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.
Proponents of socialism claim that it promotes ownership "by the people." Yet the people that actually control resources and production are not the same people who allegedly are the "rightful owners" in society
A winning political strategy, especially among Democrats, is to accuse their political opponents of racism, or at least "closet" racism. Yet simple economic analysis shows such accusations are illogical.
The Bible the ancient Israelites were warned about the dangers of having a government that would tax them heavily and oppress them. They didn't listen.
