A central bank is not a natural product of banking development. It is imposed from the outside or comes into being as a result of government favors.
—Vera Smith, The Rationale of Central Banking and the Free Banking Alternative
Anarchy, the absence of coercive government, must not be confused with chaos.
What contributes to the wealth of a nation? Gross national income (GNI) and gross domestic product (GDP) are two well-known measures of a country’s economic growth. One measures the earnings of a country, and the other measures the value of the final goods produced by the country. What drives these measures in the twenty-first century? We are now witnessing a pivotal technological divide among countries in their ability to invest in and deploy artificial intelligence (AI) and robotics in the means of production—a divide that is creating AI haves and have-nots.
For many economists, economic growth is a mystery. By “economic growth,” Shawn Ritenour has principally in mind economic progress in the less developed countries, but his recipe for growth applies universally. Why is growth a mystery? Ritenour explains why in this excellent book: “Indeed, a major reason modern macroeconomics has not solved the mystery is that as a whole—dare I say, in the aggregate—its analytical approach fosters neither asking nor answering the correct questions.”
Sohrab Ahmari has written a passionate indictment of the free market. The core of his indictment is expressed in one of the book’s epigraphs. It is from the Vulgate, and in translation reads: “Behold, the wages you withheld from the workers who harvested your fields are crying aloud, and the cries of the harvesters have reached the ears of the Lord of hosts” (James 5:4, NAB).
The Austrian (TA): At mises.org, we’ve focused a lot on how monetary policy can increase inequality and impoverishment. But the same could be said of many other non-central-bank interventions in the economy. What are some of these interventions that are making us worse off?
Over the past year, countless mainstream economists have shown a tendency to become upset when anyone suggests the economy isn’t great for everyone. The drive to convince everyone that things are swell began in 2022 and has continued through the whole summer. For example, last month Tyler Cowen penned an article in Bloomberg titled “The Economy Is Great.
Central banks around the world target a stable price inflation rate of 2 percent annually over the medium term. This is widely considered to be monetary policy’s most important contribution to the smooth functioning of a dynamic economy. This view is wrong on multiple grounds, but there is one problem with it that is commonly ignored. Inflation, even if it remains relatively moderate, can contribute to rising inequality and undermine social mobility. It therefore poses a serious threat to a free and market-based economy.
The Federal Trade Commission has filed a lawsuit against Amazon, claiming that it wields monopoly power in online retail.
According to the FTC, Amazon “is a monopolist that uses a set of interlocking anticompetitive and unfair strategies to illegally maintain its monopoly power.”
Here are some of the strategies included in the official complaint:
