A Cato Institute associate has declared the development of the covid-19 vaccines to be a free-market “triumph.” The only thing that has triumphed in this sorry episode has been the rapid growth of coercive government power.
Data on employed persons, wages, and other measures point to trouble ahead in an economy already strained by growing bankruptcies, mounting debts, and disappearing savings.
In the aftermath of Hamas's taking hostages in its conflict with Israel, the question arises: Who pays the ransom? State-financed payments lead to the worst outcomes and create moral hazards.
Nobel Prize winner Angus Deaton claims that the free market cannot provide adequate medical care. Of course, he goes on to describe government failure but calls it a free market.
After an earlier article by Zachary Yost on a call by military “experts” to reinstate the military draft, the authors of the original paper are trying to back off on their original recommendation. But there is no doubt as to what they want the government to do.
Forget the New York Times and other publications that cheerlead for the current regime. Austrian economics spells out the consequences for reckless monetary policies, and those consequences are unavoidable.
