign Currency Markets and Exchange Rates</a> <a class="dropdown-item" href="https://www.econlib.org/library/Topics/College/gdp.html">GDP</a> <a class="dropdown-item" href="https://www.econlib.org/library/Topics/College/governmentbudgetdeficitsdebt.html">Government Budget Deficits and Government Debt</a> <a class="dropdown-item" href="https://www.econlib.org/library/Topics/College/governmentfailures.html">Government Failures, Rent Seeking, and Public Choice</a> <a class="dropdown-item" href="https://www.econlib.org/library/Topics/College/healthcare.html">Health Care</a> <a class="dropdown-item" href="https://www.econlib.org/library/Topics/College/humancapital.html">Human Capital</a> <a class="dropdown-item" href="https://www.econlib.org/library/Topics/College/incentives.html">Incentives</a> <a class="dropdown-item" href="https://www.econlib.org/library/Topics/College/incomedistribution.html">Income Distribution</a> <a class="dropdown-item" href="https://www.econlib.org/library/Topics/College/incomeinequality.html">Income Inequality</a> <a class="dropdown-item" href="https://www.econlib.org/library/Topics/College/inflation.html">Inflation</a> <a class="dropdown-item" href="https://www.econlib.org/library/Topics/College/insurance.html">Insurance</a> <a class="dropdown-item" href="https://www.econlib.org/library/Topics/College/iseconomicsascience.html">Is Economics a Science?</a> <a class="dropdown-item" href="https://www.econlib.org/library/Topics/College/laborcosts.html">Labor Costs</a> <a class="dropdown-item" href="http://www.econlib.org/library/About.html#landsburg">Lauren F. Landsburg</a> <a class="dropdown-item" href="https://www.econlib.org/library/Topics/College/margins.html">Margins and Thinking at the Margin</a> <a class="dropdown-item" href="https://www.econlib.org/library/Topics/College/marketfailures.html">Market Failures, Public Goods, and Externalities</a> <a class="dropdown-item" href="https://www.econlib.org/library/Topics/College/monetarypolicyandthefederalreserve.html">Monetary Policy and the Federal Reserve</a> <a class="dropdown-item" href="https://www.econlib.org/library/Topics/College/money.html">Money</a> <a class="dropdown-item" href="https://www.econlib.org/library/Topics/College/moneymanagementbudgeting.html">Money Management and Budgeting</a> <a class="dropdown-item" href="https://www.econlib.org/library/Topics/College/opportunitycost.html">Opportunity cost</a> <a class="dropdown-item" href="https://www.econlib.org/library/Topics/College/pricecontrols.html">Price Controls, Price Ceilings, and Price Floors</a> <a class="dropdown-item" href="https://www.econlib.org/library/Topics/College/producers.html">Producers</a> <a class="dropdown-item" href="https://www.econlib.org/library/Topics/College/productiveresources.html">Productive Resources</a> <a class="dropdown-item" href="https://www.econlib.org/library/Topics/College/productivity.html">Productivity</a> <a class="dropdown-item" href="https://www.econlib.org/library/Topics/College/profit.html">Profit</a> <a class="dropdown-item" href="https://www.econlib.org/library/Topics/College/propertyrights.html">Property Rights</a> <a class="dropdown-item" href="https://www.econlib.org/library/Topics/College/realrelativenominalprices.html">Real, relative, and nominal prices</a> <a class="dropdown-item" href="https://www.econlib.org/library/Topics/College/riskandreturn.html">Risk and Return</a> <a class="dropdown-item" href="https://www.econlib.org/library/Topics/College/rolesofgovernment.html">Roles of Government</a> <a class="dropdown-item" href="https://www.econlib.org/library/Topics/College/savingandinvesting.html">Saving