On your computer monitor, your table lamp, or the label on your hair dryer, you will see the symbol "UL" with a circle around it. It stands for Underwriters Laboratories, a firm headquartered in Northbrook, Ill., and an unsung hero of the market economy.
The Whiskey Rebellion has long been known to historians, but recent studies have shown that its true nature and importance have been distorted by friend and foe alike.
Interest rates, like any important price, are complex phenomena that are determined by several factors, each of which can change in varying, or even contradictory, ways.
"When we call a capitalist society a consumers’ democracy we mean that the power to dispose of the means of production, which belongs to the entrepreneurs and capitalists, can only be acquired by means of the consumers’ ballot, held daily in the marketplace."
In times of massive and frequent technological improvement, it would be sheer waste for manufacturers to dump resources into making products last past their usefulness.
As I learned growing up in Allegheny County, the sign that reads, "Keep out, Property of Allegheny County," does not refer only to those who live outside the county.
The Fed would have us believe that it has am impressive record of success in preventing recessions and improving the economy. The actual historical record suggests otherwise.
If Keynes was such a model champion of the free society, how can we account for his peculiar comments, in 1933, endorsing, though with reservations, the social "experiments" that were going on at the time in Italy, Germany, and Russia?
But how can anyone deny that the East German or Russian experience is decisive evidence against socialism? The answer lies in creating a arcane theories that make socialism sound reasonable.
The Antifederalists were afraid the new proposed Constitution would lead to a supersized national government. They were right.
