Price-control schemes have been failing for thousands of years. Now it looks like politicians in Washington are going to give price controls yet another try.
Contrary to popular thinking, we do not need the central bank to stabilize prices in order to promote economic prosperity. The central bank can neither know the "correct" level at which to stabilize prices, nor can it know the right way to do it.
The EntrepreneurU.S. HistoryWorld History
One of the most instructive of all examples from maritime history is that of privateering, that is, the employment of profit-seeking, private armed ships during wartime.
Philosophy and MethodologyPraxeology
BiographiesHistory of the Austrian School of Economics
Money and BanksMoney and Banking
The key factor behind the rate-of-exchange determination is the relative purchasing power of various monies.
Legal SystemU.S. History
Value and Exchange
Despite its great appeal because of its simplicity, the supply-demand graphic as employed by mainstream economics is a tool that is detached from the facts of reality.