"In Thomist thought, reason and empiricism are not separated but allied and interwoven. Truth is built up by reason on a solid groundwork in empirically known reality. The rational and empirical were integrated into one coherent whole."
"The future of the euro is dark because there are such strong incentives for reckless fiscal behavior, not only for Greece but also for other countries."
"The fragment on classes was actually written prior to the initial publication of Volume 1 of Capital in 1867. Marx died in 1883. That he never returned to the fragment strongly suggests that he had no satisfactory theory of class."
In order to answer these questions, we must realize that government is an agency for coercion, and we should understand how man reacts to coercion or in the absence of coercion.
"Aside from its high production values, what's remarkable about this video is its theoretical accuracy and transparency. It has brought Austrian business-cycle theory from the background to the forefront of debate."
"With a free-market defense system, each man acts to defend his own values to the extent he wishes to have them defended, regardless of what piece of real estate he happens to be occupying."
Nonetheless, an important crack in the united macroeconomic front has been made with the admission that the policies are wanting and the neo-Keynesian establishment economics does not have a ready answer to explain either the causes or cures of such contemporary economic phenomena as inflationary recession.
After all, as motivated producers are necessary for providing marketable goods, so motivated sellers are necessary for delivering these goods to the willing buyers.
We should not be fooled into believing that the economy will crumble without high government spending and loose credit organization.
Briefly, the importance of the Hayek theory of the business cycle is that it puts the blame for the boom-bust cycle squarely on the shoulders of the government and its controlled banking system, and, for the first time since the classical economists of the 19th century, completely absolves the free-enterprise economy from the blame.
