Two on Hayek
Hayek seems like the man of the day.
Barron’s offers an excellent commentary by Thomas G. Donlan, in which he recounts Hayek’s stunning Nobel lecture, which, by the way, the Institute has newly in print.
The Misdirection of Resources and the Current Recession
I have spent my academic career in the economic analysis of law and in the broad area of “political economy.” I am not a macroeconomist. So why have I been writing and speaking on this subject in recent months?
Voters Hate Socialism Except When They Love It
I’ve always been perplexed by the dichotomy that often divides people’s avowed beliefs and their actions. It may be hard to accept the moral and economic evils of socialism, in the abstract, but it’s also hard to vote against it. It turns out to be fairly easy, however (if potentially dangerous), to give an example of its insidiousness.
Wage and Price Controls in the Ancient World
For the past forty-six centuries (at least) governments all over the world have tried to fix wages and prices from time to time. When their efforts failed, as they usually did, governments then put the blame on the wickedness and dishonesty of their subjects, rather than upon the ineffectiveness of the official policy. The same tendencies remain today.
Fast Forward to the NEP
Soviet poster (1921) reads,”From the NEP Russia will come the socialist Russia.”
The sane maxim that the government doesn’t control reality, or even the economy, is actually a slight overstatement. The government can prevent market forces from operating by channeling resources into artificial channels.
The Left in Power
It is tragic that Obama should be president at all. If we had a position called “national well wisher,” “national greeter,” or “national symbol of accomplishment,” he would be perfect for the job. He is elegant and graceful and articulate, and inspires people in an unusual way. As chief policymaker, however, he has revealed himself as nothing more than a two-bit socialist.
The Victorian Bushfires
Fires are transformed into huge infernos and spread uncontrollably across Victoria only because of extremely high fuel loads throughout the state’s bushland. Local governments have neglected to manage fire hazards on their land in order to be faithful to the principles of environmentalism.
Printing Like Mad
We live in an age of grave economic ignorance, if central-bank policy is an indication of prevailing economic theory. It is apparent that we’ve learned nothing from several millennia of monetary destruction. The persistent demonstration that capital, not paper, is the basis for prosperity has fallen on deaf ears.
Mr. Obama, please make it rain candy
A mere first grader who has absorbed the political theme of our age.
