Choice and Preference

Bryan Caplan, in his widely circulated article, “Why I Am Not an Austrian Economist,” seemingly has questioned the Austrian contention that choice implies preference. If it can be shown that we choose based on indifference and not preference, the Austrians be shown to be wrong. But can this be shown?

Five Books That Explain It All

In tough times, people cling to the words of politicians and the statements of TV’s talking heads—the two sources least likely to offer a broad perspective that yields answers. Jeffrey Tucker recommends five books for a clear a historical perspective, a theoretical explanation, a forecast for the future, and an agenda for change.

Competition and Higher Education

Competition is as wholesome in education as it is in manufacture and commerce, writes Hans Sennholz. Every school is an economic check on its competitors. However, government funding for higher education has dramatically changed the economics of this sector, vastly increasing costs, reducing service, and skewing curricula toward political ends.

Living-wage Follies

Sympathy and justice are wonderful. But neither is furthered by the “living wage” movement, writes John Egger. A university shouldn’t put its workers on its own welfare system. To respect their dignity we must pay them what they earn, and that can be established only on the market.

Where the Classical Economists Went Wrong

As I pointed out in my last column, the classical economists were not only advocates of the laissez-faire, laissez-passer credo; they were also opponents of a fiat paper money, viewing it as a corruption of the idea and integrity of money itself. However, their views on monetary matters were far from perfect. They made subtle errors that undermined their case for sound money and even paved the way for political intervention.

The Trouble with Deficit Finance

The private sector is good at satisfying consumer demand, but it’s not much good at guessing what’s in that grab bag that we call a budget deficit, writes Roger Garrison. The uncertainties associated with large federal budget deficits warn against exclusive focus on the total spending done by government. It does matter how that spending is financed.

Worse Than You Think

The latest economic data indicate that the prospects for a sustained economic recovery have been further delayed, writes Frank Shostak in a wide-ranging review of the current economic moment. The low interest rate policy of the Fed remains the major factor behind the continued deterioration.

Ben Franklin on Liberty

Benjamin Franklin made clear the ultimate intended result of America’s experiment in liberty, when he said, “God grant that not only the love of liberty but a thorough knowledge of the rights of man may pervade all the nations of the earth, so that a philosopher may set his foot anywhere on its surface and say: This is my country.”

Not in Stacks

Gregory Bresiger merely wanted to check out a video that both the library catalog and a clerk said was on the shelves. Instead, he stood face to face with what seemed to be the very embodiment of the entire public sector. Whether running libraries or global economies, the public sector isn’t up to the job.

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