Much of modern neoclassical economic theory depends upon assumptions that do not reflect real world conditions. Austrian economists, however, know that realistic assumptions matter.
Although the percentage of the unionized U.S. workforce has fallen in recent decades, labor unions still are a threat to our economy and our collective wellbeing.
As politicians at all levels debate paying black Americans "reparations" for chattel slavery, a careful study of the wealth gaps between ethnic groups shows that ethnic prejudice explains very little. Other factors matter more.
While many economists claim that high overall debt levels can lead to economic recessions, irresponsible government spending and money expansion are the real culprits.
Economic calculation is not an either-or proposition. Even in so-called market economies like that of the USA, there is plenty of government intervention that distorts market processes.
Even under chattel slavery, inequality was still pervasive. Carpenters, sugar boilers, blacksmiths, cabinetmakers, and rum distillers constituted an elite core of slaves.
Some residents of St. Louis, fed up with the nonprotection from the city's police, have hired private security to deal with the problem. The egalitarian Left, of course, doesn't like that.
