Behavioral, Experimental, and Austrian Economics

This year the Nobel prize in economics was awarded to Daniel Kahneman and Vernon Smith. These two economists have been probing the validity of popular economic theories regarding peoples’ choices. Kahneman integrated insights from his psychological research into the field of human judgment and decision making under conditions of uncertainty. Smith has established an experimental laboratory as a tool for validating economic theories. 

Will Rogers on Government

Will Rogers’ sense of humor can help keep our spirit of liberty alive by openly ridiculing what is in fact ridiculous about how government really operates. His humor gave free rein to his First Amendment freedom to criticize our government--using his wit, and the threat of public embarrassment that went with it--to keep politicians and bureaucrats in their place.

Russia’s War on Chechnya

The Moscow hostage crisis, unlike most actions that the Russian government blames on Chechens, was definitely of the Chechens’s making. But the action, as appalling as it was, does not appear in a historical or political vacuum. Yuri N. Maltsev explains the history of Russia’s cruelty toward Chechnya.

Federal Prodigality

The U.S. Congress, divided almost evenly between the two political parties, is deadlocked on many issues, but the President and Congress surprisingly are in friendly accord in matters of government expenditures, writes Hans F. Sennholz. The boosts surpass even President Lyndon Johnson’s Great Society spending initiatives some 30 years ago.

The Austrian School in the Liberal Arts

This talk was delivered at the Mises Institute’s 20th anniversary celebration, October 18–19, 2002.

The penultimate goal of a liberal-arts education is an independent learner, a person trained in the arts of learning who is thereby liberated from the necessity to depend on others to determine what is true and what is false.  But the ultimate goal of such an education is to know and practice the truth itself.  

The Impossible War

There are some things that a state just cannot do, no matter how much power it accumulates or employs. There has been no shortage of rhetoric. No expense is spared on arms escalation. There is no lack of will. The effort has the backing of plenty of smart people. It is backed by threats of massive bloodshed. But, in the end, the war on terror cannot work.
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