According to the Organization of Economic Cooperation and Development, "social expenditures" are expenditures that occur with the purpose of redistributing resources from one group to another, in order to benefit a lower-income or presumably disadvantaged population.
Thanks to enterprising Peruvians who ignore the regulatory state, Peru continues to see growth in the standards of living of its citizens. Unfortunately, the global elites behind the World Bank are determined to regulate and "modernize" Peru until this entrepreneurial spirit is destroyed.
The fundamental divide between Austrian economics and the mainstream is apparent on the first page of many textbooks, in which the authors simply define economics.
While Wednesday’s Republican Presidential Debate was yet another pathetic display of would-be tyrants battling for the right to one day have their portrait recognized by school children – there was one line of questioning that should give fans of Ludwig von Mises reason for optimism.
The problem with the central bank's easy-money policies is not primarily that it leads to rising prices. The big problem is that it leads to the crippling of the wealth creation process and the movement of resources from productive to non-productive sectors.
Revolutions and protests, violent or peaceful, only momentarily overcome the habit of civil obedience La Boétie talks about.
Government planners are fond of dreaming up new ways to force people out of their cars. But automobiles have long been a boon to ordinary working people who can access less expensive goods and better jobs because of them.
