Mathematics enjoys the prestige of being truly “scientific,” but it is difficult to mathematize the messy and fuzzy uncertainties and inevitable errors of real world entrepreneurship and human actions.
Randall Holcombe's has written an impressive new book on political capitalism (or "crony capitalism") and contributes a discussion on political and economic elites.
The demand for goods is not constrained by the amount of money, but by the production of goods and services available to trade for money.
Central planners like Cass Sunstein think our alleged "irrationality" means we need the government to intervene in our daily lives.
Keynes and Hazlitt: their lives and loyalties are a study in contrast — and mostly of choices born of internal conviction, in Hazlitt's case, or lack thereof, in Keynes's case.
As dismissive as many of us would like to be toward Marx’s thoroughly debunked labor theory of value, it still holds currency among today’s budding socialists.
Presented at the Mises Institute's "First Annual Advanced Instructional Conference in Austrian Economics" at Stanford University.
Presented at the Mises Institute's "First Annual Advanced Instructional Conference in Austrian Economics" at Stanford University.
Hazlitt and all of the other critics of Keynes never did get to the primary points with respect to what was wrong with Keynes. One point was theoretical. The other was practical.
The idea that people are driven by fear of losses more than they are by the potential for gain has attained a sort of dogmatic adherence among behavioral economists. But there's a problem: the theory isn't true.
