A careful reading of the quotations that Hayek left us upon his death on explains what is, in his opinion, the ultimate and definitive test of whether or not someone is a true economist.

(The photo below) Friedrich A. Hayek arriving for one of the morning sessions at the second Austrian Economics conference at the University of Hartford in June 1975. The conference was sponsored by the Institute for Humane Studies, with Don Armentano as the conference director.

A recent report from the Competitive Enterprise Institute highlights the cost of America’s regulatory state.

According to CEI:

The estimate for regulatory compliance and economic effects of federal intervention is $1.9 trillion annually for purposes of comparison with federal spending and other economic metrics. This estimate was compiled using available federal government data and reports, in context with contemporary studies.

Secrecy is a knavery entitlement program. Thanks to the ludicrously named Congressional Accountability Act of 1995, victims of alleged sexual harassment by members of Congress receive secret taxpayer-funded settlements. That means constituents rarely learn that their tax dollars underwrite their representatives’ allegedly roaming hands. More than $17 million has been spent in payoffs to congressional employees who filed workplace grievances.

Surprise, surprise! With the peso continuing to drop like a stone against the U.S. dollar, Argentina has appealed to the IMF for emergency credit.  In requesting the bailout, President Macri cited the sudden emergence of global factors beyond his control for the current plight of the peso. 

The Associated Press reported last week that the U.S. Equal Employment Opportunity Commission (EEOC) is suing the Albertsons grocery store chain in federal court over limits placed on employees as to when they may speak Spanish on the job. 

Living beyond our means requires us to borrow money to cover the difference between our income and our spending. Many Canadians now understand the financial consequences of this practice and regret the choices they’ve made. Unfortunately, Prime Minister Trudeau is not one of them, as evidenced by his government’s budget deficits which are further eroding the financial wellbeing of Canadians.

Franklin Bynum was unchallenged and won the Democratic nomination to become a criminal court judge in Houston. Mr. Bynum is an avowed socialist and he’s not alone in that conservative state. At least 16 other socialists appeared on the ballot in primary races across Texas.