Interventionism

The "art of central banking" is the art of pretending to know what one does not know. Not only is it not a science; it is not even an art. At best it is alchemy; at worst it is a gigantic cheat.

As I have written elsewhere, I normally cringe when I read the Economics secti

This morning’s New York Times

Thus, we are left with the prospect of Congress forcing us to use less fossil-based fuels (which are cost-effective and efficient) and replace those fuels with government-approved fuels, which are prohibitively expensive and inefficient.

I am in Bhopal, visiting India after almost three years.

It is no coincidence that many who oppose immigration also oppose free trade, support the war on drugs, and repeatedly suggest as remedies for every social ill more prisons, more regulations, more prosecutions, more fines, and more government.

In a neat admission that his bosses are rotting the money in our pockets, Chicago Fed economist Francois Velde has come up with

We don't have capitalism in New Orleans or anywhere else, of course. Only government can grant monopoly privilege to put obstacles in the way of people getting what they need.

Unfortunately, this first essay failed to shine any light in the darkness because he is using advanced mathematics — econometrics — in an attempt to explain human beings.

He has chosen the wrong tool for the job.

Capitalists and entrepreneurs will have to be convinced that a new social system will keep their investments safe from government appropriation — no small task.