In Austrian economics, judgment refers to decision making under uncertainty. Given that we live in a world of uncertainty, all of us use judgment when choosing what actions to perform. In our use of judgment, we form opinions about what goals we wish to achieve and the means by which to attain those goals. Merely wishing to achieve a goal does not guarantee that one will necessarily do so.

More than 30 years ago, I was listening to an NPR interview with Paul Ehrlich, the late Stanford University biologist who became the nation’s top environmental guru. His comments were opposite of the truth but well-received by his interviewer. Despite the fact that he often made unwise and outrageous claims that governing elites turned into brutal, coercive policies that made life worse for some of the poorest people on the globe, elites treated Ehrlich as a hero. Knowledgeable people knew better.

At this point, it seems the term “MAGA” is fully synonymous with “Trump supporter.” All critics of Trump have apparently already left the MAGA camp. 

The Faculty of Political Economy of Universidad Rey Juan Carlos in  Madrid, in cooperation with the Master Programme in Economics of  the Austrian School, is holding its tenth annual conference on  Austrian Economics. The aim of the conference is to bring together  scholars from around the world who are conducting research within  this intellectual tradition.  

As is becoming clearer from President Trump’s own statements and those of his staff, along with press reporting, the US has launched a major war without the input of the experts we pay to advise the President on such matters. The State Department, Pentagon, National Security Council Staff, Defense Intelligence Agency, and NSA were simply bypassed because, as White House Spokesperson Karoline Leavitt said, President Trump “had a feeling” Iran would attack.

On average, respondents forecast 1.8 rate cuts this year, a more dovish outlook than the Fed futures market, which has priced in only one cut.

“Freedom to roam” is marketed as a wholesome civic ideal: fresh air, exercise, social inclusion, a nation’s natural beauty shared by all. But beneath the sentimental branding is a simple legal transformation: your neighbor’s boundary stops being a boundary when the state decides your recreation matters more than his consent. That is not liberty. It is the political re-labeling of trespass.