Do banks receive deposits and then loan some of that money out? Or do they first extend loans that turn into deposits in the banking system?
Some critics of Austrian economics and, most recently, of the Mises Institute’s new documentary, Playing with Fire, say that anyone who discusses the former is not up-to-date on modern banking practices.
Kamala Harris has suggested that, if elected, her administration would “pass the first ever federal ban on price gouging on food.” She has also stated that she would undertake several interventions into the healthcare industry, including a promise to “cap the cost of insulin at $35 for all Americans.”
The philosopher Thomas Nagel can always be relied on for thought-provoking arguments, and in what follows, I’m going to discuss several that are relevant to libertarianism. These arguments are to be found in Nagel’s book Equality and Partiality (Oxford, 1991).
Richard Duncan recently appeared on the podcast Wealth Formula to discuss the Austrian School of economics. Despite being only 42 minutes long, the episode is packed full of errors and fallacies.
