Free Markets

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.

Ryan and Tho discuss the media campaign around Joseph Stiglitz's new book, The Road to Freedom. 

Unsurprisingly, Javier Milei’s free-market and antistate initiatives face opposition in Argentina. Whether he is successful depends on his being able to politically outlast his collectivist opposition.

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.