In this essay based on a popular lecture, Foundation for Economic Education President Lawrence W. Reed debunks this conventional view and traces the central role that poor government policy played in fostering this legendary catastrophe. Lawrence W. ("Larry") Reed became president of the Foundation for Economic Education (FEE) in 2008. Prior to becoming FEE's president, he served for twenty years as president of the Mackinac Center for Public Policy in Midland, Michigan. He also taught economics full-time from 1977 to 1984 at Northwood University in Michigan and chaired its Department of Economics from 1982 to 1984. A champion for liberty, Reed has authored over 1,000 newspaper columns and articles, dozens of articles in magazines and journals in the United States and abroad. The Foundation for Economic Education (FEE) is the premier source for understanding the humane values of a free society, and the economic, legal, and ethical principles that make it possible. At FEE, you’ll be connected with people worldwide who share those values and are inspired by the dynamic ideas of free association, free markets, and a diverse civil society. Explore freedom’s limitless possibilities through seminars, classroom resources, social media, and daily content at FEE.org. Learn how your creativity and initiative can result in a prosperous and flourishing life for yourself and the global community. Whether you are just beginning to explore entrepreneurship, economics, or creating value for others or are mentoring others on their journeys, FEE has everything you need. FEE is supported by voluntary, tax-deductible contributions from individuals, foundations, and businesses who believe that it is vital to cultivate a deep appreciation in every generation for individual liberty, personal character, and a free economy. Supporters  receive a subscription to FEE's flagship magazine, the Freeman, also available at FEE.org.

    This theory describes how many seemingly desperate aspects of the world, from stock market crashes to mass extinctions, avalanches to solar flares, all share a set of simple, easily described properties."...a'must read'...Bak writes with such ease and lucidity, and his ideas are so intriguing...essential reading for those interested in complex systems...it will reward a sufficiently skeptical reader." -NATURE"...presents the theory (self-organized criticality) in a form easily absorbed by the non-mathematically inclined reader." -BOSTON BOOK REVIEW"I picture Bak as a kind of scientific musketeer; flamboyant, touchy, full of swagger and ready to join every fray... His book is written with panache. The style is brisk, the content stimulating. I recommend it as a bracing experience." -NEW SCIENTIST

    The emphasis is, instead, on the myriad ways in which the universe presents itself to us--and how, as observers and participants in its processes, we respond to it. "Life, like a dome of many-colored glass," wrote Percy Bysshe Shelley, "stains the white radiance of eternity." The author seeks here to explore the variety that gives life its beauty.Taken from Dyson's recent public lectures--delivered to audiences with no specialized knowledge in hard sciences--the book begins with a consideration of the practical and political questions surrounding biotechnology. As he seeks how best to explain the place of life in the universe, Dyson then moves from the ethical to the purely scientific. The book concludes with an attempt to understand the implications of biology for philosophy and religion.The pieces in this collection touch on numerous disciplines, from astronomy and ecology to neurology and theology, speaking to the lay reader as well as to the scientist. As always, Dyson's view of human nature and behavior is balanced, and his predictions of a world to come serve primarily as a means for thinking about the world as it is today.

    Professor Drezner takes you behind the headlines and into the debates to dispel common myths about prosperity and get at deeper truths. By taking a broad view of economics that includes psychology, sociology, political science, and history, his lectures lead you to fundamental insights about how the modern world works and a deeper understanding of the functioning of the U.S., European, Chinese, and other major economies, as well as an appreciation for the special problems faced by underdeveloped nations. You'll examine dozens of case histories that illustrate what works and doesn't work in the drive to increase economic growth. You'll also learn about intriguing examples of prosperity won or lost, including the Dutch tulip mania in 1637, the era of globalization that started in the 1850s and lasting through World War I, and Ukraine's economic missteps after the breakup of the Soviet Union. As a start on your own road to greater prosperity, take this step to invest in an unparalleled explanation of the prerequisites to achieve it.

