Easy-Money Policies Don’t Solve the Problem of Idle Resources

It is widely believed that resources that are utilized in normal times to promote economic prosperity become underutilized during recessions. Some experts hold that what is required are policies which will increase the availability of credit. On this Ludwig von Mises wrote in Human Action, Here, they say, are plants […]

How California’s Government Plans to Make Wildfires Even Worse

Not every square inch of the planet earth is suitable for a housing development. Flood plains are not great places to build homes. A grove of trees adjacent to a tinder-dry national forest is not ideal for a dream home. And California’s chaparral ecosystems are risky places for neighborhoods. This […]

Why this Boom Could Keep Going Well Beyond 2019

The Austrian business cycle theory offers a sound explanation of what happens with the economy if and when the central banks, in close cooperation with commercial banks, create new money balances through credit expansion. Said credit expansion causes the market interest rate to drop below its “natural level,” tempting people […]

We’re Told Americans Have No Free Time, Yet We’re Watching More than Four Hours of TV Per Day

By: Ryan McMaken We are repeatedly told that basic human rituals are falling by the wayside. Why don’t we all sit down to dinner as a family anymore? Why don’t we spend time with each other anymore? Why are we all sleep deprived? Sometimes these problems are blamed on people […]

My Path to the Austrian School of Economics

[This talk was delivered 23 November at the Palais Coburg in Vienna, Austria, at an event commemorating the 70th anniversary of the publication of Mises’s Human Action.] Nowadays, it’s not uncommon for people as young as 20 or 30 to feel they have to share their memories with the world. Even at […]

Democracy Is Coercive, No Matter What “Civic Republicans” Say

An influential line of thought in contemporary political philosophy began well but quickly got off track. The line of thought began as a criticism of Isaiah Berlin. In his famous paper, “Two Concepts of Liberty,” Berlin set forward a notion of “negative freedom” that libertarians will find familiar: “I am […]

America’s Arms Sales Addiction

It’s no secret that Donald Trump is one of the most aggressive arms salesmen in history. How do we know? Because he tells us so at every conceivable opportunity. It started with his much exaggerated “$110 billion arms deal” with Saudi Arabia, announced on his first foreign trip as president. […]

We Don’t Need Sunday “Blue Laws”

It has now become commonplace for politicians and media pundits to casually assert that “everyone” — to use Alexandria Ocasio-Cortez’s term — is now working more and more hours — and perhaps two or three jobs — just to attain the most basic, near-subsistence standard of living. This is repeated […]

Prohibition Ended Today 86 Years Ago

By: D.W. MacKenzie Today is an interesting milestone for Libertarian minded people, as well as those with a fondness for trivia. 86 years ago today FDR 86’d prohibition. Drinking became a crime starting on January 17th 1920, and remained a crime until December 5th 1933. Prohibition serves as a leading […]

The Benefits of Free Trade Are Being Canceled Out by Big Government at Home

Foreign policy commentators live in their own bubble. The WTO’s credibility is gone and its survival uncertain due to its lack of impact on world trade over the last two decades. A China vs. USA trade war is still growing and the economic community of European states is in its […]

Who Is on the Shortlist to Lead the Bank of England?

By: George Pickering  A few months ago, just after Boris Johnson had become Prime Minister, I wrote an article addressing the ongoing selection process for the next Governor of the Bank of England, in which I gave my prediction of who the top 5 most likely candidates might be. Much has […]

Serving the Consumer: The Secret to Walt Disney’s Success

December 5 is Walt Disney’s birthday, and more than fifty years after his death, Disney’s reputation is well-deserved. After all, he was the creator of Mickey Mouse and a score of lovable animated characters; was a pioneer in adding sound and color to movies; created the game-changing full-length animated feature; […]

Jeffrey Rogers Hummel on the Economics of Slavery

Jeffrey Rogers Hummel joins Bob Murphy for an in-depth discussion of the economics of slavery, touching on subtleties such as the labor/leisure trade-off, and the recent claims by some historians that slavery was efficient. Bob also asks Hummel to explain the provocative claim in his book, that the Confederacy would […]

China’s Mercantilism Is a Recipe for Stagnation

Over the past two decades, fears about China’s rapid economic and technological advancement have grown exponentially and culminated in the recent trade war unleashed by President Trump. But only supporters of government intervention could think of China’s market socialism as a redoubtable challenger to a market-oriented economy. But that’s not […]

What Venezuela Needs for a Prosperous Future

Prosperity & Liberty: What Venezuela Needs. Edited by Rafael Acevedo. Econintech, 2019. Rafael Acevedo is a distinguished Venezuelan economist, now in part-time residence at Texas Tech University, who is deeply concerned about the future of his native country. Socialism has brought Venezuela to rack and ruin, and if the country […]

How to Avoid Civil War: Decentralization, Nullification, Secession

It’s becoming more and more apparent that the United States will not be going back to “business as usual” after Donald Trump leaves office, and it is easy to imagine that the anti-Trump parties will use their return to power as an opportunity to settle scores against the hated rubes […]

The Cultural Consequences of Negative Interest Rates

Negative interest rates are now entrenched reality in Europe, and not just for buyers of sovereign or corporate debt – even retail savings accounts are affected. What does this mean for real people trying to save for retirement? And more broadly, what does it mean for Europe culturally? Not to mention […]

The Washington Post’s Double Standard on Immigration and Guns

Last week, the Washington Post‘s editorial board came out against sanctuary cities. No, not the kind of sanctuary cities that refuse to enforce federal immigration law. The Post‘s editors have no problem with that. Instead, The Post came out against the efforts by some local governments to oppose state- and […]

Anti-Market Conservatives Want to Fix Social Ills, But Their Cure Will Only Make Things Worse

Marco Rubio is the latest public figure to join the burgeoning anti-liberal and anti-market movement masquerading itself as being defending “the common good” from the greedy claws of the rapacious capitalists. Writing in National Review, Rubio launched an attack on the market economy under the guise of promoting “common-good capitalism.” […]

Per Bylund on the Economics of Value versus Economies of Scale

Good economic theory predicts effective, cutting edge business practices. For example, the dynamic flexibility of capital resource allocation predicted by Austrian Capital Theory is being realized today via digitization, dematerialization and agile organizational innovations. Entrepreneurs who fully embrace Austrian theory can be leaders in the field of business implementation. At […]