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O
Order Without Design: Lessons from Language – by Dr. Cecil Bohanon and Dr. John Horowitz
- History
May 23, 2025 by christianhartselle
18th-century Scottish philosopher Adam Ferguson greatly influenced one of our favorite economists, Austrian-school Friedrich Hayek. Ferguson, a contemporary of the more famous Adam Smith, noted that many beneficial patterns of human interaction are “the result of human action, but not the execution of any human design.” Ferguson’s idea of order without design influenced Hayek’s concept […]

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A
Adam Smith on March Madness Brackets – by Dr. Cecil Bohanon and Dr. John Horowitz
- Culture
May 7, 2025 by christianhartselle
Eight years ago, this column discussed how betting in private March Madness NCAA brackets 1) might be illegal and 2) gave folks the best return on gambling found anywhere. In 2015, online gambling on NCAA games was against the law. In 1992 the Federal government passed the Professional and Amateur Sports Protection Act (PAPSA) which […]

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F
Fierce Competition, Humble Leadership – by Dr. Cecil Bohanon and Dr. John Horowitz
- Business
May 6, 2025 by christianhartselle
Last week, we enjoyed attending the Economic Club of Indiana’s luncheon with our Dean and several Ball State alums in Indianapolis. Scott Davison, the CEO of One America, was the featured speaker. We learned much from Scott. First, he reminded us that One America is not a bank but an insurance company. More importantly, Scott […]

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T
The Power of Proffering Coolly – by Dr. Cecil Bohanon and Dr. John Horowitz
- Research
May 6, 2025 by christianhartselle
In 1759, Adam Smith published The Theory of Moral Sentiments (TMS); in 1776, he published the Wealth of Nations (WN). Most economists consider both books classics, and readers continue to gain new insights from them. The WN is the foundation of much of modern economics and provides timeless insights into market exchanges. At the same […]

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P
Peace, Taxes, and Justice: A Constitutional Balance – by Dr. Cecil Bohanon and Dr. John Horowitz
- Government
May 1, 2025 by christianhartselle
There has been much discussion and conflict this summer over interpretations of the U.S. Constitution. We observe that most people tend to think: if I like a policy, it must be constitutional; if I don’t like a policy, it must be unconstitutional. Of course, to a reasonable and honest citizen, this is hardly satisfying, either […]

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T
The Market Roots of a Homegrown Meal – by Dr. Cecil Bohanon and Dr. John Horowitz
- Macroeconomics
April 30, 2025 by christianhartselle
There is something very satisfying about food from one’s own home garden. The gardener enjoys the produce of his own hands. He escapes the dreary dependence on others and achieves a sense of independence and self-reliance. Bohanon reveled in that feeling last weekend when he harvested eight pounds of mustard greens from his small garden […]

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G
Gift giving is all about relationships, not goods – by Dr. Cecil Bohanon and Dr. John Horowitz
- Culture
April 30, 2025 by christianhartselle
Economics is labeled the “dismal science,” and often for good reason. Using standard economic thinking it is easy to show that the holiday custom of gift-giving is an enormous waste of time and resources. Ebenezer Scrooge was right: the whole thing is a humbug! Take that bottle of cologne Nephew Fred gives Uncle Ebenezer. It […]

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