Without freedom in ideas and the profit motive, entrepreneurs will be unable and unwilling to spread the benefits of science across the globe, and countless advances will be doomed to obscurity, when they could be used to improve human life.
The Fed's Federal Open Market Committee renewed its commitment to easy money this week. The Fed will pretend to be committed to raising rates while doing nothing, and its ongoing war against deflation will continue to make us poorer.
Thanks to enterprising Peruvians who ignore the regulatory state, Peru continues to see growth in the standards of living of its citizens. Unfortunately, the global elites behind the World Bank are determined to regulate and "modernize" Peru until this entrepreneurial spirit is destroyed.
No amount of fantasizing can make fundamental economic realities go away, no matter how much we put our faith in central banks, government regulation, or technologies of the future.
Anti-capitalists often claim that employment is like slavery. But unlike slavery, employment in the market is voluntary, non-coercive, and makes the employee better off than he would have been without it. Employees merely choose an employer that provides the best alternative to non-employment.
There's no shortage of intellectuals eager to churn out new schemes for central planning.
Recorded at the Mises Institute in Auburn, Alabama, on 24 July 2015.
Recorded at the Mises Institute in Auburn, Alabama, on 22 July 2015.
