Written

This video is an  English translation of Jesús Huerta de Soto’s comments about

"Government" and "state" are terms typically used synonymously these days. But good governance and good law do not require the presence of the state and its monopoly power. 

While economists speak of GDP as a legitimate measure of the economy, a closer look tells us that it is biased toward consumer spending and fails to give a true measure of the value of capital.

The designations of "legal" and "illegal" do little to tell us about the productivity of a migrant, or the demands he or she makes of the welfare state. In practice, legal immigrants have greater access to public funds than illegal immigrants, and it shows. 

In 2022, Michigan Gov. Gretchen Whitmer used political favors and government grants to maneuver thousands of workers into jobs producing electric trucks. But consumers aren’t interested.

Some economists believe that the balance of payments is what determines currency exchange rates. In fact, exchange rates are always about the purchasing power of some currencies relative to others.

[From the  September-October 2023 issue of The Austrian.]

Stock markets tumbled this morning when the January Consumer Price Index (CPI) data came in hotter than expected.

The “second American Constitution,” was an illegal overthrow of the Articles of Confederation. This nationalist cabal behind the new constitution paved the way for new myths used to hammer the new confederation into a single unified national state.

The 1920s in America, as well as much of the West, were characterized by a feeling that anything was possible.