The U.S. Government Makes a Mockery of the Principal-Agent Relationship

The philosophical and legal foundation of the U.S. government (and some other governments) is that government officials are the agents of the citizens—in the familiar phrase, those who govern have the “consent of the governed.” An agent, of course, is someone I authorize to act on my behalf. For a host of reasons, this doctrine has always been more or less absurd, but its absurdity has been placed in stark relief recently by the government’s mass spying, which violates the Constitution, various statutes, and many official declarations and promises.

George Selgin Keeps Dancing Around the Facts

In his post a few days ago entitled “Don’t Ask George to Dance,” Bob Murphy referred to George Selgin’s “pugnacity” in denying that he is an Austrian. Now neither George’s pugnacity, nor his quintillionth public profession of his non-Austrianism, is sufficiently interesting to warrant comment. What does deserve comment, however, is George’s less than ingenuous explanation of why he is not an Austrian. George writes:

 

Henry Waxman: “Legislative Genius” or Corrupt Crony Capitalist?

President Obama described his fellow Democrat, who just announced his retirement after four decades in Congress, as “one of the most accomplished legislators of his or any era.” The Washington Post’s Harold Meyerson calls him a ” legislative genius” who “decisively consigned the Republican right’s favored ideology—libertarianism—to history’s dustbin.” He did so, Meyerson went on, by proposing “common sense” laws. “Who could be against “ Waxman?

The Arithmetic of Keynesian Stimulus

[Editor’s Note: Contrary to myth, Austrians are not opposed to quantitative or empirical assessments of history in light of economic knowledge. The confusion may arise from the fact that Mises regarded this not as economics, strictly speaking, but as economic history, or the work of historians. Nonetheless, discussions of measurements of economic phenomena are often informative. In this article, Julian Adorney examines some Keynesian methods of measuring the economy.]