While Trump has not yet turned to price controls to address America‘s absurdly high drug prices, Monday‘s executive order suggests that he soon may. Price controls would only worsen the problem with the drug market. Here are three things he can do instead.
A free market economy does not generate jobs or money. Instead, it creates wealth through exchange and production. Government intervention, contrary to what mainstream economists believe, does not enhance wealth, but instead destroys it.
A free market economy does not generate jobs or money. Instead, it creates wealth through exchange and production. Government intervention, contrary to what mainstream economists believe, does not enhance wealth, but instead destroys it.
Although politicians, pundits, and the media claim that a trade deficit is harmful to a country, the reality is much different. In a free economy, individuals interact with each other in mutually-beneficial exchanges. As Murray Rothbard noted, free exchanges do not produce winners and losers.
Historian Chris Calton joins Ryan McMaken to discuss both the upsides and the downsides of Trump's first 100 days.
South Vietnam ceased to exist as a separate country 50 years ago. What followed was an object lesson on the failures of socialism, as Marxist ideology turned Vietnam into one of the world's poorest countries. Vietnam‘s “second revolution” was successfully embracing a market economy.
Profits aren’t immoral—they’re necessary. Just as organisms need a net energy surplus to live, societies need profits to sustain themselves.
Why do mainstream economists suddenly think clearly when it comes to tariffs—but abandon logic elsewhere? Mark Thornton unpacks why even Krugman and Marx agree with Austrians on free trade.
The goalposts are continually changing (more like fallacy-hopping), but one would-be goal of tariffs needs to be confronted—tariffs for domestic job protection.
We are bombarded with claims that capitalism causes inequality, yet what does it really mean? In truth, in a free market economy, differences in income, even large differences, don‘t mean much since most people have a high standard of living.
