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The economics of Christmas lights

Economics is not the study of money but of human behavior. Specifically, it is about how people increase a sort of mental sense of well-being which economists call 'utility'. Money is a large part of that process, but only as a means, not an end. The private sector provided lighthouses because of the monetary incentive to do so. The folks who decorate their houses for Christmas do so because our happiness is their happiness. ...

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Minnesota needs productive workers but it is losing those it already has

Minnesota needs productive workers. Evidence suggests that, over the last few years, we have been losing them. This is not good for our state's economy. Assuming that our high personal tax rates are an important factor in this, we need to revisit these. The state's economy will suffer if we don't. ...

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Back in the USSR: What life was like in the Soviet Union

Even though capitalism is the superior economic system, polls show alarming numbers of younger Americans preferring socialism or communism. The excellent new book, Back in the USSR: What life was like in the Soviet Union by José Luis Ricón Fernández de la Puente, reveals the grubby truth of life under those dismal systems. ...

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