and Investing</a> <a class="dropdown-item" href="https://www.econlib.org/library/Topics/College/scarcity.html">Scarcity</a> <a class="dropdown-item" href="https://www.econlib.org/library/Topics/College/socialsecurity.html">Social Security</a> <a class="dropdown-item" href="https://www.econlib.org/library/Topics/College/supply.html">Supply</a> <a class="dropdown-item" href="https://www.econlib.org/library/Topics/College/supplyanddemand.html">Supply and Demand, Markets and Prices</a> <a class="dropdown-item" href="https://www.econlib.org/library/Topics/College/technology.html">Technology</a> <a class="dropdown-item" href="https://www.econlib.org/library/Topics/College/wellbeingandwelfare.html">Wellbeing and Welfare</a> <a class="dropdown-item" href="https://www.econlib.org/library/Topics/College/whatiseconomics.html">What Is Economics?</a> </div> </div> </div> <div class="resources-dropdownlist rdl-box3"> <a class="rdl-img-link " href="https://www.econlib.org/library/Topics/HighSchool/HighSchoolTopics.html" alt=""> <img src="https://www.econlib.org/wp-content/uploads/2018/02/high-school-3.jpg" class="attachment-large size-large wp-post-image"> </a> <h4><a href="https://www.econlib.org/library/Topics/HighSchool/HighSchoolTopics.html">High School Economics Topics</a></h4> <p>These free resources are appropriate for teachers of high school and AP economics, social studies, and history classes. They are also appropriate for interested students, home schoolers, and newcomers to the topic of economics.</p> <div class="dropdown show"> <a class="btn btn-secondary dropdown-toggle" href="#" role="button" id="hs-guides" data-toggle="dropdown" aria-haspopup="true" aria-expanded="false"> Select a Topic </a> <div class="dropdown-menu" id="hs-guides-ddm" aria-labelledby="hs-guides"> <input class="form-control guides-topic-search-input" id="hs-guides-si" type="text" placeholder="Search.." onkeyup="filterFunction('hs-guides-si', 'hs-guides-ddm')"> <a class="dropdown-item" href="http://ve.councilforeconed.org/features/concepts.php">51 key economics concepts</a> <a class="dropdown-item" href="https://www.econlib.org/library/Topics/HighSchool/AggregateDemand.html">Aggregate Demand</a> <a class="dropdown-item" href="https://www.econlib.org/library/Topics/HighSchool/AggregateSupply.html">Aggregate Supply</a> <a class="dropdown-item" href="https://www.econlib.org/library/Topics/HighSchool/BalanceofTradeandBalanceofPayments.html">Balance of Trade and Balance of Payments</a> <a class="dropdown-item" href="https://www.econlib.org/library/Topics/HighSchool/BarrierstoTrade.html">Barriers to Trade</a> <a class="dropdown-item" href="https://www.econlib.org/library/Topics/HighSchool/BenefitsofTradeComparativeAdvantage.html">Benefits of Trade/Comparative Advantage</a> <a class="dropdown-item" href="https://www.econlib.org/library/Topics/HighSchool/BudgetDeficitsandPublicDebt.html">Budget Deficits and Public Debt</a> <a class="dropdown-item" href="https://www.econlib.org/library/Topics/HighSchool/BusinessCycles.html">Business Cycles</a> <a class="dropdown-item" href="https://www.econlib.org/library/Topics/HighSchool/CompetitionandMarketStructures.html">Competition and Market Structures</a> <a class="dropdown-item" href="https://www.econlib.org/library/Topics/HighSchool/CompoundInterest.html">Compound Interest</a> <a class="dropdown-item" href="http://www.econlib.org/cee/">Concise Encyclopedia of Economics (CEE)</a> <a class="dropdown-item" href="https://www.econlib.org/library/Topics/HighSchool/Consumers.html">Consumers</a> <a class="dropdown-item" href="https://www.councilforeconed.org/">Council for Economic