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FEATURED TOPIC
EfficiencyPaul Heyne
To economists, efficiency is a relationship between ends and means. When we call a situation inefficient, we are claiming that we could achieve the desired ends with less means, or that the means employed could produce more of the ends desired. "Less" and "more" in this context necessarily refer to less and more value. Thus, economic efficiency is measured not by the relationship between the physical quantities of ends and means, but by the relationship between the value of the ends and the value of the means....
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ALSO OF INTEREST
Empirics of Economic GrowthKevin GrierHealth CareMichael A. MorriseyPolitical BehaviorRichard L. StroupFederal DebtRobert EisnerFEATURED BIOGRAPHY
Henry George(1839-1897)
In honor of Henry George's anniversary of his 174th birthday today, September 2, 2013, we are pleased to present his revised and updated biography in the CEE, updated and written by Charles L. Hooper.
We also highly recommend the NEW LIBRIVOX AUDIO RELEASE of Henry George's Progress and Poverty, read aloud by the clear, expressive, and evocative voice of New Zealand's own Tim Makarios. Henry George is best remembered as a proponent of the "single tax" on land. The government should finance all of its projects, he argued, with proceeds from only one tax. This single tax would be on the unimproved value of land--the value that the land would have if it were in its natural state with no buildings, no landscaping, and so on. George's idea was not new; it was largely borrowed from David Ricardo, James Mill, and John Stuart Mill.... As a side matter, note that Henry George's followers also gave rise to the board game "Monopoly." SEE MORE |
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The cuneiform inscription in the Liberty Fund logo is the earliest-known written appearance of the word "freedom" (amagi), or "liberty." It is taken from a clay document written about 2300 B.C. in the Sumerian city-state of Lagash.
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