This year's Nobel prize laureates in economics may have unwittingly laid the foundation for a retardation rather than an advancement of the economics discipline. There is not the slightest analogy between playing games and the conduct of business within a market society.
Will Rogers' sense of humor can help keep our spirit of liberty alive by openly ridiculing what is in fact ridiculous about how government really operates. His humor gave free rein to his First Amendment freedom to criticize our government--using his wit, and the threat of public embarrassment that went with it--to keep politicians and bureaucrats in their place.
Charles Lindblom is at it again. In God and Man at Yale, William Buckley, Jr.’s indictment of leftist teaching at Yale University written half a century ago,
The Nobel Committee has selected Vernon Smith for its economics prize. Smith was strongly influenced by Ludwig von Mises' treatise, Human Action, and for that Austrians can be grateful. Furthermore, Smith's research has demonstrated time and again that the Austrians are correct regarding human action in the marketplace and the mainstreamers are flat out wrong.
It's a neat trick, writes Adam Young: the media sell a certain viewpoint, then take a poll and cite public opinion to illustrate that, yes indeed, the public agrees with what it has been told, and that the only solution is more government intervention.
Libertarianism favors the political ideals set forth in the early republic, writes Adam Young: an order of peace, free trade and individual self-government, where the state was restricted in its interference in the life of the churches, and the state was largely irrelevant to the economy and to the daily lives of the average American citizen.
The Enron story provides what academics call "teaching moments," that is, opportunities to explain how economic theory can explain the outcome of state involvement in market processes. Interventionism often results in failures such as Enron's, and lessons learned by studying it may help avoid similar problems in the future.
Like mafioso John Gotti, the state uses the threat of coercion to extort money from citizens, writes William Anderson. Unlike Gotti, who never would have dreamed of demanding nearly half of a firm's profits, the state takes more than 40 percent of what a business collects over its costs.
To make a transition from statism to the market economy means a complete revolution in economic and political life, writes Lew Rockwell, from one where the state and its interests rule to a system where the power of the state plays no role. Freedom is not a public-policy option. It is the end of public policy itself.
The socialist left of Britain has targeted the House of Lords for radical reform and reconstruction. Alberto Mingardi defends the institution which is, despite its problems, something of a check on government power--at least that's been its traditional role. Democratic reform can only make the House of Lords more docile.