    Dent Jr., bestselling author of The Demographic Cliff and The Sale of a Lifetime, predicted the populist wave that has driven the Brexit vote, the election of Donald Trump, and other recent shocks around the world. Now he returns with the definitive guide to protect your investments and prosper in the age of the anti-globalist backlash.The turn of the 2020s will mark an extremely rare convergence of low points for multiple political, economic, and demographic cycles. The result will be a major financial crash and global upheaval that will dwarf the Great Recession of the 2000s—and maybe even the Great Depression of the 1930s. We’re facing the onset of what Dent calls “Economic Winter.”   In Zero Hour, he and Andrew Pancholi (author of The Market Timing Report newsletter) explain all of these cycles, which influence everything from currency valuations to election returns, from economic growth rates in Asia to birthrates in Europe. You’ll learn, for instance:   • Why the most-hyped technologies of recent years (self-driving cars, artificial intelligence, virtual reality, blockchain) won’t pay off until the 2030s.    • Why China may be the biggest bubble in the global economy (and you’d be a fool to invest there).    • Why you should invest in the healthcare and pharmaceutical industries, and pull out of real estate and automotive.    • Why putting your faith in gold is a bad idea.   Fortunately, Zero Hour includes a range of practical strategies to help you turn the upheaval ahead to your advantage, so your family can be prepared and protected.

    From Edward Lorenz’s discovery of the Butterfly Effect, to Mitchell Feigenbaum’s calculation of a universal constant, to Benoit Mandelbrot’s concept of fractals, which created a new geometry of nature, Gleick’s engaging narrative focuses on the key figures whose genius converged to chart an innovative direction for science. In Chaos, Gleick makes the story of chaos theory not only fascinating but also accessible to beginners, and opens our eyes to a surprising new view of the universe.

    Now scientists have discovered that these seemingly unrelated cataclysms, both natural and human, almost certainly all happen for one fundamental reason. More than that, there is not and never will be any way to predict them. Critically acclaimed science journalist Mark Buchanan tells the fascinating story of the discovery that there is a natural structure of instability woven into the fabric of our world. From humble beginnings studying the physics of sandpiles, scientists have learned that an astonishing range of things–Earth’s crust, cars on a highway, the market for stocks, and the tightly woven networks of human society–have a natural tendency to organize themselves into what’s called the “critical state,” in which they are poised on what Buchanan describes as the “knife-edge of instability.” The more places scientists have looked for the critical state, the more places they’ve found it, and some believe that the pervasiveness of instability must now be seen as a fundamental feature of our world. Ubiquity is packed with stories of real-life catastrophes, such as the huge earthquake that in 1995 hit Kobe, Japan, killing 5,000 people; the forest fires that ravaged Yellowstone National Park in 1988; the stock market crash of 1987; the mass extinction that killed off the dinosaurs; and the outbreak of World War I. Combining literary flair with scientific rigor, Buchanan introduces the researchers who have pieced together the evidence of the critical state, explaining their ingenious work and unexpected insights in beautifully lucid prose. At the dawn of this new century, Buchanan reveals, we are witnessing the emergence of an extraordinarily powerful new field of science that will help us comprehend the bewildering and unruly rhythms that dominate our lives and may even lead to a true science of the dynamics of human culture and history. From the Hardcover edition.

    First, it is ridiculed. Second, it is violently opposed. Third, it is accepted as self-evident." --Arthur SchopenhauerThe Ponzi Factor is the most comprehensive research ever compiled on the negative-sum nature of capital gains (non-dividend stocks). The book shows why, as a whole, ALL investors will lose money from buying and selling stocks.Most people don’t realize that profits from buying and selling stocks come from other investors who are also buying and selling stocks. When one investor buys low and sells high, another investor is also buying high and needs to sell for even higher. Companies like Google, Telsa, Facebook never pay their investors. Their investors’ profits are dependent on the inflow of money from new investors, which by definition, is how a Ponzi scheme works.This book is not for everyone. If you are a finance junkie who wants to rationalize why companies don’t have to pay their investors and believe a system that shuffles money between investor can magically create more money than people contribute, then this book is not for you. On the other hand, if you understand why we can’t create money by shuffling it with imaginary paper, and that investors invest because they want money, not value, then you will learn something you will never forget: The mechanics of how the stock market works and what really makes a stock price move.A stock without dividends is a Ponzi asset. It’s not how equity instruments were designed to work historically and not how ownership instruments are supposed to work logically. The Ponzi Factor is not a perspective or an opinion. It is a proof that is based on definition, logic, and it is supported by observable facts and history. This is not a story that will disappear after another market crash. It is an idea that will remain relevant for as long as the stock market exists.Lastly, to critics, the naysayer, and the finance junkies who think the imaginary value = cash. The author will award $20,000 to anyone who can show why non-dividend stocks DO NOT meet the definition of a Ponzi scheme. That’s $20,000 in cash, not value. (Details on this book's website. The Ponzi Factor. Proof by Definition.)

