Power & Market

Various inflation measures conceal more than they reveal, largely because they exclude measuring a large portion of high-inflation items.

 Human Action is more than a book about economics broadly construed. It is a guide to civilized social life which elucidates the laws of reality that apply if human persons are to engage in peaceful and prosperous social cooperation under the division of labor. 

Last week “Secretary of War” Pete Hegseth insulted Americans by claiming that a 50 percent increase in the US military budget – from an incomprehen

Inflation is not neutral, it is a hidden tax, a distortion of entrepreneurial signals, and a corrosive force against social trust.

Corporate finance can help introduce classifications such as the distinction between the assets of a natural person and a legal person, but also by incorporating profitability, liquidity, and solvency variables into economic policy analysis.

A central banker has two lives: the first is spent studying neoclassical money supply mechanics; the second begins when they realize the real world doesn’t work that way. 

There is a recurring temptation in political economy to reduce social order to a problem of conflict rather than recognizing the significance of voluntary cooperation.

The federal income tax is the crown jewel of a massive welfare-warfare state.

If executed perfectly, this swap allows the Fed to neutralize a shrinking money supply by swapping $2 trillion in mortgages for $2 trillion in government debt. 

States like California are learning this in real time, as high-income earners relocate in response to rising tax pressure and growing fiscal uncertainty.