Finding Shelter from Monetary Racketeers
Henry Hazlitt said that to cure inflation, stop inflating, but surprisingly, most economists and politicians don’t want a cure.
Henry Hazlitt said that to cure inflation, stop inflating, but surprisingly, most economists and politicians don’t want a cure.
A central debate in the philosophy of science concerns the purpose of scientific theories: should they aim to represent the world as accurately as possible or is it sufficient for them to produce useful predictions? Milton Friedman’s influential essay The Methodology of Positive Economics argues for the latter, suggesting that the primary goal of a theory is to generate accurate predictions, regardless of whether its assumptions reflect reality.
In Costa Rica, and in most Latin American countries (Brazil, Argentina, Mexico, Colombia, etc.) the aguinaldo—a legally-mandated Christmas bonus—is an acquired labor right and is meant to provide workers with additional financial security. Unlike discretionary year-end bonuses in the United States, this one is an obligatory payment enforced by Costa Rican labor law.
It is popularly deemed a sign of moral superiority and a mark of the “progressive” mind to heavily criticize the existence of inequalities of wealth and income within the social order of the division of labor and private ownership in the means of production. However, the sober mind, careful of being unduly biased by errant ideological presuppositions, is often found to hold views that run contrary to the prevalent lines of reasoning advanced by these critics.
One of the most encouraging and promising things President-elect Trump said in his post-election acceptance speech was, “I’m not going to start a war. I’m going to stop wars…” We all understand that campaign promises often have a short shelf life after the election is over, but the Trump campaign’s repeated talk of peace over war at least demonstrates that he finds it a winning point to make to American voters.
In a recent statement, French Minister of Energy Olga Givernet expressed her frustration, declaring, “I am ready to take strong action on compulsory measures,” signaling the government’s intent to impose stricter regulations on companies for not transitioning to greener vehicle fleets quickly enough.
On Sunday, news broke that President Joe Biden has authorized Ukraine to use long-range American missiles to strike deeper into Russian territory. After the US gave Ukraine the greenlight to strike targets on the Russian side of the border earlier this year, the Ukrainian government and its biggest cheerleaders in Washington have been pressuring the president to support longer-range strikes—especially after Ukraine launched its invasion of Russia’s Kursk region.