For most economic commentators the underlying driving force of inflation is inflationary expectations1 . For instance, if there is a sharp increase in the price of oil, individuals may form higher inflationary expectations that could set in motion spiraling price inflation. Or so it is held.
Open, competitive markets have a resilient capacity to successfully coordinate the actions of, now, billions of people around the world. With an amazing adaptability to changing circumstances, the actions and reactions of multitudes of suppliers and demanders are brought into balance with each other. Yet, none of this requires government planning, regulation or directing control. But how does this all come about?
I’m delighted to announce the publication of a new collection of papers on Austrian economics, The Economic Theory of Costs: Foundations and New Directions (Routledge, 2018).
Paul Waldman tries to defend the US Postal Services in this Twitter rant, but all he does is show the need for better economics education. He lists a bunch of things the post office does and deems it a “fricking marvel.” Well, nobody disputes that the post office does home pickup and delivery, charges prices independent of distance, and provides services in small towns and low-income areas.
The right of the people to be secure in their persons, houses, papers, and effects, against unreasonable searches and seizures, shall not be violated, and no Warrants shall issue, but upon probable cause, supported by Oath or affirmation, and particularly describing the place to be searched, and the persons or things to be seized.
—The 4th Amendment to the US Constitution
In the preface to Ludwig von Mises’ Theory and History, Murray Rothbard refers to the book as his “fourth and last great work” as well as “the most neglected masterwork of Mises.” In it, Mises elaborates on the philosophy put forth in Human Action, where he details one of the two sciences of human action — praxeology.
The Federal Reserve’s decades long program of inflation, as the cure to fix all things wrong with economy, has made retirement a luxury fewer people can afford. It’s not a story that’s well known. That the retail world is being taken over by Jeff Bezos’s Amazon is common knowledge.
In the tradition of dimming debate, the chattering class has reduced systemic corruption in South Africa and the near collapse in Zimbabwe, respectively, to the shenanigans of two men: Jacob Zuma and Robert Mugabe.
Zuma, the President of South Africa, currently faces possible impeachment for corruption, while Robert Mugabe has now been forcibly “retired” after 30 years as President.
Inspired by the recent interest in the film Darkest Hour and Netflix’s The Crown, our friend C Jay Engel at Austrolibertarian was inspired to share the late great Ralph Raico’s thoughts on Winston Churchill.
From his essay Rethinking Churchill:
