Mainstream economists claim that they can use econometric models to emulate human action and, thus, create an economic laboratory. These models, however, cannot tell us about cause-and-effect, which is vital to understanding praxeology and economic behavior.
A well-known type of “private coercion” is the vague but ominous-sounding “economic power.” A favorite illustration of the wielding of such “power” is the case of a worker fired from his job.
Long a constitutional monarchy with ties to Great Britain, many in Jamaica are looking to end the old relationship and become a republic. But is this movement simply a reaction to anti-colonialism, and what kind of constitution would the new republic create? So far, no answers.
Bob Murphy critiques New York Assemblyman Zohran Mamdani’s proposal for a government-run grocery store, dissecting its economic flaws and highlighting why such policies fail in practice.
A relic of the Cold War, the US embargo and travel restrictions to Cuba violate American freedoms and they accomplish nothing to end Cuba's communist regime or win freedom for Cubans. Yet, this failed policy has persisted for nearly 65 years with no end in sight.
What do we mean by equality? F.A. Hayek believed that equality under law and the socialist belief of material equality were opposed to each other. Furthermore, he held liberty to be necessary for civilization itself to flourish.
Before the American Revolution, there were the Levellers, who sought liberty during the English Civil War. While their influence on the American colonists would be indirect, nonetheless, many of their ideas reflected what came after American independence.
Dr. David Gordon reviews Profit Without Apology: businessmen are “too timid, too apologetic, too hesitant to declare that what they do is good.”
In examining the Austrian regression theorem of money, Joshua Mawhorter takes on the chartalist/MMT claim that government gives money its value. The chartalist/MMT advocates lack a necessary cause-and-effect mechanism to prove their claims.
The reduction of individuals to impotent, isolated units—who interact primarily with state agents—is the ultimate outcome of the Left's efforts, regardless of what its stated goals may be.
