One of the important points made by Carl Menger in his 1871 Principles is that people ordinally rank their preferences, valuing some things more than others. While this seems to be a common-sense principle, it actually has important implications for economic theory.
In ancient Athens, “the individual was much more subservient to the supremacy of the social body...than he is in any of the free states of Europe today.”
Long before there was Alan Greenspan to turn the Federal Reserve into Casino Central, there was John Law, France's minister of finance.
No interventionist government or central bank wants lower prices because inflation allows the government to increase its power while slowly breaching its monetary commitments.
Had Republicans not vastly expanded federal criminal law during the infamous Wall Street prosecutions 40 years ago, lawfare would not have become such a potent political weapon.
In this review of Scott Horton's book, Enough Already, we see that the wars the US has waged for the past quarter century in the Middle East have been a disaster. Millions of deaths and a massive refugee crisis later, the unmistakable verdict is in.
Are Austrian economists clinging to an old-fashioned view of banking? In short, no, and here is why.
Murphy lays out the various camps in the debate over fractional reserve banking.
Money-supply growth accelerated year over year in August by the largest amount in 23 months. The days of falling money supply growth rates are over.
Kamala Harris claims that she simply wants food prices to be lower. However, her de facto price fixing scheme would create food shortages and raise the real price of food. Of course, when that happens, Harris simply will blame capitalism.
