This paper defends the Rothbardian theory which states that the proportion of consumption spending relative to investment spending is systematically related to the interest rate through time preference in society,
The aim of this paper is twofold: to reformulate the concept of contestable markets in the context of property boundaries and to recapitulate the characteristics of “sunk costs.”
There exists a modest but steadily growing literature on the economics of science. Much of it concerns the funding of research and the reaping of societal benefits therefrom, but one also sees increasing interest
In his recent Mises Daily, Dave Albin admirably elucidates th
Do we now have the Third Culture that C. P. Snow saw coming to life? It would appear so.
The corn, sugar, and ethanol industries in the US are all part of a complex system of government subsidies and other favors, writes Dave Albin.
Labor unions work to prevent increases in the productivity of workers, which is ultimately the only way to increase real wages, writes George Reism
It is within the bowels of government where the real yes-men problem lies. Here, there is no automatic feedback mechanism of the market to rely upon, to quell any incipient tendencies in the direction of yes-manning.
What sets Austrians apart from mainstream economists is methodology and consequent analyses. The first section contains an analysis of their methods, which are found wanting.
This paper reviews Austrian approaches to the firm and drafts a theory that emphasizes the firm as a market phenomenon. Here the firm is a vehicle for imaginative entrepreneurs to create artificially high factor density,
