The Hoover Institution recently published a panel in honor of Thomas Sowell the economist. It is a well-deserved tribute. Sowell is one of the most lucid economic writers of the past half century. A good part of the conversation is devoted to his first major scholarly book, Say’s Law: An Historical Analysis (Princeton, 1972), the work that established him as a historian of economic thought.

Zimbabwe’s honey sector illustrates a problem familiar to Austrian economists: valuable knowledge exists, but it is dispersed among people, places, and production practices that no central authority can fully collect. Beekeepers know the flowering cycles of local forests, the behavior of colonies, and the harvesting methods suited to particular landscapes. Consumers, however, often cannot observe these qualities when honey reaches a market. A geographical indication (GI) on labels can help connect this dispersed knowledge to buyers.

“Should we just have done nothing?!” The former question is a common incensed objection whenever someone dares to question the wisdom, appropriateness, or success of the War on Terror.

Also, only 48% of Americans “believe the upcoming midterm elections will be free and democratic.” The myths of democracy seem to be in decline.  

“The U.S. national debt reached 100% of gross domestic product for the fiscal year that ended Sept. 30, hitting the triple-digit mark for the first time since 1946.”

Intensifying conflict in the Middle East has sharply heightened concerns over winter energy supplies.

“The Committee decided to maintain the target range for the federal funds rate at 3-3/4 to 4 percent, in support of the Federal Reserve’s dual mandate.”