Production Theory

It seems that we may never rid ourselves of the broken-window fallacy, writes Mark Thornton.

The discussion on pages 635–636 explains the "tragedy of the commons," in which people overutilize a resource (such as a buffalo herd or pasture) because of weakly defined or enforced property rights.

Unemployment in the unhampered market is always voluntary.

A report on the price of newspaper: zero

Presented at the Austrian Scholars Conference 2008.

To recap, what then we find is that not only does the availability of financial capital become wholly divorced from the extent of the pool of physical capital goods; not only does much of that pool become misused (and, hence, ultimately, stripped of its original "capitalness"); but that the wellspring of capital maintenance and augmentation — namely, voluntary saving — is concreted over to provide a gaudy, Baroque fountain of greater exhaustive consumption.

Here is a howler from

The falling US dollar eats away at foreign workers' savings as the money is converted to their national currencies, but, more important, it discourages people leaning towards employment in the outsourced sector.

While the politicians run around the country telling us of their plans to make our lives better--what wizar

I have begun a self-imposed "cognitive therapy" to stop letting thoughts of sunk costs undermine my enjoyment of life