China is not on track to catch up with the wealthy West. The Chinese state's commitment to highly interventionist mercantilist policies is leading to debt, malinvestment, and stagnation.
So long as we insist the federal government can force one law, one culture, and one sort of politics on all of America, the US is headed down the road of civil war. Only decentralization and separation can partly defuse the situation.
The Austrian-school approach, with its realist, real-world approach, is actually more inclined toward empiricism than the neo-classical economists who tend toward very abstract theories and models.
Elizabeth Warren’s proposed wealth taxes will have devastating consequences on capital formation, and will encourage investors to hold riskier assets than they otherwise would have.
The boom produces impoverishment. But still more disastrous are its moral ravages. It makes people despondent and dispirited. The more optimistic they were under the illusory prosperity of the boom, the greater is their despair and their feeling of frustration.
Thanksgiving started out as a terribly political holiday. But it has gotten better with age as more people have been interested in beer and football than in politics.