Education</a> <a class="dropdown-item" href="https://www.econlib.org/library/Topics/HighSchool/Credit.html">Credit</a> <a class="dropdown-item" href="https://www.econlib.org/library/Topics/HighSchool/DecisionMakingCostBenefitAnalysis.html">Decision Making and Cost-Benefit Analysis</a> <a class="dropdown-item" href="https://www.econlib.org/library/Topics/HighSchool/Demand.html">Demand</a> <a class="dropdown-item" href="https://www.econlib.org/library/Topics/HighSchool/DivisionofLaborSpecialization.html">Division of Labor and Specialization</a> <a class="dropdown-item" href="https://www.econlib.org/library/Topics/HighSchool/EconomicDevelopment.html">Economic Development</a> <a class="dropdown-item" href="https://www.econlib.org/library/Topics/HighSchool/EconomicGrowth.html">Economic Growth</a> <a class="dropdown-item" href="https://www.econlib.org/library/Topics/HighSchool/EconomicInstitutions.html">Economic Institutions</a> <a class="dropdown-item" href="https://www.econlib.org/library/Topics/HighSchool/EconomicSystems.html">Economic Systems</a> <a class="dropdown-item" href="https://www.econlib.org/library/Topics/HighSchool/ElasticityofDemand.html">Elasticity of Demand</a> <a class="dropdown-item" href="https://www.econlib.org/library/Topics/HighSchool/EmploymentandUnemployment.html">Employment and Unemployment</a> <a class="dropdown-item" href="https://www.econlib.org/library/Topics/HighSchool/Entrepreneurs.html">Entrepreneurs</a> <a class="dropdown-item" href="https://www.econlib.org/library/Topics/HighSchool/FinancialMarkets.html">Financial Markets</a> <a class="dropdown-item" href="https://www.econlib.org/library/Topics/HighSchool/FiscalPolicy.html">Fiscal Policy</a> <a class="dropdown-item" href="https://www.econlib.org/library/Topics/HighSchool/ForeignCurrencyMarketsExchangeRates.html">Foreign Currency Markets/Exchange Rates</a> <a class="dropdown-item" href="https://www.econlib.org/library/Topics/HighSchool/HighSchoolTopics.html#fundamental">Fundamental Economics</a> <a class="dropdown-item" href="https://www.econlib.org/library/Topics/HighSchool/GDP.html">GDP</a> <a class="dropdown-item" href="https://www.econlib.org/library/Topics/HighSchool/GovernmentFailuresPublicChoiceAnalysis.html">Government Failures/Public-Choice Analysis</a> <a class="dropdown-item" href="https://www.econlib.org/library/Topics/HighSchool/HumanCapital.html">Human Capital</a> <a class="dropdown-item" href="https://www.econlib.org/library/Topics/HighSchool/Incentives.html">Incentives</a> <a class="dropdown-item" href="https://www.econlib.org/library/Topics/HighSchool/IncomeDistribution.html">Income Distribution</a> <a class="dropdown-item" href="https://www.econlib.org/library/Topics/HighSchool/Inflation.html">Inflation</a> <a class="dropdown-item" href="https://www.econlib.org/library/Topics/HighSchool/Insurance.html">Insurance</a> <a class="dropdown-item" href="https://www.econlib.org/library/Topics/HighSchool/HighSchoolTopics.html#international">International Economics</a> <a class="dropdown-item" href="https://www.econlib.org/library/Topics/HighSchool/HighSchoolTopics.html#macroeconomics">Macroeconomics</a> <a class="dropdown-item" href="https://www.econlib.org/library/Topics/HighSchool/MarketFailures.html">Market Failures</a> <a class="dropdown-item" href="https://www.econlib.org/library/Topics/HighSchool/MarketsandPrices.html">Markets and Prices</a> <a class="dropdown-item" href="https://www.econlib.org/library/Topics/HighSchool/HighSchoolTopics.html#microeconomics">Microeconomics</a> <a class="dropdown-item" href="https://www.econlib.org/library/Topics/HighSchool/MonetaryPolicyandtheFederalReserve.html">Monetary