In areas of normative economics, this event [Becker receiving Prize]will give a sharp boost to many of the free-market views held by Austrians. But, as far as positive economic analysis is concerned, there is no help here for the praxeological school.
"The future of the euro is dark because there are such strong incentives for reckless fiscal behavior, not only for Greece but also for other countries."
The science of human action is mental and aprioristic, it is the product of a logical analysis of the categories implied in different modes of action.
Alexander Gray (1882–1968) is my favorite historian of economic thought.
The way to bring the blessings of laissez-faire to the Polish people is first to secure it for ourselves. The enemies of free enterprise and private-property rights here in America are immeasurably benefitted when those who favor the free market are too busy worrying about the "tiger at the gate" to wonder at the absence of freedom right here.
Economics is a constant fight between the market and the government. The railroad cartel did not work against the free market even with ideal conditions. Airlines were tightly regulated until the small airlines began to compete in quality. Deregulation followed.
International trade routes revealed comparative advantages of the different shippers, whether New England or British. Merchants dealt with shippers with whom they had a history. Knowing market conditions was easier for local merchants. Crews were paid less in their home ports.
If capitalism is self-destroying, as he says it is, if socialism leads to the servile state, and if the distributive state as a practical matter is not feasible, then we have but one choice; and that is a choice between serfdom and death.
The World Economic Conference of 1933 met to deal with America's Great Depression, but, without consulting anyone, FDR declared that the U.S. would not agree to the proposal because he wanted to take the U.S. off the gold standard in order to inflate the dollar. The gold-supporting British and French were horrified; Nazi Germany was delighted.
We are witnessing a great tragedy: more and more people being driven by indignation about the suppression of political and intellectual freedom joi
