Can Governments Function Like Markets? Austrian Insights into Public-Choice Theory

Public-choice theory - the application of economic theory and methodology to the study of politics and political institutions - has been based primarily on neoclassical price theory, applied to the the operations and activities of governments. But, writes Thomas DiLorenzo, if neoclassical price theory is itself flawed, then perhaps its applications to the study of political decision-making have produced uncertain results. DiLorenzo explores two strands of Austrian economics - theories of competition and of entrepreneurship - and their implications for public-choice theory.

No More Great Presidents

Robert Higgs’ idea of a great president is one who acts in accordance with his oath of office to “preserve, protect, and defend the Constitution of the United States.” Not since the presidency of Grover Cleveland has any president achieved greatness by this standard. Worse, the most admired have been those who failed most miserably. Evidently Higgs’ standard differs from that employed by others who judge presidential greatness.

The Mises Money Clip

Somehow we were under the impression that money clips were old hat, replaced by wallets and purses. But it turns out that they are highly treasured these days when you don’t always want to dig through a wallet or purse in order to buy an energy drink or show your driver’s license. People in large urban areas carry them exclusively, and kids like them too for keeping smaller bills.