We need government to do it because defense is a “public good,” something the market can’t provide for a variety of convoluted reasons (free rider problems, writes, “the first person to provide a systematic explanation for the apparent failure of governments as security producers” was 19 th century thinker Gustave de
been more clearly delineated than in last week’s reports of a proposed futures market for terrorism. The Pentagon has been trying to find ways to know the Not surprisingly for an administration with such professed trust in the power of markets, the experts came up with the notion of an open exchange. Anonymous investors
of fixing things up. Here’s what happens. Through what the textbooks call open-market operations, the Federal Reserve pumps excess money and credit into the economy Of course, there are knee-jerk Keynesians who blame every recession on a “failure of demand.” They’ll have trouble explaining how it could be that real
much.” War critics didn’t believe him, but it took time for the full evidence of failure to emerge. Today, the war critics are the prophets and the war planners are first time in 1944. Imagine the Zeitgeist of the thirties and forties! The free market economy was under siege, because it was believed to generate chaos with its
the bust get started in the first place? I note that the cover article on The Failure of Federal Aviation Administration Regulation by Paul A. Cleveland and Jared R. Price references 3 Free Market articles (by Doug Carey, Bill Anderson and Robert Murphy) and 3 Daily Articles
explanation could simply follow the money trail. Even though D.A.R.E. has been a failure at persuading kids to steer away from drugs, it has been a marketing cash cow—filling its coffers with hundreds of millions of dollars in annual embracing a youth drug education program that really works. After 20 years of failure, isn’t it about time someone dares to tell the truth?
The Free Market 21, no.4 (April 2003) Lecturing at the London School of Economics from the global depression, and worked mightily all those years to show how the stock market crash was not the onset of the crisis but rather the much-needed liquidation contrast to the chaotic and fumbling ways of government security provision! But failure does not deter the state. Indeed, we are now asked to believe that the White
The Free Market 23, no. 7 (July 2003) No one can argue about the current moribund economy, from more efficient firms and toward the less-efficient steel makers. In a free-market economy, capital follows its highest returns, and steel numbers right now are stay as liquid as possible, as the prospect of losing everything in a wave of bank failures is intolerable to them. However, the possibilities of facing criminal
Wall Street Journal ($), defends the myth that the Roosevelt policies saved markets and capitalism from the ravages of the Great Depression. He does partly in “ The Roosevelt Nobody Knows “: ”By the midpoint of FDR’s second term, the failure of the New Deal policies was evident to all but the truly delusional. The
The mantra of “school choice” is getting louder. The wholesale failure of the K-12 public school system to adequately educate children, no matter competition in education would actually be like. Government interference in the market always distorts real competition. Numerous myths have been perpetuated about
What is the Mises Institute?
The Mises Institute is a non-profit organization that exists to promote teaching and research in the Austrian School of economics, individual freedom, honest history, and international peace, in the tradition of Ludwig von Mises and Murray N. Rothbard.
Non-political, non-partisan, and non-PC, we advocate a radical shift in the intellectual climate, away from statism and toward a private property order. We believe that our foundational ideas are of permanent value, and oppose all efforts at compromise, sellout, and amalgamation of these ideas with fashionable political, cultural, and social doctrines inimical to their spirit.