Many advocates claim government intervention is necessary because markets are too unstable. The real instability, however, comes from the immense uncertainty over what government will do next with its vast and arbitrary power.
What exchanges take place, and which do not, is affected by how markets are regulated. Black markets and regulated markets have different outcomes than free markets.
Rothbard’s work on welfare economics probably ranks among his least-known achievements, but it is truly a tour de force and another tribute to his great originality and talent as an economist.
Robots are not fundamentally different from other labor-saving innovations, and there's no reason to believe increased innovation will lead to mass unemployment or mass poverty.
Here we see two rival strategies to marketing healthcare services. The status quo is based on insurance payments and price secrecy. Walmart's strategy is based on price competition.
