Mises Wire

Those carrying out government directives are even less bound by law than they were a few years ago, and talk about new bureaucrats is beginning to resemble the Kremlinology of the Cold War.

One important difference between the Austrian and other schools of thought is the emphasis Austrians place upon purposeful human behavior. Consumption by individuals is not random, but rather purposeful action driven by subjective individual preferences.

Some legal “experts” are claiming that the Supreme Court‘s infamous 1857 Dred Scott decision is still used in current law. That, of course, is nonsense. In fact, soon after its passage, many northern states essentially nullified “Scott” at the state level.

Democracy is the watchword with the ruling classes, yet a democratic political system does not protect individual freedoms. Indeed, democracy often has become the main road to socialism. It‘s time for some honest discussion.

If you thought federal deficits and spending would go back to normal after the covid panic, you were wrong. If anything, deficits are now on track to be bigger than the covid years.

Bob explains that the beloved Wizard of Oz movie involved an allegory of the bimetallism debates of the late 1800s.

President-elect Trump has promised changes in economic policies. How well they work and how they will affect us remains to be seen. Here is a look at proposals that have promise—and proposals that are likely to cause harm.

With the two-month total at over $620 billion, the year-end total is likely to be over $3.5 trillion by the end of the year. That would make the next annual deficit even larger than 2020’s.

Modern academics are relentless in trying to find any nuances they can from the works of Karl Marx, but they miss the larger issues with his work. Marx was alive and active when the marginalists logically took apart his value theory, but hope springs eternal for Marx‘s supporters.

A modern misconception of antebellum slavery is that it “built the country.” Actually, the institution of slavery, economically speaking, was a deadweight loss to the US economy.