    This is economist Bryan Caplan's sobering assessment in this provocative and eye-opening book. Caplan argues that voters continually elect politicians who either share their biases or else pretend to, resulting in bad policies winning again and again by popular demand.Boldly calling into question our most basic assumptions about American politics, Caplan contends that democracy fails precisely because it does what voters want. Through an analysis of Americans' voting behavior and opinions on a range of economic issues, he makes the convincing case that noneconomists suffer from four prevailing biases: they underestimate the wisdom of the market mechanism, distrust foreigners, undervalue the benefits of conserving labor, and pessimistically believe the economy is going from bad to worse. Caplan lays out several bold ways to make democratic government work better--for example, urging economic educators to focus on correcting popular misconceptions and recommending that democracies do less and let markets take up the slack.The Myth of the Rational Voter takes an unflinching look at how people who vote under the influence of false beliefs ultimately end up with government that delivers lousy results. With the upcoming presidential election season drawing nearer, this thought-provoking book is sure to spark a long-overdue reappraisal of our elective system.

    This book describes the techniques I've used throughout my life to get the luck I needed to get through both the hard times and the great times.

    Every year, faced with the life-or-death problem of choosing and traveling to a new home, honeybees stake everything on a process that includes collective fact-finding, vigorous debate, and consensus building. In fact, as world-renowned animal behaviorist Thomas Seeley reveals, these incredible insects have much to teach us when it comes to collective wisdom and effective decision making. A remarkable and richly illustrated account of scientific discovery, Honeybee Democracy brings together, for the first time, decades of Seeley's pioneering research to tell the amazing story of house hunting and democratic debate among the honeybees.In the late spring and early summer, as a bee colony becomes overcrowded, a third of the hive stays behind and rears a new queen, while a swarm of thousands departs with the old queen to produce a daughter colony. Seeley describes how these bees evaluate potential nest sites, advertise their discoveries to one another, engage in open deliberation, choose a final site, and navigate together--as a swirling cloud of bees--to their new home. Seeley investigates how evolution has honed the decision-making methods of honeybees over millions of years, and he considers similarities between the ways that bee swarms and primate brains process information. He concludes that what works well for bees can also work well for people: any decision-making group should consist of individuals with shared interests and mutual respect, a leader's influence should be minimized, debate should be relied upon, diverse solutions should be sought, and the majority should be counted on for a dependable resolution.An impressive exploration of animal behavior, Honeybee Democracy shows that decision-making groups, whether honeybee or human, can be smarter than even the smartest individuals in them.

    Not Sure What the Future Holds? No Problem. It’s hard not to be worried about the future, especially if you just lost your job, are trying to plan your career, or are suddenly missing thousands of dollars from your retirement account.In Optionality, finance columnist Richard Meadows lays out a time-tested strategy for not only becoming resilient to shocks, but positioning yourself to profit from an unpredictable world.Learn how to:• Find investment opportunities with open-ended upside, and maximise the chance of a 'moonshot' success• Make life-changing choices under conditions of uncertainty• Achieve the kind of financial freedom that lets you live life on your own terms• Protect against disaster, build support networks, and create a safety buffer of resilience in every area of life• Develop a systems approach to making your own luckOptionality is the key to navigating an uncertain world.In this entertaining and insightful debut, Meadows delivers a timely message: optionality has never been so valuable, and only those who have it will survive and thrive.

    Explains how scientists who study complexity are convinced that certain constant processes are at work in all kinds of unrelated complex systems.

    Glimcher argues that Cartesian dualism operates from the false premise that the reflex is able to describe behavior in the real world that animals inhabit. A mathematically rich cognitive theory, he claims, could solve the most difficult problems that any environment could present, eliminating the need for dualism by eliminating the need for a reflex theory. Such a mathematically rigorous description of the neural processes that connect sensation and action, he explains, will have its roots in microeconomic theory. Economic theory allows physiologists to define both the optimal course of action that an animal might select and a mathematical route by which that optimal solution can be derived. Glimcher outlines what an economics-based cognitive model might look like and how one would begin to test it empirically. Along the way, he presents a fascinating history of neuroscience. He also discusses related questions about determinism, free will, and the stochastic nature of complex behavior.

    In the biology chapter, Hagstrom analyses the central nervous system and the immune system as complex adaptive systems and then draws parallels with the behaviour of the economy and the stock market. In the physics chapter, he explores a mathematical distribution and considers the advantages of scale in relation to the bigger is better models that define the business strategies of Wal-Mart, McDonald's and Home Depot.