Today, the political system really is in many ways what H.L. Mencken suggested when he described elections as a sort of "advance auction of stolen goods." The only answer lies in reducing the number of stolen goods available.

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Robert Murphy explains what it means to act "on the margin" or to think in terms of "marginality." Economists use the term often. The Mises Circle in interwar Vienna even had songs with refrains that included the words "marginal utility." Here is your one-article guide to understanding what all the fuss is about.

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