While both the Left and Right celebrate the government's new drive to subsidize American microchip manufacturing, we should remember that political "investments" always result in crony capitalist disasters.
As fear that robots and artificial intelligence will take over whole lines of work, it is time to examine the real relationship between capital and the rest of us.
While much attention has been directed toward Ben Bernanke's Nobel, the banking theories of Nobel winners Douglas Diamond and Philip Dybvig also need a second look.
Government economists "seasonally adjust" data in order to better respond with policy recommendations to deal with business cycles. The problem is that government causes the cycles.
Mainstream economists claim that Austrian economics is "discredited" because Austrians use deductive reasoning instead of employing complicated calculus and statistics. The irony is that Austrian analysis is better at explaining real-world economic phenomena.
