Firms, like other organizations, are unable to substitute the market in coordinating their economic plans. If they ever tried to eliminate the market creating them, they would face the same problems that all planned economies do.
This paper extends Austrian business cycle theory to the command economy and demonstrates that Mises’s socialist commonwealth would not be free from Rothbardian error cycles.
We live in an age when politicians decide what is "essential" and what isn't. It's a grave abuse of power and common sense.
Doing things for money does not justify moral condemnation, unless using money to support your family, live up to the agreements you have made, and to try not to burden others justifies moral condemnation.
With oil prices in likely long-term tailspin, corrupt governments can't count on oil sales to bail them out anymore. But Mexico's government didn't get the memo and still clings to the state oil monopoly.
With oil prices in likely long-term tailspin, corrupt governments can't count on oil sales to bail them out anymore. But Mexico's government didn't get the memo and still clings to the state oil monopoly.
Dr. Peter Klein breaks down Part Six of Human Action, offering insights into Mises and "the Hampered Market Economy." This is a conversation you don't want to miss!
Ryan McMaken and Jeff Deist tackle Part Five of Human Action, delving into Mises's brilliant and radical view on socialism.
Ludwig von Mises explained how "war socialism" doesn't win wars. Similarly, "COVID-19 socialism" won't win the "war" on disease.
To ensure that the United States moves past this pandemic, we must minimize government infringements of civil liberties and maximize the incentives of private businesses and individuals who want to assist in our efforts to combat this “invisible enemy.”