Policy and the Federal Reserve</a> <a class="dropdown-item" href="https://www.econlib.org/library/Topics/HighSchool/Money.html">Money</a> <a class="dropdown-item" href="https://www.econlib.org/library/Topics/HighSchool/MoneyManagementBudgeting.html">Money Management/Budgeting</a> <a class="dropdown-item" href="https://www.econlib.org/library/Topics/HighSchool/OpportunityCost.html">Opportunity Cost</a> <a class="dropdown-item" href="https://www.econlib.org/library/Topics/HighSchool/HighSchoolTopics.html#finance">Personal Finance Economics</a> <a class="dropdown-item" href="https://www.econlib.org/library/Topics/HighSchool/PriceCeilingsandFloors.html">Price Ceilings and Floors</a> <a class="dropdown-item" href="https://www.econlib.org/library/Topics/HighSchool/Producers.html">Producers</a> <a class="dropdown-item" href="https://www.econlib.org/library/Topics/HighSchool/ProductiveResources.html">Productive Resources</a> <a class="dropdown-item" href="https://www.econlib.org/library/Topics/HighSchool/Productivity.html">Productivity</a> <a class="dropdown-item" href="https://www.econlib.org/library/Topics/HighSchool/Profit.html">Profit</a> <a class="dropdown-item" href="https://www.econlib.org/library/Topics/HighSchool/PropertyRights.html">Property Rights</a> <a class="dropdown-item" href="https://www.econlib.org/library/Topics/HighSchool/RealvsNominal.html">Real vs. Nominal</a> <a class="dropdown-item" href="https://www.econlib.org/library/Topics/HighSchool/RiskandReturn.html">Risk and Return</a> <a class="dropdown-item" href="https://www.econlib.org/library/Topics/HighSchool/RolesofGovernment.html">Roles of Government</a> <a class="dropdown-item" href="https://www.econlib.org/library/Topics/HighSchool/SavingandInvesting.html">Saving and Investing</a> <a class="dropdown-item" href="https://www.econlib.org/library/Topics/HighSchool/Scarcity.html">Scarcity</a> <a class="dropdown-item" href="https://www.econlib.org/library/Topics/HighSchool/Supply.html">Supply</a> <a class="dropdown-item" href="https://www.econlib.org/library/Topics/HighSchool/Technology.html">Technology</a> <a class="dropdown-item" href="https://www.econlib.org/library/Topics/HighSchool/TradeExchangeandInterdependence.html">Trade, Exchange and Interdependence</a> </div> </div> </div> </div> </div> </section> <section class="site-container home_page"> <div class="row home_bio_row"> <h2>Economist Biographies</h2> <div id="bln_wrap"> <div class="bio_lname_link"> <div class="alphabet-list"> <a class="btn btn-alphabet" href="https://www.econlib.org/biographies/#A">A</a> <a class="btn btn-alphabet" href="https://www.econlib.org/biographies/#B">B</a> <a class="btn btn-alphabet" href="https://www.econlib.org/biographies/#C">C</a> <a class="btn btn-alphabet" href="https://www.econlib.org/biographies/#D">D</a> <a class="btn btn-alphabet" href="https://www.econlib.org/biographies/#E">E</a> <a class="btn btn-alphabet" href="https://www.econlib.org/biographies/#F">F</a> <a class="btn btn-alphabet" href="https://www.econlib.org/biographies/#G">G</a> <a class="btn btn-alphabet" href="https://www.econlib.org/biographies/#H">H</a> <a class="btn btn-alphabet" href="https://www.econlib.org/biographies/#J">J</a> <a class="btn btn-alphabet" href="https://www.econlib.org/biographies/#K">K</a> <a class="btn btn-alphabet" href="https://www.econlib.org/biographies/#L">L</a> <a class="btn btn-alphabet" href="https://www.econlib.org/biographies/#M">M</a> <a class="btn btn-alphabet" href="https://www.econlib.org/biographies/#N">N</a> <a class="btn btn-alphabet" href="https://www.econlib.org/biographies/#O">O</a> <a class="btn