Hoover's interventionist policies focused on labor markets with the goal of keeping wages and employment high. Bush's interventionist policies focused on capital markets with the goal of keeping financial markets functioning.
Most Austrians stop short of following Chicago School economists' advocacy of the "efficient-markets hypothesis" (EMH). In its most extreme form, the EMH becomes a caricature of itself in which asset bubbles are not just unlikely but logically impossible.
The famous physiocratic tenet that only land is productive must be considered bizarre and absurd. It is certainly a tremendous loss of insight compared to Cantillon, who identified land and labor as original productive factors, and entrepreneurs as the motors of the market economy.
The case of Terri Schiavo is almost as controversial as it is tragic.The controversy? Her husband is adamant that the doctors pull the plug on Terri, and her parents are just as determined to keep her alive.
QE2 is a direct response to deficit spending, which obliges the government to issue more bonds. With QE2, the Fed supports the state by buying these bonds. The Fed thereby actively helps the government in its Keynesian policies, which disrupt recovery.
Diminished preparedness for severe weather events should surprise nobody. The airport industry is one of the most regulated and intervened-in sectors worldwide, and it is not uncommon for governments to own the airports outright, leasing or licensing the facilities out to favored operators.
