Government is far from the economy's savior. Rather, it is a parasite, a cancer, that eats away at the wealth of its citizens with its fiat currency, its many billions of dollars of expropriated wealth, and its multitudinous directives.
Economists of the Austrian School not only understood that markets can fail if measured by an unrealistic and unrealizable standard. Ludwig von Mises emphasized the "uncertainty inherent in every action."
In the real world, it is not enough to have demand for goods: one must have the means to accommodate people's desires.
Recently, Paul Krugman published his own critique of the Bush tax cut in a short, popular book entitled Fuzzy Math.
Forbes magazine's Peter Brimelow and Edwin Rubenstein ask, "Does Hayek’s Law condemn the U.S. economy to a Japanese-like L-shaped recession?" John Cochran responds.
Only real savings and labor, not pieces of paper called money, can create new capital goods. Gene Callahan explains.
Doctors and patients fed up with the current medical system are negotiating something entirely new, and the AMA is very unhappy.
In 1920, Ludwig von Mises gave the first full explanation why collective ownership of the factors of production leads to economic chaos. Dan Mahoney restates Mises's position.
What are prices and what do they reveal about future events? Gene Callahan explains.