btn-alphabet" href="https://www.econlib.org/biographies/#P">P</a> <a class="btn btn-alphabet" href="https://www.econlib.org/biographies/#Q">Q</a> <a class="btn btn-alphabet" href="https://www.econlib.org/biographies/#R">R</a> <a class="btn btn-alphabet" href="https://www.econlib.org/biographies/#S">S</a> <a class="btn btn-alphabet" href="https://www.econlib.org/biographies/#T">T</a> <a class="btn btn-alphabet" href="https://www.econlib.org/biographies/#V">V</a> <a class="btn btn-alphabet" href="https://www.econlib.org/biographies/#W">W</a> </div> </div> </div> </div> </section> <section class="site-container home_page"> <div class="row home_cee_row"> <h2>From the Concise Encyclopedia of Economics</h2> <div class="flexbox"> <div class="flexbox-item"> <a href="https://www.econlib.org/library/Enc/Apartheid.html" title="Apartheid" class='cee_feat_img' style="background-image: url(https://www.econlib.org/wp-content/uploads/2018/02/Apartheid.jpg);"> <div>Economic Systems, Government Policy, Labor</div> </a> <h4><a href="https://www.econlib.org/library/Enc/Apartheid.html" title="Apartheid">Apartheid</a></h4> <p>The now-defunct apartheid system of South Africa presented a fascinating instance of interest-group competition for political advantage. In light of the extreme human rights abuses stemming from apartheid, it is remarkable that so little attention has been paid to the economic foundations of that torturous social structure. The conventional view is that apartheid was devised .. <a class="a_more_link" href="https://www.econlib.org/library/Enc/Apartheid.html">MORE</a></p> </div> <div class="flexbox-item"> <a href="https://www.econlib.org/library/Enc/FiscalSustainability.html" title="Fiscal Sustainability" class='cee_feat_img' style="background-image: url(https://www.econlib.org/wp-content/uploads/2018/02/fiscal-sustainability-300x210.jpg);"> <div>Government Policy, Macroeconomics</div> </a> <h4><a href="https://www.econlib.org/library/Enc/FiscalSustainability.html" title="Fiscal Sustainability">Fiscal Sustainability</a></h4> <p>The population of wealthy countries is getting much older. Between 2005 and 2035, the number of elderly in wealthy countries will more than double, but the number of workers will barely change. This historically unprecedented demographic change portends enormous fiscal stresses because of the high and growing cost of meeting government pension and health-care commitments .. <a class="a_more_link" href="https://www.econlib.org/library/Enc/FiscalSustainability.html">MORE</a></p> </div> <div class="flexbox-item"> <a href="https://www.econlib.org/library/Enc/Bonds.html" title="Bonds" class='cee_feat_img' style="background-image: url(https://www.econlib.org/wp-content/uploads/2018/02/Bonds.jpg);"> <div>Corporations and Financial Markets , Macroeconomics, Money and Banking</div> </a> <h4><a href="https://www.econlib.org/library/Enc/Bonds.html" title="Bonds">Bonds</a></h4> <p>Bond markets are important components of capital markets. Bonds are fixed-income financial assets鈥攅ssentially IOUs that promise the holder a specified set of payments. The value of a bond, like the value of any other asset, is the present value of the income stream one expects to receive from holding the bond. This has several implications: .. <a class="a_more_link" href="https://www.econlib.org/library/Enc/Bonds.html">MORE</a></p> </div> </div> </div> <div class="row home_quote_row"> <h2>Quotes</h2> <div> <div class="flexbox-item text-center"> <h4>The competitive process depends entirely on the freedom of those with better ideas or with greater willingness to serve the market better opportunities. Every arbitrary impediment to entry is a restriction on the competitiveness of the market process.