Do huge wealth redistribution schemes like Biden's new plan actually make people better off? Some people will get a net benefit. How how numerous are they? How many millions will take a net loss? The government has no idea.
When some years ago I first read Murray Rothbard's description of Lord Acton as "the great Catholic libertarian historian," I suspected overstatement. The more I learned from and about Acton, however, the more Rothbard's words rang true.
Key methodological differences between Austrians were highlighted in Milton Friedman's "The Methodology of Positive Economics." A key piece of conflict: Friedman's focus on prediction rather than explanation.
Local nullification offers a practical guide to resisting tyranny in a way that reflects the real wishes of local community members against the ivory-tower mentality of their government “representatives.”
What matters for real economics is real savings, not increases in consumer spending driven by money printing. The best way to get an increase in savings is to decrease both money pumping and government spending.
People must still compete for resources in a socialist economy. In fact, the competition is intense. On the other hand, thanks to markets, basic necessities—and even basic luxuries—are now more more accessible than ever.