Free Markets

We once did have private roads, several centuries ago.

From Chapter IX of The Bastiat Collection: Volume II: “Harmonies of Political Economy (Book Two)”. Pages 481-505 in the text.

"It is no coincidence that Mankiw's worldview leads him to literally propose destroying the currency in order to fix the economy."

The idea that experts can do a better job of directing the use of resources, including gasoline, than can markets and market prices derives from the faulty assumption that experts know more than the whole of society.

But people in a society do not find themselves in such a "one-shot Prisoner's Dilemma." Quite the contrary, they must deal with one another repeatedly.

A drastic turn to responsible economics is the only legitimate way to escape the deep rut Ireland finds itself in.

We are also constantly told — this time by Chicago economists, not Keynesians — that "we learned in the Depression" that the Fed needs to rapidly expand the monetary base to avert disaster. Oops, turns out that's bogus too.

Seeking to provide the intelligent layman with sufficient knowledge of sound economic theory to enable him to understand what must be done to overcome the present financial crisis and return to the path of economic progress and prosperity.

Modern macroeconomists failed to forewarn against the dangers of the recklessly inflationary monetary policy pursued by the Fed in the first half of this decade. They now are at a complete loss for a coherent explanation of its consequences in the deepening financial crisis and recession that afflicts the global economy.

Our present institutional arrangements are characterized as socialistic.