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Ratification of the U.S. Constitution

Ratification of the U.S. Constitution

The Philadelphia Convention proposed a Constitution, but it could not make that Constitution law by itself. Article VII specified the authorizing rule: conventions in nine states had to ratify before the new framework could take effect among the ratifying states. A convention was a body of delegates chosen for the particular decision, not the ordinary […]

Why the Articles of Confederation Failed

Why the Articles of Confederation Failed

Revenue exposed the Confederation’s central implementation problem. Congress could determine national expenses and assign each state’s share under the formula in Article VIII, but state legislatures laid and collected the taxes. National officials could not impose a general federal tax directly on individuals. A requisition was therefore a lawful demand within the Confederation system, not […]

Government Power and Individual Rights

Government Power and Individual Rights

Types of Democracy: Participatory, Pluralist, and Elite

Types of Democracy: Participatory, Pluralist, and Elite

Natural Rights and Social Contract Theory

Natural Rights and Social Contract Theory

Factor markets and policy compare private with social value

Factor markets and policy compare private with social value

Firms connect production, cost, and revenue

Firms connect production, cost, and revenue

Markets coordinate plans through price

Markets coordinate plans through price

Choice begins with opportunity cost and the margin

Choice begins with opportunity cost and the margin

One firm’s curve is not the market curve

One firm’s curve is not the market curve

Short run is not long run

Short run is not long run

Revenue is not profit and transfer is not loss

Revenue is not profit and transfer is not loss