Power & Market

Systems do not collapse when they finally become unstable; they appear stable until the moment their failure can no longer be ignored.

What keeps central bankers up at night?

Do we need a national price fixing committee for interest rates? Answer: No.

Various inflation measures conceal more than they reveal, largely because they exclude measuring a large portion of high-inflation items.

 Human Action is more than a book about economics broadly construed. It is a guide to civilized social life which elucidates the laws of reality that apply if human persons are to engage in peaceful and prosperous social cooperation under the division of labor. 

Last week “Secretary of War” Pete Hegseth insulted Americans by claiming that a 50 percent increase in the US military budget – from an incomprehen

Inflation is not neutral, it is a hidden tax, a distortion of entrepreneurial signals, and a corrosive force against social trust.

Corporate finance can help introduce classifications such as the distinction between the assets of a natural person and a legal person, but also by incorporating profitability, liquidity, and solvency variables into economic policy analysis.

A central banker has two lives: the first is spent studying neoclassical money supply mechanics; the second begins when they realize the real world doesn’t work that way. 

There is a recurring temptation in political economy to reduce social order to a problem of conflict rather than recognizing the significance of voluntary cooperation.