Politicians are very proud when they can say a proposed program is "paid for." But this only means they've identified their intended victims ahead of time. Naming who will be plundered does not justify plunder.
As dismissive as many of us would like to be toward Marx’s thoroughly debunked labor theory of value, it still holds currency among today’s budding socialists.
The Mises Institute’s message has not changed since our founding in 1982. Please join us as we forge ahead, fight for truth, and teach tomorrow’s intellectual leaders.
State agents are wrong when they claim, "If you stay here, you must follow our rules. If you do follow our rules, you have tacitly consented to obey us."
The American Left used to argue that we needed higher taxes on the rich so they would "pay their fair share." Nowadays, they are arguing that billionaires shouldn't exist at all.
Hazlitt and all of the other critics of Keynes never did get to the primary points with respect to what was wrong with Keynes. One point was theoretical. The other was practical.
Mr. Volcker certainly deserves credit for curbing the Great Inflation of the 1970s. However, he also merits a lion’s share of the blame for unleashing the Great Inflation on the US and the world economy in the first place.
The idea that people are driven by fear of losses more than they are by the potential for gain has attained a sort of dogmatic adherence among behavioral economists. But there's a problem: the theory isn't true.
Many modern economists think the standard for a "good" economic theory is how well it predicts future trends. Not only are most economists terrible at making predictions, but the whole premise of economics as being about predicting things is a flawed idea.
The budgetary restraints that the eurozone placed on member states are now in the crosshairs of ECB President Christine Lagarde.
