Caitlin Clark, with her array of basketball skills, has filled arenas in her inaugural WNBA season. However, the idea of merit clashes with the leftist, egalitarian mindset that dominates in the league, and the early reaction to her success has been discouraging.
Bob continues his feud with George Selgin, explaining why the alleged free banking period in Scotland doesn't show that free-market banks would carry low reserve ratios.
Today these reasons or very similar ones are used by opponents of a different form of abolitionism: the proposal that government as we know it — monopolistic, individually nonconsensual rule by an armed group that demands obedience and payment of taxes — be abolished.
Fallout, the dystopian series on Prime, hardly is free market in its caricature of business. However, the show lends itself to being analyzed through the lens of Austrian Economics.
Despite statements from Biden and other progressives, profits in a market economy are not a form of plunder. Instead, they represent entrepreneurial gains that mostly benefit consumers.
Progressives claim that profits are an unjust transfer of wealth from the poor to the rich. In reality, entrepreneurs earn profits by directing resources from less valued to more valued uses to satisfy consumer needs.
Despite statements from Biden and other progressives, profits in a market economy are not a form of plunder. Instead, they represent entrepreneurial gains that mostly benefit consumers.
F.A. Hayek coined the term spontaneous order to point out that the prosperous societies are also societies where people are free to pursue their own goals. The result is, ironically, harmony that cannot come about through central state planning.
A strategy for liberty must be both optimistic and realistic. Murray Rothbard understood that important point and laid out strategies and their moral justification.
Mainstream economists believe that economic theory is valid when it “predicts” economic actions or trends. Austrian economists, however, say that the purpose of economic theory is to explain economic events.
