Do the low inflation rates mean that the purchasing power of Japanese and Swiss citizens has increased relative to other countries over time? The answer seems to be no.
Antony Mueller explains that measuring the economy as a whole owes its popularity to the Cold War—that the origin of the GDP lies in the management of the war economies of the first half of the twentieth century.
For nearly a hundred years, economists have been groping for an explanation for the business cycle, writes Murray Rothbard, while overlooking the Austrian explanation.
The French Revolution is a large and complex event worthy of a Gibbon, but it may not have happened at all if the French monarchy had balanced its budget.
Frédéric Bastiat reminds us of the dangers to all sides of using military force as a means of securing resources or to bring freedom to foreign peoples.
A bureaucrat differs from a nonbureaucrat precisely because it is impossible to appraise the result of a bureaucrat’s effort in terms of money, however important his "output" may be.
The Austrian approach to economics dispenses with the idea of "economic man," and broadens economics to include all action, which takes place in a framework of scarcity.
