Ignoring time preference is the fundamental error behind monetary planning. It is why in a successful economy, monetary intervention by the state is kept to a bare minimum, or preferably banished altogether.
Henry Hazlitt's review of Man, Economy, and State published in National Review in September, 1962.
Many cultural conservatives increasingly succumb to the temptation to call on the state to solve our problems, and to punish our leftist adversaries. But they're making a big mistake.
While many have been talking about Venezuela's food shortages, Cuba is now implementing a rationing program to combat its very own socialism-induced shortages of basic goods.
Austrian economics diverges in several important ways from that followed by our colleagues in the mainstream of the profession.
Contrary to popular thinking, the velocity of money does not have a life of its own.
The rhetorical framing of "climate change" is far removed from the underlying research. And the real-world costs of "doing something" are rarely considered.
Vikram Mansharamani’s second edition of Boombustology: Spotting Financial Bubbles Before They Burst has all the great insights from the first edition plus a foreword by James Grant.
John Locke was ridiculed for suggesting that people "consent" to their government by not emigrating. Hume suggested this theory could be used to claim consent for even the most outrageous tyrants.
Monetary policy has gone from being a tool to support fiscal reforms to an excuse for not implementing them.
