by Frank A. Fetter
Introduction by Murray N. Rothbard
Sheed Andrews and McMeel, Kansas City, 1977, 400 pp.
Reviewed by Israel M. Kirzner
Reprinted from Austrian Economics Newsletter 2, no. 3 (1980)
The New York Fed’s most recent household debt report showed ballooning debt and delinquency in student and auto loans. Total household debt has just about reached its previous late-2008 high of over $12.5 trillion.
Our guest on Mises Weekends is Professor Per Bylund, a man who studies entrepreneurship for a living. Why is the role of the entrepreneur — the individual who risks capital, time, and energy to build a business — almost completely disregarded by most economists? Does the Austrian focus on individual human action explain why business schools are far more willing to embrace Austrian principles?
As the Fed continues to increase the rate of interest it pays on excess reserves, the Fed’s profits that are left over are slowly going to shrink in size. Since the Fed sends its profits to the US Treasury each year, the US Treasury will be receiving less. The Wall Street Journal reported on Friday:
The Dunning-Kruger effect is the idea that low-ability people tend to suffer from illusory superiority. The phenomenon, first studied by David Dunning and Justin Kruger, says that people who know the least tend to overvalue their own competence, and tend to believe that they are experiencing some sort of upper-echelon level of thinking.
Back in 2013, Barronelle Stutzman, the owner of Arlene’s Flowers in Richland, Washington, refused to provide flowers for a gay friend’s same-sex wedding. The legal battle that ensued has now ended: The Washington State Supreme Court just unanimously ruled that the florist violated the state’s anti-discrimination law.
The case has given rise to some misconceptions about discrimination.
Here is the back story.
The beltway Republicans are scrambling now that it seems the Obamacare replacement package put forward for Paul Ryan and endorsed by Donald Trump can’t get enough support to get through the House. The failure of the American Health Care Act should surprise no one, as it is a piece of legislation that managed to please no one.
In the 1950s, Corsican gangsters such as Lucky Luciano created a mafia empire by smuggling morphine base from Turkey to Sicily, where it was refined into heroin, then shipped to France and finally to the United States. This was the infamous “French Connection” that supplied the bulk of the heroin supply that the United States received through the early 70s.
