Implicit in Trump's economic statements is Mill's (and the Austrians') central message that there is no need to ever worry about the level of consumption, because it will always naturally adapt itself to the level of production.
Liberalism has no party flower and no party color, no party song and no party idols, no symbols and no slogans. It has the substance and the arguments.
Europe continues to move toward banning physical cash. But, in spite of government claims, it's not about fighting crime. It's about economic control.
If helicopter money is implemented, those who first gain the use of the new money may benefit by increasing consumption before prices rise, while others will see prices rise before they are able or willing to use the money. But the end result will be higher prices but no overall increase in welfare.
Institut Coppet in France has recently made available a French translation of Murray Rothbard's Education: Free and Compulsory.
Analogies involving cars and firepower are not appropriate for monetary policy. They propagate the idea that the Fed can carefully "steer" the economy or that they have some large, heterogeneous set of policy tools, when the Fed can really only do one thing: artificial credit expansion.
Are modern economists pseudoscientists like the astrologers of old?
The modern drive to centralize European government and make a European superstate threatens to destroy what made Europe great in the first place.
This weekend, over 130 scholars from over 10 countries and 58 colleges and universities gathered in Auburn for the 2016 Austrian Economics Research Conference.
As with East Germany, a liberalized Cuba would still require decades to catch up to its affluent neighbors, economically. North Korea is an even more extreme case. All these cases illustrate that political changes cannot substitute for the hard work of building wealth.
