Even when the market produces amazing new technology, it can become a basis for criticism. There are two main excuses used today to justify intervention in the technology market. The first argues that manufacturers build a planned obsolescence into their designs. The second argues that a path dependency subsidizes some firms artificially at the expense of others.
Robert Mundell's economics, both praised and criticized from an Austrian perspective. (Comments from scholars)
So long as the Fed has the power to print, the boom-bust cycle is here to stay. (Paper by Frank Shostak)
The Brooklyn Museum of Art controversy raises a fundamental question about living on the dole.
An attack on liberty that violates every principle of federalism and good sense. (Column by Clyde Wilson)
Private subways-even though highly regulated, even though the fare was held to a nickel by government decree--fueled the expansion of the city. As lines were extended, neighborhoods and shopping centers grew around the stations. But by 1940, through rigorous regulation and through Communist labor unions that sabotaged private ownership, the subways were taken over by the city.
Imagine how the world would work without private property and market prices. Citing Mises, Investors Business Daily rightly says the result would be chaos.
Professor James Buchanan, the 1986 Nobel Laureate in Economics, has achieved fame through public choice economics, which he, together with Gordon Tullock, invented.Professor James Buchanan, the 1986 Nobel Laureate in Economics, has achieved fame through public choice economics, which he, together with Gordon Tullock, invented.
The internet provides a remarkable test case of the free market. What have we learned?
Among the most popular and consequential beliefs of our age is the belief in collective security. Nothing less significant than the legitimacy of the modern state rests on this belief. And yet, the idea of a collective security is a myth that provides no justification for the modern state.
