While socio-economic status (SES) is typically defined as one’s relative economic and social position in the social structure, research often measures or manipulates SES with a focus on one’s financial placement in relation to others. Having more or fewer socioeconomic resources determines the number of choices an individual has in his or her life. Indeed, high SES people have more opportunities to positively shape their lives (e.g., education, network) while low SES people often lack such opportunities.

The relationship between capitalism and democracy has long been one of the most important areas of study in political science, economics and sociology. Today, many are pessimistic about the stability of democracy in rich countries and the chances for democratization in the developing world.

Good tax policy is important in normal times. It’s certainly even more important in the unusual times we live in today.

Businesses and workers are experiencing substantial hardship due to the pandemic and various  government mandates to temporarily cease operations. The economic recovery that will take shape as the pandemic begins to wane will be shaped by how state policymakers deal with new economic realities.

Many people's desire to achieve economic success is often driven by their materialistic longings. This is consistent with a fact that the majority of Americans have a value system called materialism that emphasizes the importance of material possessions and acquisition in their lives. Although materialistic people tend to work harder and have higher incomes than nonmaterialistic people, empirical evidence shows that materialistic people experience lower well-being.

The adage goes that history repeats itself. Today we are witnesses to a global pandemic that has caused a near asphyxiation of economic activity, killed many thousands and made financial markets highly volatile. This year is the ter-centenary of a somewhat similar scenario which may be categorised as two bubbles and a plague. The bubbles were those of the Mississippi System in France and the South Sea Bubble in Great Britain. The plague was that which devastated the population of Marseille and its surrounding areas in the second half of 1720.

Over the past month, one of the things I’ve been doing is writing a piece for the forthcoming Encyclopedia of Libertarianism (edited by Matt Zwolinski) on the relation of Chicago Economics and Libertarianism. Here are some of the things I’ve had a chance to sort out while writing the essay.

The training requirements in state occupational licensing laws that serve as a significant barrier to entry into an occupation have rightly received much attention in the past couple of decades. Yet, the institutions that uphold and extend those mandates - the occupational licensing boards - are also worth scrutinizing.

When jobs are scarce, many people turn to entrepreneurship and self-employment as a means of earning a living. A regulatory environment friendly to business creation and job growth will be central to local economic recovery for most cities.

When we think of the largest employers in a U.S. city, we often think of the biggest single employers: Wal-Mart, for instance, or a Fortune 500 corporation with a local plant or headquarters.