True Privatization

The regression theorem demonstrates, as a praxeological law, that money must originate as a marketable commodity before it can evolve into a widely-accepted medium of exchange. Yet what is often missed is that this theorem—logically derived from the axiom of action—has broader implications for the genesis of all social institutions.

Are Tariffs Good for American Workers?

President Trump says that tariffs are good for American workers. He claims that because tariffs raise costs on products manufactured abroad, they will make it feasible for American firms to make these goods here. Economists who oppose tariffs argue that free trade is more “efficient” than protectionism, but what they ignore is that this alleged “efficiency” comes at the expense of American workers. We are Americans, and we should follow an “America First” policy.

The Distraction of the “Gross Domestic Product” Economic Metric

For many years now it seems that the state of a nation’s economic health has been reduced, at least in the establishment press, to one metric—Gross National Product (GDP). Despite rising prices, increasing public and private debt, and other indications of a nation’s economic problems, governments and the legacy press everywhere hang on the latest GDP figures. If the number—always produced by government statistics offices—is positive, then all is well. If the number is on a downward trend, then government has an answer—increase government spending. This is the magic elixir.