Economists are fond of claiming that employing data and statistical analysis is actually “doing economics.” No, they are “doing data” and nothing more. Real economics employs real theories that explain economic phenomena.
When Adam Smith and the English classicals promoted division of labor as the most important ingredient in economic development, it took Carl Menger and his Austrian successors to point out that error and promote the proper economic theory of production.
Since Adam Smith, economic thinkers have failed to understand that profits in a market economy are not extractions of wealth from laborers. In truth, profits lead to higher wages and higher living standards for those workers.
Scott R. Sehon tries to be intellectually honest in his critique of capitalism and his endorsement of socialism, but David Gordon writes that Sehon needs to better know the arguments favoring capitalism.
Thomas Hill Green, an eighteenth-century English philosopher, didn't believe it was possible to have a good society without a powerful state. David Gordon explains why Green’s argument fails to impress.
Since Adam Smith, economic thinkers have failed to understand that profits in a market economy are not extractions of wealth from laborers. In truth, profits lead to higher wages and higher living standards for those workers.
How do we best understand economics? Per Bylund explains in the introduction to his Chinese version of his book, How to Think about the Economy: A Primer. Economic understanding is now exported to a country with more than a billion people.
Once in a great while, a book appears that both embodies and dramatically extends centuries of accumulated wisdom in a particular discipline, and, at the same time, radically challenges the intellectual and political consensus of the day.
The Rothbard Graduate Seminar (RGS) provides an opportunity to learn about Austrian economics at a high level.
Thomas Hill Green, an eighteenth-century English philosopher, didn't believe it was possible to have a good society without a powerful state. David Gordon explains why Green’s argument fails to impress.
