Free Markets

Thanks to President Trump‘s brinkmanship, tariffs are in the headlines. However, while the public knows about tariffs, few people actually understand them, their history, and how they work.

Mises said, “The continued existence of society depends upon private property.” Private property is essential for exchange, economic calculation, and many more pillars of human civilization.

Trump economic adviser Peter Navarro has condemned multi-billion-dollar investments by BMW in South Carolina as “bad for our economics.” The comments reflect a greater ignorance of capital goods by so-called economic experts.

Tariff supporters claim that implementing tariffs will result in new jobs at home. What they fail to point out is that many people depend upon imports for work. The tariffs on Canadian aluminum imports are a case in point.

In The General Theory, J.M. Keynes allegedly “discredited” Say‘s Law. Of course, Keynes actually debunked a straw man that was a caricature of what Say actually wrote. It‘s time to set the record straight.

By their nature, free markets promote harmony between people and increase overall standards of living. This view is radically different from the ones promoted by Marxists who believe that only “class interests” matter.

International trade is the topic du jour. Mark Thornton shares his recent presentation on a timely and important book featuring many of your favorite authors.

Richard Cobden was a British champion of laissez-faire who served in Parliament. While there, he led to successful campaign to repeal the Corn Laws, which led to British free trade.

Lack of products that precisely match skin tones are often said to be evidence of “white privilege,” yet the market division of labor provides the basis for very specific goods and services.

An enduring myth among American historians is that President Hoover‘s response to the Depression was to let the free market work. This is totally false.