Since Adam Smith, economic thinkers have failed to understand that profits in a market economy are not extractions of wealth from laborers. In truth, profits lead to higher wages and higher living standards for those workers.
By borrowing money and “creating” new jobs, the government is creating the illusion of a strong economy. This does not end well.
Javier Milei has begun his presidency by taking action against much of Argentina’s vast welfare state. One hopes it is the beginning to a successful term in office.
As Oregon struggles with the aftermath of drug legalization, some are calling for new criminalization of drugs. The problem, however, isn’t the drugs but rather the socialistic mindset of people in Oregon who refuse to protect property from drug users.
There is a lack of buyers for US Treasury debt. Rating agencies have recently downgraded the US debt, and entitlement benefits’ “trust funds” will go into the red in a few years. The classical economists offer few answers to the depth of this problem.
The standard line is that taxes are part of a “social contract” that individuals have with the authorities that govern them. It is time to rethink the terms of this so-called deal.
How do we best understand economics? Per Bylund explains in the introduction to his Chinese version of his book, How to Think about the Economy: A Primer. Economic understanding is now exported to a country with more than a billion people.
Markets are preparing for the Federal Reserve to “pivot”; that is, change directions from raising interest rates to cutting them. What does it mean? It means that the Fed’s leadership has learned nothing in the past several years.
If you are libertarian and you question the latest government predations, you, too, are probably considered to be an enemy of the state.
Thomas Hill Green, an eighteenth-century English philosopher, didn't believe it was possible to have a good society without a powerful state. David Gordon explains why Green’s argument fails to impress.
