Williams’s impressive ability to speak on wide-ranging issues with unusual clarity derived from his steadfast commitment to the “economic way of thinking.”
In most economies, inventories are valued at market prices, while in China they are valued by the authorities and adjusted later. This is just one of many ways China manipulates GDP data.
Interpersonal utility can't be measured. After all, if you can't measure a single person's utility, it makes no sense at all to measure one person's utility against that of another.
Without the culture, the life, the hum, and the energy of the city, without the shopping and walks, the theater or a ball game, city life now has all of the costs and none of the comforts.
Walter Williams believed free markets provided the best way for humans—and especially people born on lower rungs of the economic ladder—to advance materially and in other ways, too.
With the help of our extraordinary supporters, the Mises Institute is the world's leading supporter of the ideas of liberty and the Austrian School of economics. Since 1982, it has been the essential training ground the world over. With the continuing and growing economic crisis, the ideas of liberty are gaining more attention than ever. The Austrian School in particular is undergoing a remarkable renaissance. Hear the words of some of our supporters to learn why they are seizing the moment to help the Institute flood the world with truth.
