As tax day rapidly approaches, we are sure to hear leftists once again admonish us all about how the rich should “pay their fair share” of taxes. Their favorite tool to accomplish this is a highly progressive income tax code, which forces those with higher incomes to pay a greater share of their income to the tax man.

Murray N. Rothbard was the consummate scholar in several fields. From my first meeting with Murray Rothbard, attending Ludwig von Mises seminar at New York University, more than forty years before the sadness of his death, I knew him longest as an economic historian.

In every field, there are many unexplored or partially explored issues that may turn out to be important. But, in all likelihood, they are dead ends.

Someone once defined metaphysics as searching in a dark room for a black cat that isn’t there. For the last 35 years in Washington, I have been searching for rational government policies. And, like that black cat, I’m starting to doubt that it is actually there. 

But what I find on a regular basis is the notion that “Washington knows best.” The arrogance of policymakers is stunning - and it continues regardless of how many debacles they uncork. 

It is a common fallacy, particularly (but not exclusively) among the conservative right, that if a person is successful in business, he or she must have the requisite knowledge to make wise decisions regarding economic policy. This, unfortunately, is dangerously naive.

In his Theory of Money and Credit, Ludwig von Mises argued that

Given the popular view that expectations are the key driving force of an economy, many economists hold that “positive” thinking and large dosages of “good” news can prevent bad expectations from developing.  This, in turn, will prevent a fall in economic activity.

This is why, when the economy falls into a recession, economists quoted by the press are often very guarded in their speech.

On this Rothbard wrote,

Martin Štefunko, Chief Investment Officer of PPF Group N.V., is featured on the cover of this month’s Forbes in the Czech Republic.

[This is Part One of a three part series. See Part Two and Part Three.] 

Ever since the early days of Donald Trump’s campaign, his immigration policy has been centered around spending big bucks on immigration enforcement. From his famous border wall to stepped-up federal deportation operations, few would describe Trump’s policies as laissez-faire, and most involve increasing the size and scope of government.