Vox is a never-ending fountain of ignorance. Like this piece about four ‘laws’ of economics that are simply wrong. Some of these claims are indeed wrong, but it’s also wrong to claim that economists make them.
Let’s look at each one.
1) Going below the natural rate of unemployment could spark an inflationary spiral.
Since Irving Fisher and John Maynard Keynes were writing in the 1930s, there have been two prevailing orthodoxies in mainstream economics:
[A selection from Austrian Economics and Classical Liberalism. See source for full list of citations and notes.]
[From “Alleged Joys of the Society of Status“ in Power and Market, Chapter 6.]
Ever since President Trump nominated Judy Shelton to the Federal Reserve Board, the economics establishment has been letting Americans know just how crazy she (allegedly) is. And to illustrate that the establishment is bipartisan, the condemnation of Shelton has come from both the left and the right.
The Brennan Center for Justice recently published a collection of essays, all written by far-left politicians, about how the United States might solve the problem of mass incarceration. Bernie Sanders contributed an essay titled “Abolish For-Profit Prisons.” His essay should come as no surprise; during the 2016 election, he made headlines after proposing the Justice Is Not For Sale Act.
This week the Bank of China announced a devaluation of the yuan to roughly ¥7 to $1, a par last seen in April of 2008. The Trump administration retaliated by designating China as a currency manipulator, a move Washington has long threatened but had never acted on.
A recent episode of the Human Action Podcast dealt with Mises’ Omnipotent Government, written between 1939 and 1943 and first published in 1944.
On July 28, in London, Ontario, a police pursuit of two bank robbers resulted in three collisions. The suspects’ car hit another car, and police cars hit two other cars, the second of which was a taxicab, which appears to have had the right-of-way in an intersection.
