Gary Wolfram writes a New Year’s outlook about Mises’s message of peace and cooperation. He notes that Mises understood the coming of the Great Depression and WWII in his classic book Liberalism because he saw the nations of the world moving away from liberalism and towards various sorts of socialism.
Senior Fellow Thomas Woods interviews former Reagan budget director David Stockman on why Paul Krugman is wrong on the deficit and on monetary policy, how the Fed enriches and impoverishes, and where the U.S. economy is likely to go:
Normally, I wouldn’t bother examining an article like this, but the author of the piece tries to score some points using Walter Block and the Austrian School as examples, so I’ve commented. My remarks in brackets:
ANALYSIS: Are free-market Catholics ignoring Pope Francis?
Two items of note:
Contrary to Milton Friedman’s dogmatic ruminations about “positive economics,” the Coase Theorem was accepted by the entire University of Chicago economics department based on Friedman’s acceptance of it after a dinner party at his home with Coase and members of the department. This is according to Coase himself. There was no “testable hypothesis” in “The Problem of Social Cost,” and no ”empirical testing” of any kind. Friedman announced the idea to be acceptable, and so it was, without question, by the Chica
by Jacob Huebert
Murray Rothbard, the great libertarian theorist and economist, hated Goodfellas. He especially hated the depiction of gangsters as “psychotic punks” whose violence was “random, gratuitous, pointless.”
He preferred the Godfather films, where the gangsters never engaged in violence “for the Hell of it, or for random kicks,” but only used it to enforce contracts the government police and courts wouldn’t uphold.
[To complement Robert Murphy’s post today on economics and education:]
From Human Action XXXVIII: by Ludwig von Mises
