The Republicans' "Fiscal Responsibility Act" allows the government to continue adding trillions of dollars of debt that will be monetized by the Federal Reserve.
While F.A. Hayek's famous 1945 essay effectively critiques the "perfect information" hypothesis, it is an inadequate explanation of the issue of economic calculation.
Contrary to the still-enduring myth about Republican budget cutting, there is no correlation whatsoever between Republican control of DC and the trajectory of federal spending.
During a debate on capitalism with James Otteson, Michael Anton opined that free markets are harmful to a nation's economy. Perhaps he needs to learn economics.
"Have we not, our privileged orders, aristocrats who control, indirectly, but certainly, the political power of the state? ... If any man doubts how these questions should be answered, let him walk through Wall-street."
As the Fed increases interest rates to reverse the inflation it has caused, firms that depended on easy money will face the bankruptcy judge. Stay tuned; there's more to come.
