Mises Daily

People frequently refer to government policies as paternalistic—either to justify or criticize them. But there is no analogy between a family and government.

With the dollar down and gold up, both trends obviously related to growing fear of economic troubles ahead, the question again arises: why shouldn't the dollar itself be good as gold? It would be if the views of the classical-liberal tradition held sway. This tradition stands solidly behind a commodity money standard, like silver or gold, as the very definition of sound money.

The accusations against Wal-Mart are many, and they include: paying overseas workers too little; not paying benefits to part-time workers; refusing to sell items that don't fall within its criteria for being "family-oriented"; not giving enough back to the community; and discriminating against women. Karen De Coster and Brad Edmonds respond.
 

Does the phenomenon of "reswitching" refute the Austrian theory of capital and interest? Contra Samuelson, no Austrian ever claimed that reswitching was mathematically impossible, writes Robert Murphy. Indeed, Austrians do not normally think in those terms at all, except when forced to in response to mainstream challenges.

It is debatable whether Bush should be intervening in the admission standards of one Michigan College. But it is perfectly apparent that he should do something to restore a free market in labor in his own neck of the woods.  As might be expected, Bush intervenes where he either can't or should not, but doesn't intervene to restore freedom where he can and should.

Contrary to Keynesian dreams, there are several undeniable realities of a recessionary environment, writes Lew Rockwell. Wages tend to fall. Businesses tend to be liquidated. Resources are withdrawn from investment and put into savings. Consumers spend less. Stock prices fall. All of these tendencies may seem regrettable but they are necessary to bring all sectors back into realistic balance with each other.

Do deficits cause interest rates to be higher than they otherwise would be? Supply Siders, armed with historical data, say no. Unfortunately for them, writes Christopher Mayer, the conventional wisdom is closer to the truth. Deficits crowd out private investment, fritter away savings, and rob the public of valuable capital. 

To the extent additional safety comes at a higher cost, it restricts the ability to make provision for other needs and wants, including safety, in other areas of life, writes George Reisman. And this remains true even when the higher costs of safety are initially imposed on business firms rather than directly on consumers. 

The cry of the Wall Street reformer is always the same: Let's have more regulators and regulations to correct the problem of prior regulators and regulations! Gregory Bresiger reviews Arthur Levitt's new book.

David Frum did not intend to write a send-up of the state. His goal was not to demystify the White House. But that is the effect of his chatty little book, The Right Man: The Surprise Presidency of George W. Bush (NY: Random House, 2002).