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.
New York will legalize MMA, but plans to tax Mixed Martial Arts events at an even higher rate than boxing or wrestling matches.
Speculation is swirling as to what the Federal Reserve might do next. None of the likely next steps are terribly promising.
Years after his death, more students and scholars than ever are reading and building on the work of Murray Rothbard. Meanwhile, the Conservative movement that so often attacked him is quickly vanishing.
Subsidies, government quotas, and regulations of workers won't make us richer or better off. Only private owners and entrepreneurs can determine the best way to use labor (and capital).
Civilized man is adjusted to life in society and not to that of a hunter in virgin forests.
The Austrian Economics Research Conference is the annual academic conference for scholars and faculty working in the tradition of the Austrian school of economics.
Central banks are in the business of price controls through monetary policy. But, when monetary policy fails, as it is doing now, central banks may look toward more broad forms of price controls as well.
Due to over prescription of legal opiates, many patients become addicted and end up turning to illegal opiates like heroin. Overdoses and other tragedies soon follow.
Statistics, so vital to statism, its namesake, is also the State's Achilles' heel.
