Electing better planners won't make socialism work. Central planning fails because planning without the feedback mechanisms of the market is an impossible task.
Audio Mises Wire
Audio recordings of Mises Wire articles, offering contemporary news and opinion through the lens of Austrian economics and libertarian political economy.
The reliability and service life of the F-35 were greatly exaggerated in earlier reports. Now the aircraft is looking like an even bigger boondoggle than before.
By embedding victim-centered justice in law, lack of due process will become institutionalized. The burden of this will fall on men, and in particular black men.
In some cultures, entrepreneurial achievement and capital accumulations are viewed with high levels of suspicion and envy. This can be disastrous for economic progress.
If you were to browse the economics sections of bookstores here in my home city, Dublin, you would find a wide variety of books by anticapitalist celebrity economists. Books by free market economists? Not so much.
“Poverty in society is overcome by productivity, and in no other way. There is no political alchemy which can transmute diminished production into increased consumption.”
Centralizing political power in the hands of the state government only sets the stage for abuses when a new administration takes over.
Few political follies are more hazardous than presuming that one’s liberties are forever safe. If liberty is God’s gift to humanity, then why were most people who ever lived on Earth denied this divine bequest?
When Georgia and Florida scaled back covid restrictions, the experts predicted far more death in the "open states" than in the locked down states like New York and California. The numbers tell a different story.
Wage hike advocates effectively seek to force entrepreneurs to raise the costs of production after many of them have barely survived what became a catastrophic 2020 due to the coronavirus pandemic.
Nuland was an advisor to ultrainterventionist Dick Cheney and would continue the costly expansionist policies of the Bush and Obama years.
The new covid relief bill signals that whatever restraint on public spending existed before 2020 is now all but gone. And the bill represents the beginning of a new era: an era that can be likened to that of the New Deal.
An explosion in the money supply has driven many corporate managers to turn to stock buybacks as a safe alternative to holding on to depreciating cash. This means many companies are decapitalizing.
Local politicians have pretended the Lemp killing never happened and the media let them get away with it—the same way that most of the New York media covered Governor Andrew Cuomo’s nursing home catastrophe last year.
Wind and solar power can work well when placed in an ideal location. Much of the time, however, these projects require a lot of fossil fuel to produce, but then never deliver the promised "zero-carbon" energy.
Pulling troops out of South Korea is an important step in changing the conversation on American foreign policy, which is swamped in platitudes of promoting missionary enterprises abroad and finding new bogeymen to confront.
While some countries in Europe are showing signs of lifting all restrictions soon, Ireland’s so-called leaders are telling citizens it cannot be guaranteed that they’ll even be able to holiday in their own country this summer.
US government agencies like the FBI remain incapable of bringing foreign online scammers to justice. Fortunately, in their place, internet “vigilantes” have answered the call to action.
The discontent and unrest that followed the 2020 presidential election was, at least in major part, one of the innumerable destructive consequences of an almost 250-year-old error in economic theory made by Adam Smith: namely, the belief that profits are a deduction from wages.
Rising unemployment is just one outcome of minimum wage mandates. Capital accumulation and labor productivity will also be hurt.
