In 1959, Ludwig von Mises gave lectures on economics in Argentina, where the economy was in steep decline. In the 1920s, Argentina was one of the world's wealthiest countries, but decades of Peronism and inflation started the country on the long road to poverty.
The government’s inflationary borrow-and-spend policies have given Americans a false sense of prosperity. In the end, such policies are unsustainable.
It was a fundamental mistake . . . to interpret economics as the characterization of the behavior of an ideal type, the homo oeconomicus. According to this doctrine economics does not deal with the behavior of man as he really is.
Biden has embraced the trade war. But, if protectionism actually produced competitiveness, American steel manufacturers would have become world leaders long ago.
While chattel slavery exists in some parts of the world, it mostly has been abolished. Perhaps we should do the same thing to the state.
In 1959, Ludwig von Mises gave lectures on economics in Argentina, where the economy was in steep decline. In the 1920s, Argentina was one of the world's wealthiest countries, but decades of Peronism and inflation started the country on the long road to poverty.
The attempt by the mainstream economics profession to create economic literacy has turned into a movement to promote economic illiteracy.
As artificially low interest rates damage the economy, progressives in Congress demand more of the same. In the vernacular, they want the economy to “take the hair of the dog that bit them.” Of course, this only makes things worse in the long run—which is where we are today.
As artificially low interest rates damage the economy, progressives in Congress demand more of the same. In the vernacular, they want the economy to “take the hair of the dog that bit them.” Of course, this only makes things worse in the long run—which is where we are today.
Biden has embraced the trade war. But, if protectionism actually produced competitiveness, American steel manufacturers would have become world leaders long ago.
