All the things you use every day started out as good ideas. In the market economy, good ideas are built upon by better ideas. And the results are not just felt in the abstract but become very real to millions.
They say there's no such thing as bad publicity. But even though the <i>New York</i> author, Christopher Beam, tries to be fair to libertarians, in the end he thinks their worldview is wacko. Here is where Beam goes wrong.
The famous physiocratic tenet that only land is productive must be considered bizarre and absurd. It is certainly a tremendous loss of insight compared to Cantillon, who identified land and labor as original productive factors, and entrepreneurs as the motors of the market economy.
Mencken wrote that the sine qua non of all good criticism should be its ability to stand alone as a piece of art regardless of the qualities inherent in the object of the criticism. Cantor, Cox, and the other critics whose essays appear in...
Many academic economists are beginning to worry: Could the Federal Reserve itself become insolvent? In this article I'll explain these fears and I'll argue that the Fed, with its printing press, cannot really go bankrupt the way other corporations can.
When governments try to confer an advantage to their exporters through currency depreciation, they risk a war of debasement. In such a race to the bottom, none of the participants can gain a lasting competitive edge.
"Because there is no link between the 'revenue' acquired by government agencies and the costs they incur, there is no way of utilizing the yardstick of profitability to evaluate whether agencies are performing a useful function."