Prior to the Keynesian era, recessions were called panics and had durations of about three months. The shortness in duration reflected the lack of interventionism by extra-market authorities. Today, recessions last much longer, as the bad idea that the state should manage the economy has become legitimized.
There is so much nonsense written about luxury. Yet, Ludwig von Mises has put forth what has to be one of the most cogent, elegant, and sensible theories of luxury ever penned by an economist. It was written more than 70 years ago in his book Liberalism, a timeless exposition of the classical-liberal political philosophy.
There is no need to assume anything sinister is at work in the fact that women's incomes are lower than those of men.
I am jealous of Thomas Sowell. He has a genius for the striking fact and the apt analogy. These enable him to present his points in a way that readers will not soon forget.
Everyone complains about bad service. From the airlines to telecommunications, we hear of the increasing number of consumer complaints. Diane Brady, a writer for Business Week, believes that she has the answer to why some of us might believe service is bad. Last year, she informed BW's readers that, once again, capitalism is running amok and now needs the hand of government more than ever to force businesses to properly serve their customers. "Why Service Stinks" told of unfairness abounding as firms go overboard to keep "good" customers and do everything they can to get rid of "bad" ones.
No institution has a greater incentive to increase airline security than the airlines themselves, who have both property and paying customers to protect.
Had the United States pursued a policy of economic freedom with respect to energy production over the last thirty years, the conditions for OPEC’s success as a cartel would never have been present in the first place.
Alan Bock's book, Waiting to Inhale, gives readers an inside look at the forces behind the movement to give medical patients access to the legal use of marijuana.
CNET's Executive Editor David Coursey claims that we can head off future government intervention if we only do what is needed today.
