Today is Hans Hoppe’s birthday. He is an outstanding libertarian theorist, in the tradition of Murray Rothbard, and his strikingly original work ranges widely over philosophy, history, and economics. Among his many contributions are a defense of self-ownership and property rights through argumentation ethics and a trenchant criticism of democracy. He is a scholar of the highest integrity and courage, and all lovers of liberty are in his debt.
For most experts a key factor that policy makers should be watching is the gap between the actual real output and the potential real output. The potential output is the maximum output that the economy could attain if all the resources are used efficiently.
The gap is labeled as the output gap. In June this year the output gap - expressed in percentage terms - stood at 3.8% against 3.25% in March and 2.75% in June last year.
Among issues in American politics, public education remains a sacred cow for many voters.
Political elites incessantly remind us that public education is a fundamental pillar of civilization. Without public education, we would continue to be uneducated savages.
All the innovations we see before us like the Internet would not be possible if it weren’t for the state-provided education pipeline.
Or so we are told.
Brian Price interviewed Max Wolff, chief economist at the Phoenix Group for Real Vision. Wolff believes the bloom will be coming off the Trump economic rose (Wolff contends it’s a continuation of the Obama boom) and was most testy about the president’s trade policy. “Two hundred years of economic wisdom versus a tier two real estate developer from New York. I’m not going with the tier two real estate developer from New York.
More than a little of that economic wisdom came from Ludwig von Mises, who explained,
An audio version of this article is available here.
As long as I can remember, unions have attacked as “scabs” those willing to accept work for wages and conditions those unions reject, even if it involves crossing union picket lines. In fact, that usage goes back centuries, from English slang for a mean, low, “scurvy” rascal or scoundrel. As Stephanie Smith put it in Household Words:
President Donald Trump sparked controversy — as is his wont — when he recently told CNBC that he was “not thrilled” with the Federal Reserve’s announced hikes in short-term interest rates, which he claimed would hinder the economic expansion for which his administration had worked so hard. “I’m letting them [the Fed] do what they feel is best,” he added, but this assurance was not enough to prevent journalists and policy experts from pronouncing Trump’s remarks as unprecedented interference with the central bank’s independence.
