Intermediate

One of the cliches of the New Deal was that businesses were entitled to a “fair” profit. Leonard Read astutely pointed out that profits (and losses) have nothing to do with “fairness.”

The Biden administration claims it wants to get out in front of the development of artificial intelligence. However, the likely scenario is that AI will leave government regulators in its wake.

Today, the Fed takes a short break from robbing us via inflation and, instead, delivers huge amounts of cash to banks to service Black Friday purchases. The large cash infusions often make banks vulnerable to robberies.

While the United States has not fallen as far economically as Argentina, the fact is that the present economic policies are ruinous. We need someone like Javier Milei to speak the truth about what is happening.

Econometric models are constructed with the idea that they can be substituted for authentic human action. Not surprisingly, they fail badly.

What lies behind the attempt to bypass fear of failure is the perceived lack of any substantial cost to failure. The illusion lasts only for so long before economic reality prevails.

A bedrock of Austrian economic thinking is the notion of causality. A libertarian worldview also requires the understanding of causality.

Not only is Washington in political turmoil, but the policies emanating from the Beltway are more incoherent than ever.

Instead of the usual statist candidates, Argentine voters have elected a self-proclaimed Rothbardian who is calling for radical free-market changes in the nation's economy.

As President Biden mulls mandating commercial passengers to have Covid vaccinations, perhaps he should remember that his move would increase the death rate from traffic accidents as more people eschew flying and take to the open road.