Economic Science Has Been Hijacked
In Principles of Economics, Carl Menger corrected the theoretical mistakes made by the old classical school.
Week in Review: December 17, 2016
We lost one of the great scholars this week with the passing of Ralph Raico.
Six Steps Trump Can Take Toward Better Monetary Policy
Since Nixon severed the final link to gold in 1971, the US dollar has lost more than 80% of its purchasing power, wreaking havoc on ordinary savers, conservative investors, and households on fixed incomes. Today, inflationary monetary policy continues to be a foundational tenet of all presidential administrations as politicians and central bankers have heedlessly been borrowing and printing currency without restraint in order to bankroll today’s bloated and insolvent federal government.
Chapter 16 Price Controls
Planning for Freedom and Sixteen Other Essays and Addresses1
“Inflation and Price Control”
Chapter 15 The Hampered Market Economy
Planning for Freedom and Sixteen Other Essays and Addresses1
“Middle-of-the-Road Policy Leads to Socialism”
Chapter 14 Labor Productivity, Wages, and Unemployment
Planning for Freedom and Sixteen Other Essays and Addresses1
“Wages, Unemployment and Inflation”
Chapter 13 The Business Cycle
Interventionism: An Economic Analysis1
2. Credit Expansion
It is a fundamental fact of human behavior that people value present goods higher than future goods. An apple available for immediate consumption is valued higher than an apple which will be available next year.
Chapter 12 The Interest Rate
Human Action1
1. The Phenomenon of Interest
It has been shown that time preference is a category inherent in every human action. Time preference manifests itself in the phenomenon of originary interest, i.e., the discount of future goods as against present goods.
Why the Bill of Rights Is Failing
225 years ago today, the first ten amendments were added to the new Constitution of 1787. Those amendments have come to be known as the Bill of Rights, and taken as a whole, these amendments represent what can only be described as one of the few parts of the Constitution worth applauding today.
Trump Won’t Stop the Drug-Legalization Movement
Many drug law reformers are frightful over who President-elect Donald Trump will appoint to his cabinet to oversee the war on drugs. Might there be a crackdown and reversal of marijuana law reform? While a president’s cabinet choices are always a concern, a big picture analysis shows that efforts to legalize and decriminalize drugs are spreading and going global. The war on drugs is shrinking, not expanding.
