One of the great problems involved in setting a standard of poverty is the ever-changing concept of "adequate" nutrition. Recently a nutrition survey concluded that "only one person in a thousand escapes malnutrition!"
Noah Smith's Bloomberg column praises Milton Friedman's "plucking model" of recessions, where the severity of a bust is connected to the strength of the following recovery. Does this refute Mises' BOOM-BUST theory?
When politicians say "you never had it so good" they're taking credit for something they didn't do. In truth, what economic prosperity we have is due to private savers and entrepreneurs making economic progress possible.
The free-market doctrine does not rest on an assumption that consumers make wise choices. Like the mythical “economic man,” the Perfectly Wise Individual is a straw man created by the critics of the theory.