Free-market capitalism allows for a degree of coordination that no other system can match. Those who hold capitalism to a standard of perfection ignore the fact that activist governments have failed to attain anything better, and have often made matters worse.
Let us remember that we live in a world of scarcity, that economizing on information can be efficient, and that sometimes the reason stereotypes exist is because, well, they're true.
The various sources of error that come into play in the social sciences suggest that the error in economic observations is substantial. Morgenstern shows that the solution of a system of economic mathematical equations or econometric models is, due to the quality of the data, completely devoid of meaning.
For many years, I’ve been pointing out that the entire mass of the earth, from the upper limits of its atmosphere 4,000 miles straight down t
In a free market, science originates in the minds of individual scientists, who have studied and thought about problems that interest them and who
Modernism was a reaction to mass culture and totalitarianism government support. Are artists better off being shielded from markets and commercial pressures? There are pluses and minuses to commercial systems.
There was a conflict between patronage and the market in music, as reflected in the book, Quarter Notes and Banknotes. The classical music tradition is traced back to Paris. The Court of Burgundy in the 14th and 15th Century begins to get interesting.
In recent years there have been growing complaints over slow growth in wages compared to profits.
On occasion I’ll see someone try to smooth over the Mises-Hayek “dehomogenization” debate which argued whether and to what extent
