Profiles

Prior to the demise of Arthur Andersen, the "Big 5" firms seemed to have a "lock" on reputation. It is possible that these firms may have felt free to trade on their names in search of additional sources of revenue. If this is what happened, this was a big mistake. In a free market, nobody has a...

During the early 1800s, the U.S. paper money in circulation was issued by banks, most of which were privately owned and state-chartered. There were, in fact, hundreds of banks across the country that issued their own--often distinctive--paper money. From these banking practices arose the infamous $...

Ludwig von Mises was correct to observe that "the great creative genius who perpetuates himself in immortal works and deeds does not when working distinguish the pain from the pleasure. For such men creation is at once the greatest joy and the bitterest torment, an inner necessity." It is also true...

Since it takes some time to say for sure that we are in recession, by the time we know we are in recession, we are already most of the way through it. This time, it took eight months--from March until November 2001--to determine we were in a recession. Here we are, in December 2001, and there are...

The Hirohito gold coin was fixed at a very high legal-tender value in terms of yen. Then the price of gold fell.