If one mentions in a discussion that Liechtenstein’s political system could possibly serve as a model for Germany, one usually reaps scorn and ridicule. If you dig a little deeper to find out what they know about Liechtenstein, the result is usually: little to none.

Last week, news of forest fires in South America received widespread media coverage. Sizable portions of the Amazon rainforest have burnt down and smoke has taken over the skies of large cities in Brazil, such as São Paulo and Belém.

As Congress mulls price controls on doctors and hospitals in the form of the Lower Health Care Costs (LHCC) Act, lawmakers must learn from history. Luckily, the message is abundantly clear: price controls have proved disastrous across the world throughout time, and this instance will be no different.

Many people think and talk about competition without a slight feeling of uneasiness. Often, it is only the entrepreneur who feels comfort about competition in the marketplace. Most people do not understand the sense of competitiveness the entrepreneur possesses. The saying goes, “If it ain’t broke, don’t fix it.” Not so for the entrepreneur.

The Austrian school of economics, marked by its unique causal-realist approach, contributed many important insights to the development of economic science. However, regardless of their profound contribution, the Austrian school has been usually charged as “unscientific” due to the lack of mathematical models in the Austrian analysis. Yet, calculations are being made everywhere in the Austrian framework, since the vital core of their theories is the importance of calculation for economic agents’ actions.