Mises Wire

California secession would not change the US into a laissez-faire paradise, but the positive change would be immense.

Elon Musk‘s latest comments on money make the same errors as we saw with Milton Friedman and the Monetarists. If Musk really wants to understand money, he needs to read Murray Rothbard and Ludwig von Mises.

Mainstream economists make too much out of “knowledge.” First, the kind of knowledge one needs to be successful in an economy is not knowing things generally but having an understanding that is more than knowing mere facts. The entrepreneur‘s judgement is ultimately what matters.

Progressives have created the fiction in which the US Constitution “is what the Supreme Court says it is.” In reality, the justices simply interpret the Constitution according to modern statist progressive viewpoints that fit their own progressive narratives.

No matter how the court rules on birthright citizenship (or anything else), it certainly won’t be the “last word” on the matter, and nothing is decided beyond the short term.

Long-term interest rates are on the rise and there is no shortage of explanations from the usual suspects. One thing the pundits miss, however, is the role of time preference in determining interest. The Austrians do not make that error.

Third World economies rarely operate on trust, which inhibits capital development and other important ingredients for economic growth. Is that a case of personal morality or do the monetary systems play a role?

When governments subsidize low productivity and penalize high productivity with enormous taxes, the economy suffers. This is why Europe is stagnating. 

Given these realities of state power and economic intervention, the only reasonable position for those who cherish freedom and prosperity is the radical one: a pure market economy.

If President Trump is looking for a federal agency to abolish, he needs to look no further than the misnamed Consumer Financial Protection Bureau.