They seem blissfully unaware that once the power to define words is given to the state, it merely depends on who runs the state in order for the definition to be changed, and they seem too ready to tinker with the US Constitution in order to manage something that should have absolutely nothing to do with the state.
Mongolians would be better off building on the new wealth created by a potential copper mine, rather than discouraging risk-takers from finding and developing new mines.
The immediate effect of price controls or any government intervention upon the market is shortage of goods. Price controls discourage production just when it is needed most. The economy approaches full socialization. Rent control is the easiest way to destroy a city besides bombing it.
There are labor market myths and there are labor union myths. The biggest myth is that capitalists always exploit the working class. Basic economics about marginal productivity theory contradicts this. Examples abound in all areas.
The ink was barely dry on the quoted predictions that the killing of Abu Musab al-Zarqawi in Iraq would reduce violence and begin to normalize poli
The myth of antitrust, the myth of the New Deal and labor union myths are three economic fallacies. All three declare that government must save capitalism from itself.
This second myth about market failure is again a call for interventionism and support for bigger government. Natural monopolies don’t exist. The theory was made up after the fact. The only monopolies existing are those propped up by government privilege.
Special lecture presented at the Mises Institute on 6 June 2006.
