Despite the massive intellectual feat that Marx’s Capital represents, the Marxian contribution to economics can be readily summarized as virtually zero. Professional economics as it exists today reflects no indication that Karl Marx ever existed.
—Thomas Sowell
If socialists understood economics they wouldn’t be socialists.
—F.A. Hayek
If you watched the Fed Chair Jerome Powell testify before the senate and the House, you heard over and over that banks are well capitalized.
Have you ever thought about the relationship between the words liberty and freedom? Frequently, the words are used interchangeably, but I have always preferred liberty.
The pro-life activist Randall Terry has a famous quote that anyone who cares about politics should be familiar with: “He who frames the question wins the debate.”
Back in December, a county treasurer buddy of mine informed me of a “dead period” when campaign donors cannot give to state legislators since they’re about to go into session. It’d therefore be more likely that they could give to candidates for local office.
If the donors have business before the legislature (or a local body) though, how proper is it that they give at all? That question popped to mind after perusing local campaign finance reports.
Adam Smith published The Wealth of Nations in 1776, at the beginning of the Industrial Revolution. The book was the result of twenty years of observation of human action and identification of the mechanisms and processes that lead to economic efficiency and to our well-being.
Everyone is blaming Jerome Powell for something these days, like the stock market selloff that followed the Fed Chair’s testimony to Congress this week. But do these critiques suffer from a lack of depth? On Wednesday, Fortune published an article showing how mainstream academics view the Fed. Various quotes foreshadow what the general public is up against, starting with the headline:
