On Fair Prices

Source: EconLog
by Jon Murphy

“Discussions on what constitutes a ‘fair’ (or just) price are quite old. Classical market liberals will typically classify a fair price as any price that is voluntarily agreed upon by the parties in an exchange. That’s all well and good, but I wonder how useful the concept of ‘fair price’ is.” (10/21/25)

https://www.econlib.org/econlog/on-fair-prices

Jack Nicklaus awarded $50 million in defamation lawsuit

Source: ESPN

“A Florida jury on Monday awarded Jack Nicklaus $50 million in his defamation lawsuit against Nicklaus Companies, which is owned by billionaire banker Howard Milstein. Nicklaus, 85, filed the lawsuit in response to statements that Milstein and other Nicklaus Companies officials made in a previous lawsuit in a New York court. In the defamation lawsuit, Nicklaus claimed the defendants suggested that he had considered a $750 million deal to become the face of the Saudi Arabian-financed LIV Golf League and disseminated those false claims to media outlets. … Nicklaus claimed the defendants also alleged he wasn’t mentally fit to manage his business affairs and was suffering from dementia. … the jury ruled that Nicklaus Companies actively participated in the false publishing of facts that damaged the 18-time major champion’s reputation and exposed him to ‘ridicule, hatred, mistrust, distrust or contempt.'” (10/21/25)

https://www.espn.com/golf/story/_/id/46665505/jack-nicklaus-awarded-50-million-defamation-lawsuit

US boat strikes in the Caribbean, an unclear and present danger

Source: Washington Post
by Jim Geraghty

“Somehow, the Trump administration’s policy toward Venezuela has managed to combine Tom Clancy’s ‘Clear and Present Danger’ with ‘Dirty Harry,’ ‘Miami Vice’ and the Keystone Cops. Make no mistake, Venezuelan dictator Nicolás Maduro is a bad guy. Saturday, Nobel Peace Prize winner María Corina Machado accurately described Maduro’s policies as effectively declaring ‘war on the Venezuelan people.’ If Maduro were to slip on a banana peel and die, Venezuela would be better off. … But that doesn’t mean that every tool in the U.S. toolbox is the right one, or an effective one, to use when attempting to fix the problem.” (10/21/25)

https://archive.is/I1Lu1

NC: GOP approves new House map targeting vulnerable Democrat

Source: The Hill

“North Carolina’s state House passed a new Republican-drafted congressional map on Wednesday, giving the party one additional pick-up opportunity ahead of next year’s midterm elections. The new map, which was approved by the Senate earlier this week, likely makes incumbent Rep. Don Davis’s (D-N.C.) reelection bid more difficult going into the midterms. Davis represents the state’s 1st Congressional District. The effort is the latest from Republicans to create more red-leaning districts to bolster their chances of holding onto their majority in the House.” (10/22/25)

https://thehill.com/homenews/campaign/5567581-north-carolina-gop-approves-new-house-map-targeting-vulnerable-democrat/

India: New Delhi air quality at hazardous levels after Diwali fireworks

Source: ABC News

“Thick smog blanketed India’s capital Tuesday, a day after millions celebrated the Hindu festival of Diwali with fireworks that sent air pollution soaring to hazardous levels. Revelers in New Delhi burst firecrackers late into Monday night, filling the air with smoke and fine particles that mixed with seasonal pollution and stagnant weather conditions. By Tuesday morning, the city’s Air Quality Index had climbed above 350 in several neighborhoods, a level considered ‘severe’ and dangerous to breathe, according to the World Health Organization’s daily recommended maximum exposure. Visibility also dropped in some parts of the city as a gray haze enveloped streets, high-rises and historical monuments.” (10/21/25)

https://abcnews.go.com/International/wireStory/thick-smog-blankets-new-delhi-after-diwali-fireworks-126708436

Democracy and capitalism are mutually reinforcing

Source: Foundation for Economic Education
by Alex Tabarrok

“Many people argue that democracy is incompatible with capitalism but they differ on whether democracy will kill capitalism or whether capitalism will kill democracy. … The classical economists from Adam Smith to John Stuart Mill all worried that democracy would kill capitalism. Even Marx and Engels agreed …. On the other side of the aisle we have the moderns such as Robert Reich and Joseph Stiglitz who argue in Reich’s words that Capitalism is Killing Democracy …. A third argument, consistent with the views of Hayek, Mises, Friedman and others, is that capitalism and democracy are compatible and even mutually reinforcing. Ludwig von Mises, for example, argued that ‘Liberalism must necessarily demand democracy as its political corollary.'” (10/21/25)

https://fee.org/articles/democracy-and-capitalism-are-mutually-reinforcing/