The modern health insurance industry, a by-product of government regulation and tax policy, has led to a system in which the consumer of medical services doesn’t know the costs or final prices charged for services. Without a functioning system of price signals, prices cannot be contained.
In spite of its failure in the short term, the Scottish campaign exposed elite dread of decentralization while establishing a precedent that regions can decide for themselves to secede even without a nation-wide vote. The campaign also illustrates anew ongoing trends in the decline of the nation-state.
In this interview, Mark Thornton discusses his debate on the drug war at Oxford University and provides a view on how drug prohibition is viewed internationally.
Many modern states are little more than groupings of conquered nations. Breaking them up into smaller pieces is all for the best, and this would also ultimately lead to more free trade among nations since smaller states find it more difficult to sow the illusion of economic self-sufficiency.
In this transcript of his Mises Weekends interview with Jeff Deist, Andy Duncan handicaps the upcoming secession vote in Scotland and discusses the state of free-market thinking in the UK.
There is no one Taylor Rule, but several, depending on how one interprets the government's measurements of the economy. Taylor's rule also fails to address the fundamental problem of coordinating the actions of many diverse individuals in an economy, so it cannot protect us from malinvestment and bubbles.
The NCAA, a quasi-governmental regulatory cartel, prohibits colleges from paying athletes. So colleges employ a variety of schemes to offer unofficial “pay.” Meanwhile, the NCAA ensures there is no functioning job market for athletes at that level, and no competition to which students might go seeking higher pay.
The work of economist Anders Chydenius, which predates Smith’s The Wealth of Nations, provided a radically free-market voice for Scandinavia in the 18th century as Chydenius battled against mercantilists and those who thought government well-suited to plan economies with laws and edicts.
With a state in existence, ultimately, all private property becomes state property.
Some opponents of Scottish secession (and most other Secession movements) claim that places like Scotland and Quebec are "too small" to be independent countries. A look at small countries vs. large countries, however, suggests that small countries often perform better economically.
