Tag: Cartels

About Economics: A Précis of Basic Economics by Sowell [8]

[Please note: Thomas Sowell is informed by libertarian principles: this is a precis of “Basic Economics”] 8: An Overview of Industry and Commerce McDonald’s was able to combine Kroc’s hamburger knowledge with Sonneborn’s financial sense. Howard Johnson was destroyed by McDonald’s. Franchising McDonald’s required people willing to take risks but […]

Basic Economics IX

Part III: Work and Pay Chapter 9: Productivity & Pay [Please note: Thomas Sowell is informed by libertarian principles: this is a precis of “Basic Economics”] Humans are key to economic input and output. Pay is what motives them. If you increase the pay for engineers, then students in math […]