Neoclassical economists make too many assumptions and decree that the desires of consumers must conform to some external definition of what's "rational." But consumers like to decide for themselves what they want, and when they want it.
On the latest episode of Mises Weekends, Jeff Deist and Dr. Michel Accad discuss practicing medicine in the Age of Obamacare.
The Fed has a difficult balancing act. To maintain the current easy-money induced boom, it must not raise rates. But at the same time, it must also act as if it might raise rates some day, or savers will abandon the credit markets.
No amount of fantasizing can make fundamental economic realities go away, no matter how much we put our faith in central banks, government regulation, or technologies of the future.
It wasn't long ago that the pundits were talking about Venezuela's "economic miracle" which had proved all the anti-socialist naysayers wrong. But with soaring unemployment, inflation, and deficits, the Venezuelan people are unfortunately having to pay for years of ignoring economic reality.
Hendrik Hagedorn and Stefan Kooths write:
Today is Ralph Raico's birthday. He is the foremost historian of classical liberalism.
