The use of mathematics necessarily leads the economist to distort reality by making the theory convenient for mathematical symbolism and manipulation. Mathematics takes over, and the reality of human action loses out.
If you abjure all violence, you must abjure the state. Thus, while not all libertarians are pacifists, all pacifists are libertarians, whether they realize it or not (and, admittedly, a great many pacifists have not realized it). Gandhi, it appears, did realize it.
Walt Disney maintained his desire to see the free-enterprise system of America always promoted as the solution to issues that societies face. The unfortunate reality of the present is that Disney World is becoming more of a museum about a bygone era.
The first great error here is the mental habit that many have of thinking that big government and big business are somehow at odds. The whole of American history from the beginning to the present suggests precisely the opposite.
When the state spends more money than it receives in taxes — a fact indelibly written into the bond — it is deliberately committing an act of bankruptcy. Is dishonesty transmuted into its opposite when committed by a legal entity?
If the Fed had been tracking repos in 2007–2008, what they would have seen was the unfolding of the financial crisis one full year before it went critical. Instead, Bernanke stopped collecting the data because he decided to abolish M3.
[This speech was delivered at the offices of the Mises Institute, September 14, 1999, the date on which Human Action was published 50 years ago. The Mises Institute published the...
The new ecofascist short film "No Pressure" is a beautiful example of the environmentalist movement's dropping its pleasant-looking mask and joking about its true authoritarian nature. People explode into a bloody mess when they decline to participate.
