Once an economy falls into recession many commentators tend to express concern that as a result of the economic slump there are now underutilized capital and labor. Resources that can be used are now made unemployed. It is held that the key factor behind this is an insufficient demand for goods and services.

Once it is accepted that this key factor is associated with insufficient demand these commentators take the view that what is required is to somehow boost overall demand in the economy.

Big Eye is watching you. For more than a decade, lobbyists from Johnson & Johnson (J&J), which controls over 40 percent of the contact lens market as a result of their cozy relationship with optometrists, and the American Optometric Association (AOA), which represents nearly 40,000 optometrists nationwide, have been fighting to create an artificial monopoly in the eye care industry.

During the 2016 presidential election, Bernie Sanders refused to answer questions about Venezuela during an interview with Univision. He claimed to not want to talk about it because he’s “focused on my campaign.” Many suggested a more plausible reason: Venezuela’s present economy is an example of what happens when a state implements Bernie Sanders-style social democracy. 

Twenty one quarterbacks have been signed to new contracts in free agency this year. Included in this mix are names like Kellen Moore, EJ Manuel, and Mike Glennon, who received a contract worth over $14 million a year this past March. Yet the most accomplished quarterback that was on the market has not yet been signed, or even visited another team.

When Donald Trump wanted to “do something” about the use of chemical weapons on civilians in Syria, he had the U.S. Navy lob 59 cruise missiles at a Syrian airfield (cost: $89 million).

After a highly publicized failure to repeal Obamacare in March, Republican leaders have repeatedly said the battle is not over. President Donald Trump continues to push lawmakers to negotiate changes to the 2010 healthcare law, though it’s not clear whether any legislation will have enough support to usurp the Affordable Care Act.

Instead of trying to replace Obamacare with a different version, we should let entrepreneurs play a prominent role in fixing our broken healthcare system.

Hutt’s Critique of Keynes –
Two Reviews of the Keynesian Episode, reviewed by John B. Egger
A.E.A. Session reviewed by Mark Manasco
“Muster-Voraussagen” und “Erklarungen des Prinzips” bei F.A. von Hayek: Eine Methodologische Analyse (reviewed by Stephan B. Bohm)
Briefs
A Tiger by the Tail: The Keynesian Legacy of Inflation reviewed by Robert L. Bradley
Unemployment and Monetary Policy: Government as Generator of the “Business Cycle” reviewed by J.A. Dorn
Theory of Social Action: The Correspondence of Alfred Schultz and Talcott Parsons reviewed by Ludwig M. Lachmann

My most memorable high school experience occurred on the first day of my senior year. I was sitting in an Advanced Placement US Government class when the teacher posed a simple question to the students. It was a question intended to set the course in motion, and get us fledgling statecraft scholars thinking.

The question was, “what is government?”