In a free market, the profit-and-loss system plays an essential role. It signals how resources should be allocated, enabling entrepreneurs to pursue productive avenues and make long-term plans. By the same token, a system of profit and loss identifies those entrepreneurs able to synthesize market information, gather required inputs at a certain cost, and sell the output above that cost. Good entrepreneurs are rewarded with profits while the bad entrepreneurs experience losses and ultimately fail.

Every day in America a total of 13 people die waiting for an organ transplant, or 4,745 people per year. A further 103,223 people on waiting lists lead a grim existence on dialysis or other medical equipment. The explanation for this drastic shortage of organs is obvious.

As President Trump continues to impose his will on numerous government agencies, his critics become increasingly angry—and helpless. At their point in his presidency, we are seeing two opposite and irreconcilable narratives, with neither really being correct.

In even the most reasonably-informed accounts of classical liberalism, those that eschew the inclusion of the likes of Mill and Rousseau, the spotlight almost invariably falls on Britain and France—on the likes of Adam Smith, Richard Cobden, Frédéric Bastiat, and Benjamin Constant. Yet the German tradition of liberalism—so often overshadowed by the rise of Bismarckian statism, Marxism, and social democracy—played a critical role in shaping the transnational liberal movement of the 19th century.

New York City is abuzz and still reverberating after Queens Assemblymember Zohran Mamdani—a self-described Democratic socialist—toppled former Governor Andrew Cuomo to clinch the Democratic mayoral nomination based on a Democratic Socialist platform that se

It is often claimed that the free market is nothing more than a system of exploitation, one where the “haves” gain at the expense of the “have-nots.” The very existence of haves and have-nots is said to create conflict, and we are supposed to lament inequality in ownership as proof that the market is aga

In recent weeks, four US Navy ships and a nuclear submarine, all carrying thousands of service members, have been deployed by President Trump to the waters off Venezuela’s coast.