Calculation and Knowledge

A modern socialist economy is impossible.

This summer, Hollywood is celebrating the 50th anniversary of its summer blockbuster “Jaws.” The making of such films provides a good analysis of how entrepreneurs operate in a world of uncertainty. Austrian economists are best able to understand how this process works.

Creating a hit movie series, television show, or video game is a phenomenon that not only strikes without warning, but can also strike in unexpected places—or fail to strike where it is intended. Austrian economics provides some key insights.

The standard argument for government services is that only government can build enough roads to meet transportation needs. However, the disconnect between production and consumer choice ensures misallocation of resources under government roads, including traffic congestion.

The standard argument for government services is that only government can build enough roads to meet transportation needs. However, the disconnect between production and consumer choice ensures misallocation of resources under government roads, including traffic congestion.

Bob hosts economists Vincent Geloso and Chandler Reilly to discuss their new paper, which applies Rothbard's "Private Product Remaining" to rethink how national output is measured.

With the recent collapse of air traffic control systems at Newark International Airport, air safety again is in the news. The problem is that the US ATC system is run on socialist principles. To fix this problem, turn to private enterprise.

Bob Murphy digs into the latest GDP numbers, questions Peter St. Onge’s optimistic spin, and shows what the data really says about tariffs, trade, and recession fears.

People like to believe that national defense is outside of economic analysis, but the reality is that laws of economics are immutable and universal. A case in point is the development of the F-35 Lightning II fighter jet.

The greatest innovations don’t emerge from a checklist; they arise from an obsession with understanding something that others overlook.