Tim Nerenz's Blog – July 2010 Archive (2)

Opponents of free market capitalism ritually object to its alleged unfairness. This is not a deficiency in economic literacy, it is a deficiency in vocabulary – "free" and "fair" are two different concepts.



In economic exchange, "fair" is a subjective term; what is fair to one is seen as unfair to another. It is an emotional response made after the fact. "Free" is an objective term; it is an observable attribute of the process of exchange.



Freedom in economic exchange is…

If I wanted to research the Tea Party, I would not send Katie Couric to interview Sheryl Crow for Glamour magazine. But then again, it would not occur to me to ask for Shakira’s advice on immigration law.



Prompted by Ms. Couric, Ms. Crow recently informed Glamour readers that all Tea Partiers are uneducated, angry, and ignorant. She forgot to say racist and violent - perhaps she should have wrote a list on her palm. The mainstream media was happy to run with "uneducated" in a…