Mises Daily

Being a single mom is not debilitating, Deanna Forbush has proved that.

Mark Thornton teaches economics at Auburn University. He is a senior resident fellow at the Ludwig von Mises Institute in Auburn, Alabama, and is the Book Review Editor for the Quarterly Journal of Austrian Economics. He is co-author of Tariffs, Blockades, and Inflation: The Economics of the Civil War.

Let us remember that we live in a world of scarcity, that economizing on information can be efficient, and that sometimes the reason stereotypes exist is because, well, they're true.

It is comfort food, a breakfast that we eat when we are very young and very old.

Apart from the saving grace that the companies are adding value to the society, it is a jamboree of politically correct, anti-development, guilty, and dishonest people — those who have no concept of how wealth is created. They have no interest in the environment or the poor.

When government on all its levels enters health care, the industry has to adjust to every dollar spent and every order given.

So it is with the security state. We give it power, we permit it to run itself with no oversight, we put up with its excesses, and we have a hard time imagining what life would be like without it.

The various sources of error that come into play in the social sciences suggest that the error in economic observations is substantial. Morgenstern shows that the solution of a system of economic mathematical equations or econometric models is, due to the quality of the data, completely devoid of meaning.