Slavery—Cronyism, Opportunity Cost, and Deadweight Loss
A modern misconception of antebellum slavery is that it “built the country.” Actually, the institution of slavery, economically speaking, was a deadweight loss to the US economy.
A modern misconception of antebellum slavery is that it “built the country.” Actually, the institution of slavery, economically speaking, was a deadweight loss to the US economy.
Bob looks at the misconceptions and misuses of GDP accounting, explaining why this widely accepted metric often paints a misleading picture of economic health.
Politicians respond to pressure. If we want them to actually carry out the cuts they claim to stand for, it’s up to us to provide that pressure.
The world is awash in debt bubbles, but politicians continue to spend, which requires even more central bank intervention—and more bubbles. Max Rangeley has edited The Age of Debt Bubbles, which details the dangers we face and how to stop the current madness.
Even though the Pentagon has failed seven audits in a row, defense spending is now 60 percent higher (in real terms) than its old Cold War peak.
In November, employed workers flatlined yet again as full-time work dropped for the tenth month in a row. Naturally, the Fed plans interest rate cuts.
A new study at UC Berkeley claims that California‘s new $20 minimum wage has had no adverse economic effects. If only that were true.
The Mises Institute is giving away copies of Murray Rothbard's classic, What Has Government Done to Our Money? and it will change how one sees our nation's monetary history. Rothbard presents a clear case for sound money as a basis for civilization itself.
Long before the term "Critical Race Theory" was coined, Ludwig von Mises already was critiquing what he called "racial polylogism," which claims that what passes for truth depends upon racial identity. While people might hold different perspectives, truth still is truth.
Marx is often portrayed as motivated by love of the working class, but, starting from the time he was a university student, he displayed contempt and hatred for the masses he deemed beneath him.
After spending 25 years as a columnist for the New York Times, Paul Krugman is finally retiring from that position—25 years too late, if one wishes to be honest.
Ryan and historian Christopher Calton take a look at why homelessness is rising and why politicians like California Governor Gavin Newsom are only making it worse.
In the post-Civil War South during Reconstruction, federal troops attempted to impose their will in part by pitting recently-freed slaves against southern whites. The outcome was obvious, leading to more than a century of violent racial clashes, all the while strengthening federal power.
It should be clear from the articles in this book that the Austrian School is thriving. Per Bylund has rendered a great service in bringing the scholarship in A Modern Guide to Austrian Economics to our attention.
There finally is pushback against Critical Race Theory that has infected higher education and most of our other institutions. Unfortunately, CRT concepts are so embedded in our body politic that the only way to combat them is through revisionist history.
In the aftermath of its recent election debacle, Britain's Conservatives have selected Kemi Badenoch as their new leader. Badenoch describes herself as an "adherent to Austrian Economics." Will it make any difference in Britain's future?
A central doctrine of the Keynesian system is the “liquidity trap” in which consumers hold money in anticipation of higher interest rates. The act of holding money allegedly promotes “underconsumption,” continuing the economic downturn. This doctrine, however, cannot withstand scrutiny.
William Rawle was a well-respected lawyer, legal scholar, an abolitionist, and a believer in the right of states to secede. He described this in A View of the Constitution of the United States of America, which many claimed to have read while at West Point prior to the Civil War.
Created as a sop to the teachers‘ unions, the Department has presided over huge declines in student academic performances and has played a vital role in politicizing formal learning at all levels.