Here’s an Idea: Let’s Learn Absolutely Nothing
Here’s Lionel Robbins, from his 1934 book The Great Depression, giving us the advice that was ignored then and is being ignored now:
That Quiz!
The opinions of economists are not random. They can be classified into schools of thought, and to schools within schools. It’s too bad that the radio and television announcers can’t just say this before the economist ever opens his mouth.
Should the Crisis Shake Our Faith in the Market?
As 2008 draws to a close, a new president will be inaugurated in a few short weeks. The outgoing president claims that he must abandon free-market principles in order to save it. Somehow, this has translated itself into a multibillion-dollar bailout for politically favored carmakers. Should the current turmoil cause us to abandon hope?
One Cheer for Paul Krugman, or Why the Bubble Economy?
As a long-time critic of the part-time economist and full-time political partisan Paul Krugman, I would be remiss if I did not give him at least some credit for being able to point out the obvious: Bernard Madoff’s Ponzi scheme really is a prototype for the modern US economy.
Nazi Economic Policy
[This article originally appeared on LewRockwell.com.]
Nearly every day brings new reports of the collapse of a large financial institution or the impending bankruptcy of a major company. Plans for bailouts and government intervention are in the air. Even those who profess devotion to free enterprise have wavered. Are we not faced with an emergency that calls for immediate action to “save” capitalism?
The Case for Inflation
Reason prints Steve Chapman’s column calling for more inflation. Salvation through paper money!
The SEC Makes Wall Street More Fraudulent
In the private sector, when a firm fails, it ceases operations. The opposite happens in government. There is literally nothing a government agency could do that would make the talking heads on the Sunday shows ask, “Maybe we should just abolish this agency? Is it doing more harm than good?”
Madoff as Metaphor
So they will jail Madoff. Wall Street would flog him if it could. He is disgraced for all of human history. But meanwhile, the likes of Bush, Bernanke, Paulson, Obama, and all the rest are still riding high, even though their scheme is larger and more egregious by the standards of old-fashioned morality.
Ethics and the Holidays
As I consider books that had the greatest impact on me, Hoppe’s Economics and Ethics of Private Property is near that top of the list. Why? Because Hoppe places property in the center of ethics. He builds a system of ethics that is the basis for judging action. To that end, I try to keep Hoppe in mind when confronted by apparent ethical challenges, such as a children’s holiday program in the inner city.
Professor Samuelson on Income and Tolerance
Professor Samuelson has, in this case, misinterpreted an insufficiently small set of data to arrive at conclusions that square only with his own personal value judgments. He claims that his intellectual opponents (F.A. Hayek and Milton Friedman) give bad advice when they promote laissez-faire.
