Austrians get a bum rap for their prescription for recession. The readjustment process is not cruel; it is about permitting production to align more closely with consumer preferences. Recovery, like growth and development, requires forward-looking planning.
Blinder is arguing that of course the Obama stimulus worked, because spending money creates jobs, period. To see just how naive this view is, consider that there is nothing in Blinder's argument restricting it to cases of severe recession.
In the last week there have been many interesting developments involving gold. The price of the yellow metal set a new record, breaking through the $1,300 barrier. A German firm is preparing to install gold-vending machines in the United States. There's more.
The only way politicians can really improve the economy — and our lives — is by (1) getting out of the way, and (2) undoing the policies they've previously implemented that hamper it.
Healthcare in Canada is not free. Constantly full waiting rooms and long waits for procedures are not an unavoidable fact of life but a product of a "priceless" supply system, where waiting for service acts as a rationing substitute for the market price.
One by one, Mises discusses and dispatches the pillars of progressive dogma: government spending can create jobs for the unemployed; the service motive is better than the profit motive; government choices are superior to individual choices.
One does not need to be a Brookings Institute scholar— specializing in "oil dependence, electric vehicles, and climate change" — to see why no one will willingly purchase an all-electric car, much less the one million that President Obama wants on the nation's highways in five years.
F.A. Hayek, in a forgotten article from 1941, observes the tragedy that "men of science and engineers" may "frequently be found leading a movement which in effect merely serves to support the unholy alliance between the monopolistic organizations of capital and labor."
Groupon is a brilliant concept that uses social networking to mobilize shoppers and bring down prices. In contrast to all the mainstream economic models of "market failure," Groupon is yet another example of market success.
Friedenberg was among those who regarded US participation in the Vietnam War as an abomination. He had begun expressing his outrage in print in the mid-'60s, though most of it was directed at American public schools rather than at American foreign policy.
