Entries by Daniel Smith

Ironic Inheritance: How Andrew Carnegie’s Millions Still Underwrite the Academy

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Estimated Reading Time: 5 minutes

Academics may distrust concentrated private wealth, but their retirement system owes its origins to one of history’s great industrial fortunes. Overwhelmingly left-leaning college professors tend to offer sharp critiques of “ultra-wealth,” concentrated capital, and the supposed moral failings of industrialists and billionaires. Yet in a delicious and lasting bit of irony, many of those same professors […]

What a BBQ Feud Teaches Us About Freedom

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Estimated Reading Time: 4 minutes

An offset smoker or a pellet grill? Markets allow people with different preferences to choose for themselves, not fight political battles over a single “right” answer. Despite being brothers who share many of the same preferences, most notably a love for economic and personal freedom, we deeply disagree over BBQ smokers. On the Fourth of […]

‘Guns Versus Butter’: Tracing the Dark Origins of a Classic Economic Model

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Estimated Reading Time: 6 minutes

TPP Editors’ Notes The “guns versus butter” graph is one of Econ 101’s most-famous diagrams — but almost nobody knows where the phrase actually came from. It was Nazi propaganda — “Kanonen und Butter” — used to sell Germans on rationing for rearmament. The economics behind it is timeless: resources are finite, so every tank, […]

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