Competing Currencies in Somalia


By Finbar Feehan-Fitzgerald

Modern Somalia is a real-life example of concurrent currencies circulating alongside one another. This was Friedrich Hayek’s ideal monetary system. The collapse of Mohamed Siad Barre’s Democratic Republic of Somalia in 1991 gave us the unique opportunity to observe concurrent currencies absent any legal restrictions in practice.

Labour Unions Are Misusing Productivity Measures

manual labour

By Loane Sharp

Labour unions like to measure labour productivity by looking at total output per worker in the economy. However, total output per worker has only increased as much as it has over the past fifty years because capitalists have invested in more and better tools that workers can use to be more productive. Therefore, by looking at total output per worker, labour unions are skewing the productivity of labour grossly in their favour when it comes to wage negotiations.