Intermediate

While Austrian economists criticize the neoclassicals for their models' use of untrue assumptions, critics have turned the same criticism against the Austrians for their use of the evenly rotating economy.

The standard line is that the Federal Reserve System has two mandates, keep unemployment low and create price stability. Mark Thornton notes that the real agenda is found elsewhere.

Anyone who has taken a Keynesian-based macroeconomics course remembers the equation of exchange: MV = PY. This equation, however, is buried in fallacious economic thinking.

Progressives are fond of telling us that we are under a "social contract" with the government, in effect justifying whatever abuses authorities inflict. Putting up with massive inflation is the latest iteration of this so-called contract.

Proponents of socialism claim that it promotes ownership "by the people." Yet the people that actually control resources and production are not the same people who allegedly are the "rightful owners" in society

The US dollar is not the world's "reserve" currency because of responsibility on behalf of the monetary authorities. Instead, the dollar's "strength" wages from the USA's self-appointed role as the world's protector.

Virtue-signaling politicians in New Jersey have banned single-use plastic bags, claiming to "help the environment." They need to read Hazlitt's Economics in One Lesson instead.

A winning political strategy, especially among Democrats, is to accuse their political opponents of racism, or at least "closet" racism. Yet simple economic analysis shows such accusations are illogical.

Language is at the front lines of the battle over institutions.

The former Romanian dictator Nicolae Ceaușescu not only arrested and murdered political opponents but also misdirected vast sums of money toward socialist schemes that failed, leaving Romanians even worse off.