The Mises Circle in Houston, Texas. Sponsored by Jeremy S. Davis. Recorded 22 January 2011.
Any theory — including any of Paul Krugman's Keynesian models — that neglects the distortion of the capital structure during boom periods cannot possibly hope to accurately prescribe policy solutions after a crash.
According to David Beckworth, the problem with our economy is that people aren't spending enough. This simple idea is very powerful; it permeates our financial press when they wring their hands and wonder if "the consumer" will buy enough to fix the economy.
While Austrians see how individuals working through free markets have bettered their life situations, Krugman and his colleagues see only chaos, failure, and bad food.
They say there's no such thing as bad publicity. But even though the <i>New York</i> author, Christopher Beam, tries to be fair to libertarians, in the end he thinks their worldview is wacko. Here is where Beam goes wrong.
A superficial observer of present-day ideologies could easily fail to recognize the prevailing bigotry of the molders of public opinion and the mac
Only in the direct presence of the authority figure do you find that most people will obey malevolent orders. Overall, what we find is that authority is a relatively weak way to establish and maintain social order.