</h4> <p> -Israel Kirzner </p> </div> <div class="flexbox"> <div class="flexbox-item"> <h4>In every country, it always is and must always be the interest f the great body of the people to buy whatever they want of those who sell it cheapest. The proposition is so very manifest, that it seems ridiculous to take any pains to prove it; not could it ever have been called into ...</h4> <p> -Adam Smith <a class="fullquote text-left" href="https://www.econlib.org/library/Smith/smWN.html">Full Quote &gt;&gt;</a> </p> </div> <div class="flexbox-item"> <h4>Insofar as man is wise or good, his &#8216;character&#8217; is acquired chiefly by posing as better than he is, until a part of his pretense becomes a habit.</h4> <p> -Frank Knight <a class="fullquote text-left" href="https://www.econlib.org/library/Knight/knRUP.html">Full Quote &gt;&gt;</a> </p> </div> </div><!-- .flexbox from if --> </div> </div> </section> <footer> <div class="site-container"> <div class="row footer-row-1"> <div class="col-1 footer-logo-wrap"> <img src="https://www.econlib.org/wp-content/themes/econlib/assets/icons/torch-icon.svg" width="80" height="120"> <h4>Econlib</h4> </div> <div class="col-2 footer-description"> <h4>The Library of Economics and Liberty</h4> <h3>Liberty Fund, Inc.</h3> <p>11301 N. Meridian Street</p> <p>Carmel, IN 46032-4564, USA</p> <p>econlib@libertyfund.org</p> </div> <div class="col footer-nav-wrap fnw1"> <h5>About</h5> <div class="menu-new-footer-about-container"><ul id="menu-new-footer-about" class="menu"><li id="menu-item-62612" class="menu-item menu-item-type-post_type menu-item-object-page menu-item-62612"><a href="https://www.econlib.org/library/About.html">About Us</a></li> <li id="menu-item-62613" class="menu-item menu-item-type-post_type menu-item-object-page menu-item-62613"><a href="https://www.econlib.org/contact-us/">Contact Us</a></li> <li id="menu-item-62614" class="menu-item menu-item-type-post_type menu-item-object-page menu-item-privacy-policy menu-item-62614"><a rel="privacy-policy" href="https://www.econlib.org/privacy-policy/">Privacy Policy</a></li> </ul></div> </div> <div class="col footer-nav-wrap fnw2"> <h5>Publications</h5> <div class="menu-new-footer-publications-container"><ul id="menu-new-footer-publications" class="menu"><li id="menu-item-62615" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-62615"><a href="https://www.econlib.org/books/">Books</a></li> <li id="menu-item-62616" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-62616"><a href="https://www.econlib.org/articles/">Articles</a></li> <li id="menu-item-62617" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-62617"><a href="https://www.econtalk.org/">EconTalk</a></li> <li id="menu-item-62618" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-62618"><a href="https://www.econlib.org/econlog/">EconLog</a></li> <li id="menu-item-62619" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-62619"><a href="https://www.econlib.org/videos/">Videos</a></li> </ul></div> </div> <div class="col footer-nav-wrap fnw3"> <h5>Resources</h5> <div class="menu-new-footer-resources-container"><ul id="menu-new-footer-resources" class="menu"><li id="menu-item-62620" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-62620"><a target="_blank" href="https://mailchi.mp/82380c0b5973/econlib-quickpicks-personal-finance-494295?e=%5BUNIQID%5D">Quickpicks</a></li> <li id="menu-item-62621" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-62621"><a href="https://www.econlib.org/cee/">CEE Encyclopedia</a></li> <li