Free Markets

If the critics are right, then Fowler Foods has missed an opportunity to turn a tidy profit by selling grilled chicken.

With the renaissance of Keynesian economics we can only conclude that the preconditions for a new super cycle have been established, and that if the policies are not reversed we face many years of depressed economic conditions.

Is there any reason a reader should place any more confidence in the work of an historian than in the work of an historical novelist? The answer is that everything depends on what historian we're talking about, what novelist we're talking about, and what kind of historical fiction we're talking about.

Fortunately, Austrian economists have shown that every product and service can be offered privately, without the use of monopoly force through government.

The free market doesn't pump up the money supply and push interest rates down to levels that promote unsustainable bubbles. The free market punishes reckless risk takers, while it is government that bails them out (and thereby encourages them to take greater risks in the future).

In holding money, its owner gains in the satisfaction of being able to meet instantly, as they unpredictably arise, the widest range of future contingencies.

Genuine market economies — meaning those that maximize the long-term benefits to consumers and producers — thrive when state power is minimized. With this in mind, abolishing the FAA and firing its bureaucrats who hinder the market order would constitute a step in the right direction.

Both books seek to explain the strange elitism of the Left and its opposition to capitalism for the masses. And they both discern that the answer lies in the way that the market is so slavishly devoted to serving the needs of the average person as opposed to society's philosopher kings.

"The costs of an incorrect view of industrial history can be substantial."

In his own critical work, Hayek was not satisfied with a challenge to the main thesis of an opponent. He responded to every argument advanced in the adversary's work.