Capital and Interest Theory

The Pulitzer Prize has been known for honoring great works and great folly. A newspaper colleague of mine in 1977 won a Pulitzer for a very moving (if, albeit, a bit staged) photograph of a legless Vietnam veteran sitting in a wheelchair in the rain watching an Armed Forces Day Parade in Chattanooga, Tennessee. The Pulitzer also is still recovering from the Janet Cooke fiasco of 1981 when the prize committee had to rescind the award given to the Washington Post reporter who wrote a fake story about a nonexistent eight-year-old heroin addict, the story called "Jimmy's World."

Neither the Fed nor Wall Street can undo the ill effects of past monetary expansions, says Frank Shostak.

Judge Jackson's decision in the Microsoft case assumes that superior technology doesn't win out in market competition. Is he right?

A stock price is not an objective rendering of value, but merely an opinion about the present and future worth of a company--and opinions can be wrong. 

In 1958, John Kenneth Galbraith assailed American spending patterns. Consumers, he told us in The Affluent Society, spend too much on such fripperies as large tailfins on cars. 

The free economy has liberated the human spirit to produce a level of prosperity unknown in the history of the world. (Opinion column by Llewellyn H. Rockwell, Jr.)

A scheme heralded by the political elite turns out to be an economic fiasco everywhere it has been tried, argues Jeffrey Tucker.

An Austrian perspective on what the film and the phenomenon can teach us about entrepreneurship. (An interview with Joseph T. Salerno). 

It's traduced in normal times and blamed for every economic crisis, but speculation has an important role to play in the market economy. (Article by Christopher Mayer)  

Another day, another politician blasts economics as a discipline and political issue. (Column by Llewellyn H. Rockwell, Jr.)