id="menu-item-62622" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-62622"><a href="https://www.econlib.org/library/Topics/College/CollegeTopics.html">College Guides</a></li> <li id="menu-item-62623" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-62623"><a href="https://www.econlib.org/library/Topics/HighSchool/HighSchoolTopics.html">High School Guides</a></li> </ul></div> </div> <div class="col-3 footer-newsletter-wrap"> <form action="https://eepurl.com/igaZgT" method="post" id="mc-embedded-subscribe-form" name="mc-embedded-subscribe-form" class="subscribe" target="_blank" novalidate> <h5>Sign up for our newsletter</h5> <p class="subscribe-text">Enter your email address to subscribe to the Econlib monthly newsletter.</p> <div class="subscribe-action"> <input type="email" value="" name="EMAIL" id="mce-EMAIL" placeholder="Your Email Address" required/> <div style="position: absolute; left: -5000px;" aria-hidden="true"> <input type="text" name="b_146e48dc47e5fd16b11090e37_cf8619e643" tabindex="-1" value=""> </div> <button type="submit" value="Subscribe" name="subscribe" id="mc-embedded-subscribe" class="btn btn-info">&raquo;</button> </div> </form> <div class="row mob-row"> <div class="col mob-address"> <h3>Liberty Fund, Inc.</h3> <p>11301 N. Meridian Street</p> <p>Carmel, IN 46032-4564, USA</p> <p>info@libertyfund.org</p> </div> <div class="col socialm-col"> <div class="fa-stack fa-lg social"><a target="_blank" href="https://twitter.com/econlib" class="fa-brands fa-x-twitter fa-2x menu-item menu-item-type-custom menu-item-object-custom menu-item-122"></a> <a target="_blank" href="https://www.facebook.com/Econlib/" class="fa-brands fa-facebook-f fa-2x menu-item menu-item-type-custom menu-item-object-custom menu-item-123"></a> <a target="_blank" href="https://www.econlib.org/feed/" class="fa fa-rss fa-2x menu-item menu-item-type-custom menu-item-object-custom menu-item-41493"></a> <a target="_blank" href="https://www.youtube.com/@econtalkwithruss" class="fa-brands fa-youtube fa-2x menu-item menu-item-type-custom menu-item-object-custom menu-item-63869"></a> </div> </div> </div> </div> </div> <div class="row footer-text-row"> <div class="col footer-text-wrap"> <p>漏 2024 Econlib, Inc. All Rights Reserved. Part of the Liberty Fund Network.</p> </div> </div> </div> </footer> <script> var global = {ajaxUrl: 'https://www.econlib.org/wp-admin/admin-ajax.php'}; </script> <link rel='stylesheet' id='wc-blocks-style-css' href='https://www.econlib.org/wp-content/plugins/woocommerce/assets/client/blocks/wc-blocks.css?ver=wc-9.4.2' type='text/css' media='all' /> <script type="text/javascript" id="econlib-script-articles-js-extra"> /* <![CDATA[ */ var global_var = {"ajaxUrl":"https:\/\/www.econlib.org\/wp-admin\/admin-ajax.php"}; /* ]]> */ </script> <script type="text/javascript" src="https://www.econlib.org/wp-content/themes/econlib/assets/js/articles.js?ver=1733202364" id="econlib-script-articles-js"></script> <script type="text/javascript" id="econlib-script-econlog-js-extra"> /* <![CDATA[ */ var global_var = {"ajaxUrl":"https:\/\/www.econlib.org\/wp-admin\/admin-ajax.php"}; /* ]]> */ </script> <script type="text/javascript" src="https://www.econlib.org/wp-content/themes/econlib/assets/js/econlog.js?ver=1733202364" id="econlib-script-econlog-js"></script> <script type="text/javascript" id="econlib-script-econtalk-js-extra"> /* <![CDATA[ */ var global_var = {"ajaxUrl":"https:\/\/www.econlib.org\/wp-admin\/admin-ajax.php"}; /* ]]> */ </script> <script type="text/javascript" src="https://www.econlib.org/wp-content/themes/econlib/assets/js/econtalk.js?ver=1733202364" id="econlib-script-econtalk-js"></script> <script