Essays on Liberty

Summary  The birth of modern government system began with two simple principles: one is government is to protect one citizen from being abused by another citizen. Two is government is to protect itself from abusing citizens. The first principle requires that government sets up laws to protect property rights of all citizens. The second principle requires that government assigns limited roles to itself...

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New Ideas from Dead Economists

I fully concur with Einstein that smart people can make difficult topic easy to understand for laymen. In this sense, Todd Buchholz is a smart economist. His being a smart and insightful economist is clearly manifested in this book. Who can and should read this book. This is book is for those who have finished Introduction to Economics or just know or heard about the demand and supply theory. Laymen...

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Why Nations Fail

You may wonder why Cambodia, among other poor countries, fail to develop. Why we are poor and other are rich? You have answers, of course. You may point to the fact that we had wars, thus no human capital i.e. no knowledgeable persons who know how to develop the country. Some would point to the fact that we are born lazy, i.e. our culture does not induce hard working like Vietnamese culture or Japanese culture. Of course, very...

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That Which is Seen, and That Which is Not Seen

When you study a subject for so long, whether it is mathematics, physics, economics, psychology, you tend to lose tract with the reality you see every day. Among many pieces of works of Frederic Bastiat, this piece of work is so brilliant that I can say it allows people who are new to economics to understand the principle of economics firmly. Economists today use the expression Opportunity Cost to express...

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