Mises Daily

Monetary calculation is the guiding principle of action in any society with a division of labor.

Let us not be swayed by politicians out for power or by reporters out to create news where none exists. Facts and economic logic should prevail rather than rhetoric.

Make fuel from corn, by all means, if the free market signals that this the most pressing need and, hence, the most lucrative use for the crop.

Instead of decrying the penny, economists should recognize its potential to combat government inflation and advocate a return to an even harder currency. Coins may be expensive for the government to make, but this ensures that our money retains some value, regardless of what the government does. Do we really want free money?

Moral hazard is in no way a particular problem of the insurance industry. It can arise in almost any other field of human activity where there is a separation of ownership and control.The important fact is that any form of government interventionism, by its very nature, entails a forced separation of ownership and effective control.

The liberal looks with increasing favor upon the socialization of industry, or as it is sometimes called, the democratization of industry. The radical keeps pointing out that while this is all very well in its way, monopoly values will as inevitably devour socialized industry as they now devour what the liberals call capitalistic industry.

The problem here is that the original Friedman thesis was wrong.

Capitalism should not be condemned, since we haven't had capitalism.

Against this, there seems little reason to place more confidence in international bureaucrats than their national counterparts; and steps to centralized power have historically been inimical to liberty.