Liberty-loving people are right to be appalled by the Patient Protection and Affordable Care Act. However, just about every evil in the legislation has already been inflicted on the market through fifty years of state destruction of the healthcare market.
2014’s new US Farm Bill eliminates many direct subsidies to farmers, while replacing them with subsidized insurance programs. This will lead to higher costs for taxpayers and distorted markets in the future.
The modern health insurance industry, a by-product of government regulation and tax policy, has led to a system in which the consumer of medical se
Theorists of the Austrian School have long maintained that every realized price is market-clearing, in sharp contrast to the adherents of the neoclassical mainstream, who view realized prices as constituting a state of disequilibrium with a mismatch between demand and supply. The heart of these theoretical differences lies in the equilibrium constructs used by the members of the two schools of thought in their analysis of price formation.
In his recent Mises Daily, Dave Albin admirably elucidates th
Ludwig von Mises (1981; 1998) is generally and properly credited by contemporary Austrians with having reintegrated monetary theory with general economic theory from which it had been severed by the neoclassical quantity theory.
Austrians frequently lament the absence of an Austrian undergraduate money-macro curriculum, especially at the intermediate level.
This note has shown that the possibility of the income effect of a price change is implied by the Misesian pure logic of choice. This note has not assumed that our individual must consume more than four loaves of bread to survive.
