Portrait of Nobel Prize-winning economist Vernon L. Smith.

Portrait of Nobel Prize-winning economist Friedrich A. Hayek.

The concept of consumer surplus.

The morality of the economy.

The criterion of social licence is a part of every debate surrounding economic development projects, especially when these include impacts on local communities or on the environment. And yet, this new concept is poorly understood, and mentioned nowhere in the law. Certain controversial projects, like pipelines or uranium mines, illustrate the potential pitfalls of social licence and remind us that the demands of some players frequently go beyond this framework.

The concepts of corporate social responsibility and sustainability.

Corporate social responsibility and sustainability are two widely used concepts. Corporate and government actions are partly judged according to them. Activists, politicians, and corporate leaders use them. But what exactly do they mean? Are they compatible with efficient management in a free society? To what extent are they even useful? This Economic Note will shed some light on these questions.

Portrait of Nobel Prize-winning economist Ronald Coase.

Portrait of the conservative think tank Heritage Foundation.

Fidel Castro's death.