To help explain the complex analytics behind the Austrian Theory of the Business Cycle, an analogy seems to help. Suppose that, in his 8:00 a.m. class, a student was assigned a paper which is due tomorrow. Of course, he has not yet started working on it. In order to finish the paper on time, he decides to pull an "all-nighter."
Economics explains how society works. In place of clear reasoning in English, however, mainstream economics tends to use equations and calculus with dubious assumptions that made what they are doing seem to not have much relevance to the real world. Mainstream economists also seem to spend much of their time trying to find exceptions to the clear teachings of economics.
Because of their minority status, most budding Austrian economists must endure graduate training in the mainstream orthodoxy before earning their Ph.D.s. A recent graduate of New York University highlights the major differences between Austrian economics and the neoclassical, New Keynesian paradigm: method, choice, money, institutions, time, and the business cycle.
In the same way that the advent of peace makes it easier to talk about the horror of war, a new technology that has changed the world of typing, making it possible to actually speak publicly about our wounds from typing class.
Homeschoolers—the largest group in the so-called school choice movement—still elicit scorn. The National Education Association, for instance, regularly passes an anti-homeschooling resolution at its annual convention. Now it's apparently Tinseltown's turn to bash the estimated 1.5 million homeschooled children in the United States.
Competition is as wholesome in education as it is in manufacture and commerce, writes Hans Sennholz. Every school is an economic check on its competitors. However, government funding for higher education has dramatically changed the economics of this sector, vastly increasing costs, reducing service, and skewing curricula toward political ends.
It is debatable whether Bush should be intervening in the admission standards of one Michigan College. But it is perfectly apparent that he should do something to restore a free market in labor in his own neck of the woods. As might be expected, Bush intervenes where he either can't or should not, but doesn't intervene to restore freedom where he can and should.
The fate of families and children in Sweden shows the truth of Ludwig von Mises's observation that "no compromise" is possible between capitalism and socialism, writes Allan Carlson. He shows how the welfare state's growth can be viewed as the transfer of the "dependency" function from families to state employees. The process began in 19th-century Sweden.
Millions of students begin their first day of classes with a profound awareness of the impending make-or-break tests, to be taken at regular intervals from the first to the twelfth grade. On the face of it, writes Jeffrey Tucker, it seemed to work. But reformers forgot one thing: we are dealing here with public school.
I should have known Murray Rothbard was something special the first night of class when I noticed a fellow student, James Philbin, following behind Murray as he entered the classroom carrying a stool for Murray to sit on as he lectured.
