“The General Theory was published in 1936 and Hayek decided not to respond directly. In making this decision, Hayek committed what many defenders of the free market system consider to be one of the major tactical errors of this century.”
Deficits still matter, largely because they require monetary policies that lead to bubbles, inequality, and the slow Japanization of the US economy.
Yes, capitalism is more efficient than socialism, but to build a compelling argument for free market capitalism, defenders of liberty must also articulate that it is a superior moral system.
There are ominous signs on the horizon that governments want to move toward mandating "socially responsible investing" for pensions and fund managers. This is a terrible idea, to say the least.
What does "the consent of the governed" mean? In 2020, 53 percent of US residents either voted for someone other than Trump or Biden, or didn’t vote at all. It also means about 75 percent of the population did not vote for Biden.
Millennial Sam Jacobs went off to college a wealthy but normal young man and came back a socialist. Suddenly his family’s “extreme, plutocratic wealth” became too much of a burden for him.
Market progress through entrepreneurship and innovation means increased production. In a world of scarcity, that benefits all of us in society. That makes it a positive-sum game.
MacMillan's book provides many insights into the true vileness of war, although she strays into some dangerous areas when she accepts the faulty economic notion that wars bring economic benefits through government spending.
Joe Biden says: "I will work as hard for those who didn't vote for me as those who did." Does anyone actually believe that?
Human action cannot be analyzed in the same way that one would analyze objects. These quantitative methods do not improve our knowledge of the driving causes in economics.
