Mises Daily

Economics is not about goods and services; it is about the actions of living men.

A return to sound money is needed. This would, as outlined by many Austrian economists, require putting an end to government's monopoly over monetary affairs.

The modern, subjectivist theory of prices does not assume that people have "perfect knowledge" of the market.

By outlawing short selling, the Securities and Exchange Commission outlawed a practice that produces information necessary for financial markets to function smoothly.

Economic knowledge gets more valuable as the economy worsens; but the economy worsens according to the level of political intervention — which is a function of economic ignorance.

For the economy and country to begin healing, we need capital, credibility and authority to move from the wasteful to the productive. The power elite, predictably, is attempting to achieve the exact opposite.

Q: So what's the solution?

A: Get out of the way. Let the market work.

Many laboring in the thriving cottage industry of Hayek biographers, critics and interpreters have commented on the transition from a "Hayek I" to a "Hayek II" that began in the late 1930s, portraying it as almost wholly an intellectual re-orientation and change in research interests. Few, if any, have recognized the radical alteration in analytical procedure and rhetorical style that characterized this transformation.

Personally, I am still a long-term optimist, but as a student of the Depression I know that Congress and the executive can do much damage before the long term gets here, and indeed, they can delay its arrival indefinitely.

Middle America has traditionally been the largest and most effective force of resistance to the imperial garrison state.