type="text/javascript" src="https://www.econlib.org/wp-content/themes/econlib/assets/js/comments.js?ver=1733202364" id="econlib-script-comments-js"></script> <script type="text/javascript" id="econlib-script-categories-js-extra"> /* <![CDATA[ */ var global_var = {"ajaxUrl":"https:\/\/www.econlib.org\/wp-admin\/admin-ajax.php"}; /* ]]> */ </script> <script type="text/javascript" src="https://www.econlib.org/wp-content/themes/econlib/assets/js/categories.js?ver=1733202364" id="econlib-script-categories-js"></script> <script type="text/javascript" src="https://www.econlib.org/wp-content/themes/econlib/assets/js/jquery-ui.min.js?ver=1733202364" id="jquery-ui-script-js"></script> <script type="text/javascript" src="https://www.econlib.org/wp-includes/js/underscore.min.js?ver=1.13.7" id="underscore-js"></script> <script type="text/javascript" id="wp-util-js-extra"> /* <![CDATA[ */ var _wpUtilSettings = {"ajax":{"url":"\/wp-admin\/admin-ajax.php"}}; /* ]]> */ </script> <script type="text/javascript" src="https://www.econlib.org/wp-includes/js/wp-util.min.js?ver=6.7.1" id="wp-util-js"></script> <script type="text/javascript" id="scripts2021-js-extra"> /* <![CDATA[ */ var php_vars = {"post_type":"post","post_title":"My Weekly Reading for December 1, 2024","is_home":"1","template":"\/nas\/content\/live\/econlibdeploy\/wp-content\/themes\/econlib\/index.php"}; /* ]]> */ </script> <script type="text/javascript" src="https://www.econlib.org/wp-content/themes/econlib/assets/js/scripts2021.js?ver=1733202364" id="scripts2021-js"></script> <script type="text/javascript" src="https://www.econlib.org/wp-content/plugins/woocommerce/assets/js/sourcebuster/sourcebuster.min.js?ver=9.4.2" id="sourcebuster-js-js"></script> <script type="text/javascript" id="wc-order-attribution-js-extra"> /* <![CDATA[ */ var wc_order_attribution = {"params":{"lifetime":1.0e-5,"session":30,"base64":false,"ajaxurl":"https:\/\/www.econlib.org\/wp-admin\/admin-ajax.php","prefix":"wc_order_attribution_","allowTracking":true},"fields":{"source_type":"current.typ","referrer":"current_add.rf","utm_campaign":"current.cmp","utm_source":"current.src","utm_medium":"current.mdm","utm_content":"current.cnt","utm_id":"current.id","utm_term":"current.trm","utm_source_platform":"current.plt","utm_creative_format":"current.fmt","utm_marketing_tactic":"current.tct","session_entry":"current_add.ep","session_start_time":"current_add.fd","session_pages":"session.pgs","session_count":"udata.vst","user_agent":"udata.uag"}}; /* ]]> */ </script> <script type="text/javascript" src="https://www.econlib.org/wp-content/plugins/woocommerce/assets/js/frontend/order-attribution.min.js?ver=9.4.2" id="wc-order-attribution-js"></script> <input type="hidden" name="hidden-cpposttype" id="hidden-cpposttype" value=""> <input type="hidden" name="hidden-postid" id="hidden-postid" value=""> <input type="hidden" name="hidden-postname" id="hidden-postname" value=""> <input type="hidden" name="hidden-posttype" id="hidden-posttype" value=""> <input type="hidden" name="hidden-template" id="hidden-template" value="/nas/content/live/econlibdeploy/wp-content/themes/econlib/index.php"> <script> jQuery( document ).ready(function() { jQuery('.econ_search_icon_wrap').on( "click", function() { console.log('search clicked'); window.location.href = "https://www.econlib.org/search/"; } ); jQuery('.svg-inline--fa').each(function(i, obj) { console.log(jQuery(obj).attr('href')); var url_is = jQuery(obj).attr('href'); jQuery(obj).on( "click", function() { console.log('search clicked'); window.location.href = url_is; } ); }); }); </script> </body> </html>

Pages: 1 2 3 4 5 6 7 8 9 10