Free Markets

Professor William Anderson and Jeff Deist discuss the most important and devastating critique of administrative rule ever written.

State-centered ideas around crime focus on imprisonment and punishment. But a restitution-centered model would be much better for victims.

All human action stems from the value judgments of individuals. Economics, properly understood, was never so foolish as to believe that all that people are after is higher incomes and lower prices.

Bob Murphy and C. Jay Engel discuss Doug Henwood’s recent critique of modern monetary theory in Jacobin magazine.

The Scholastics were constrained in their development of economics by considerations of deference to authority and by the relatively slow development of the external economic conditions upon which to reflect.

"The power to issue money was essential for the finance of the government … in order to give to government access to the tap where it can draw the money it needs by manufacturing it."

Bob and Warren Mosler discuss the assumptions behind Modern Monetary Theory and its implications for economic policy.

Thanks to entrepreneurs, markets are dynamic and constantly expanding. Attempts by governments to manage prices through the bureaucracy are sure to hinder this dynamism and drive to serve customers.

The real problem was the money supply inflation that happened during the boom phase. Combating deflation in the bust phase only superficially treats a symptom of the boom-bust cycle.