Why Did This Year’s Laureate Trio Win?
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."
Calculation and Knowledge
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What is up with the GDP?
In the real world, it is not enough to have demand for goods: one must have the means to accommodate people's desires.
Bush, Krugman, and the Market
Recently, Paul Krugman published his own critique of the Bush tax cut in a short, popular book entitled Fuzzy Math.
Hayek’s Law and Rothbard’s Wisdom
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.
Bastiat’s Plow
Only real savings and labor, not pieces of paper called money, can create new capital goods. Gene Callahan explains.
The Carriage-Trade Trend
Doctors and patients fed up with the current medical system are negotiating something entirely new, and the AMA is very unhappy.
Proof That Socialism Cannot Work
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.
Interpreting Prices
What are prices and what do they reveal about future events? Gene Callahan explains.
Environmentalism Refuted
The teachings of Carl Menger and Ludwig von Mises offer the answer to those who say we should dismantle civilization to meet the supposed needs of nature. A very powerful speech by George Reisman.
