Take on the Street?
The cry of the Wall Street reformer is always the same: Let’s have more regulators and regulations to correct the problem of prior regulators and regulations! Gregory Bresiger reviews Arthur Levitt’s new book.
Demand-Side Dogma
Coercive transfers are wasteful, inefficient, and inequitable. The Left uses Demand-Side Dogma to instill false legitimacy into these policies, writes D.W. MacKenzie. The Right, including the Bush administration, plays along with this rhetoric all too often.
The Verge of Ruin
The litany is familiar to anyone who knows of the history of the Great Depression: miscalculation, overtaxation, keeping wages and benefits high, prevent the liquidation, boost consumer demand, run up public debt. Fritz Machlup said that this is the path to impoverishment, notes Sean Corrigan.
Spitzer and the Myth of Independent Analysis
The Spitzer settlement is a travesty of justice. If it is true that individuals in the securities industry perpetrated fraud in order to garner investment banking fees, they should be criminally prosecuted and punished. Only a corrupt politician would ignore possible crimes in return for an industry’s support in future political campaigns. The liberal New York democrat helped himself, not investors.
Mises on Conscription
If the pundits and politicians ever succeed in imposing the draft again on American citizens, for purposes of bolstering the military empire or doing social work, writes Jeffrey Tucker, they will have to look for support outside the libertarian tradition. Mises is not enlisted in this cause.
The Drama of American Banking
Rothbard makes sense of these complex events in American banking history--power struggles, recessions, foreign relations--wielding the principles of monetary theory and Austrian business cycle theory, which he explains very well, on the run. Joseph Stromberg reviews A History of Money and Banking in the United States.
Is the Worst Yet To Come?
William Anderson suggests a new slogan to fight the recession: It’s the liquidation, stupid. While he doubts that the motto will catch on with Bush and his political rivals, in the end, it really is the liquidation. Those who ignore this kernel of truth really are the stupid ones.
Secession in Michigan
Does justice permit people to be charged for services that they do not use? Certainly not. But this is the very essence of government. One family in Michigan decided that they wouldn’t take it anymore, fought city hall, and won. Adam Young tells the story.
Markets and the Information Problem
Many of the most interesting issues in economics derive from a lesser-known category of alleged market failure: so-called asymmetric information. The problem of asymmetric information is simple. Different people know different things about economic goods. However, rather than indicting a need for government intervention, asymmetries in information make the free operation of markets all the more important.
Chomsky’s Economics
Aside from Noam Chomsky’s work as a linguist, he is a great critic of US foreign policy, the corporate state, and the media establishment. There is much to criticize in these spheres and Chomsky does so prolifically. He is so prolific a critic that we are inevitably drawn to the question, “What is Noam Chomsky for?” It is difficult to discern this from his essays and remarks which are overfilled with analysis and criticism.
