Economic Policy

Professor Jesús Huerta de Soto gives his acceptance speech of Argentina’s Order of May for Merit Award this year in Buenos Aires, Argentina.

This is not the path to prosperity. It is the final stage of the ruinous collectivist project.

One of the justification that the White House gives for its onerous tariffs is that they will stop the “offshoring” of American jobs and lead to greater job growth here. That scenario has not and will not ever come to fruition.

Prices in veterinary services for pets have skyrocketed in the UK since 2020, but the only solution interventionists can find is antitrust policy.

In their 1990 paper, “A Model of Growth Through Creative Destruction,” 2025 Nobel winners Philippe Aghion and Peter Howitt attempt to formalize Joseph Schumpeter's theory of “Creative Destruction.” Their mathematical model is not creative, but it is destructive of the theory itself.

Stability has been earned. The next task is to convert it into structural strength.

Ironically, normal market pressures would make housing more affordable, but easy money undermines that prospect.

While some economists are celebrating the awarding of the Nobel Memorial Prize in Economics to three economists who are relatively friendly to free markets, we should not forget that most Nobel winners have been unrepentant statists and socialists.

"...the fundamental problem with the conservatives ... was that they were looking in the wrong direction. The revolution that they were trying to prevent had already happened..."

By honoring Mokyr, Aghion, and Howitt, the Nobel Committee has recognized that the future of growth depends on innovation, and that innovation begins with an idea. Ideas drive progress, and progress defines civilization.