The first amendment is the most well-known of all constitutional amendments. It states that the government cannot punish you for what you say, even if what you say is reprehensible.
Everyone claims to support freedom of speech, and they understand that supporting someone’s right to say what they want to say is not the same as agreeing with whatever is being said. I don’t think many Americans would support the idea that we should put in jail those who say racist things, because they understand that even jerks should have the freedom to say what they want, in a free society. Continue reading
Ponzi schemes are named after Charles Ponzi, a con man who came to the U.S. from Italy in 1903 with just $2.51 in his pocket. By 1920 Ponzi had made millions by convincing people to invest money in his company. He promised–and for over a year, delivered–50% profit in 45 days, or 100% profit in 90 days. Continue reading
One of my favorite things about writing, is trying to come up with different ways to take a complex issue and simplify it for others to understand. I find the Minimum Wage to be one of the most frustrating topics in politics, because the most basic and important law of Economic Science–the law of Supply and Demand–already tells us exactly why setting a minimum price on labor is a bad idea.
But Economics isn’t as interesting to most as it is to me, so I wanted to come up with an example to illustrate the unintended consequences of minimum wage laws, without having to talk about supply and demand. I thought it’d be worthwhile to take a look at what the consequences would be if we were to apply minimum price laws to something we’re all familiar with. Continue reading