Instead of decrying the penny, economists should recognize its potential to combat government inflation and advocate a return to an even harder currency. Coins may be expensive for the government to make, but this ensures that our money retains some value, regardless of what the government does. Do we really want free money?
Moral hazard is in no way a particular problem of the insurance industry. It can arise in almost any other field of human activity where there is a separation of ownership and control.The important fact is that any form of government interventionism, by its very nature, entails a forced separation of ownership and effective control.
The problem here is that the original Friedman thesis was wrong.
It is paramount for a free society to ensure, in the marketplace of ideas, that only good ones, based on sound theory and history, take root.
The Great Depression would have been worse without its only saving grace: all goods were cheaper than before. The major mistake of Hoover and FDR was in thinking that low prices were somehow the cause of the Depression rather than the effect.
Just in case you might think that the curbing of free enterprise and individual rights is something new in American history, someone just sent me a
The very existence of a centrally planned apparatus changes the real economic data, and so changes what the "correct" number of cars should have been, even if we could agree on the criteria for correctness.
It’s interesting how during a bust, the Austrian School suddenly gains greater prominence and people act as if the Austrians are just another
Weigel is himself constrained to admit that in Iraq, American intervention has increased terrorism.
