Engineers and Planners

The Engineer The ideal of conscious control of social phenomena has made its greatest influence felt in the economic field. The present popularity of “economic planning” is directly traceable to the prevalence of the scientistic ideas we have been discussing. As in this field the scientistic ideals manifest themselves in […]

The Experts’ “Zero Covid” Plan Was a Total Failure

The Chinese regime is doubling down in its “zero covid” strategy. In recent weeks, new covid cases have been detected in several cities. In a world of the more-contagious omicron variant, this is to be expected. But what has been the Chinese state’s response? It’s more of the same. Lockdowns, […]

Global Governance versus Freedom and Free Enterprise

When assailing global governance, pundits rarely comment on its impact on small countries. Yet the degree to which small countries are ignored by global institutions—like the G7, the International Monetary Fund, and the World Bank—helps to illustrate how institutions of global governance tend to primarily reflect the values of managerial […]

When Higher Prices Are Not Inflation

Back to 2020, the federal government’s covid-mandated shutdown of meat production plants hobbled the nation’s meat production capabilities, leaving farmers with nowhere to send their beef. This resulted in them having to cull cattle and other livestock. The uncertainty caused farmers to scale back their production at the time, which […]

Biden’s Fed Nominations

By: Robert Aro Should gender or race play a role in hiring decisions at the Federal Reserve? Consider the alleged problem in which the mainstream media, economists and Congress want your focus, courtesy of Reuters: Currently, the Fed’s board has only five members, all white and three of whom are […]

Stop Pretending Price Inflation Is a Result of “Too Much” Profit

Some commentators attribute the latest sharp increase in the Consumer Price Index to businesses pushing prices of goods higher in order to secure higher profits. (See the New York Times article “Democrats Blast Corporate Profits as Inflation Surges,” January 3, 2022). Note that the yearly growth rate of the Consumer Price Index […]

Isaiah Berlin on Negative Freedom

One of the best-known and most influential present-day treatments of liberty is that of Sir Isaiah Berlin. In his Two Concepts of Liberty, Berlin upheld the concept of “negative liberty”—absence of interference with a person’s sphere of action—as against “positive liberty,” which refers not to liberty at all but to […]

The Problem with Guilds: They’re Monopolistic and Wasteful

Economists have illuminated our understanding of guilds in medieval Europe, but we still know rather little about their functions in other parts of the world, especially Africa. In the West, the approach has been to question the relevance of guilds as a platform to accentuate economic growth. In economic literature, […]

The State of Austrian Economics

To kick off the New Year, Jeff recently had the opportunity to address a Discord channel dedicated to Austrian Economics. His talk focused on the state of economics generally, whether the profession is serving society, how economists failed us throughout the Covid hysteria, and especially the health and relevance of […]

Solving the “Problem” of Free Riding

With the almost constant statist apologetics we hear from many government and academic economists1 it is hard to believe that the discipline of economics was once a thorn in the side of the state and its political elite. So commonplace are fallacious economic arguments advocating state control that it sometimes seems […]

The Uniparty Can’t Solve Inflation. Here’s How Populists Can.

By: Tho Bishop Price inflation is the highest its been since 1982. Real wages are plummeting. Joe Biden’s approval ratings are now on par with George W. Bush’s after both the Iraq War, the financial crisis, and eight years of Jon Stewart. This is with the benefit of Kim family–level devotion […]

Rothbard on Immoral Choices

In a section of Power and Market called “The Problem of Immoral Choices,” Murray Rothbard considers an important objection to the free market, and I’d like in this week’s column to consider some of the points he raises. To understand where he is “coming from,” we have to situate his […]

Colonialism Isn’t the Source of Latin America’s High Inequality

Income inequality in Latin America is appallingly high, with the richest 10 percent of the population controlling 54 percent of national income. According to the 2021 Regional Human Development Report’s “Trapped High Inequality and Low Growth in Latin America and the Caribbean,” published by the United Nations Development Program, Latin American […]

The Reds Are Right About Assange

By: Jacob G. Hornberger The Chinese communists are hoisting the U.S. government on its own petard, at least with respect to Julian Assange, the Australian citizen who, with WikiLeaks, disclosed war crimes committed by the U.S. national-security establishment. For decades stretching back to the Cold War, U.S. officials have reveled […]

The Money Supply Grew in November, but the Bigger Trend Is Way Down

Money supply growth rose slightly in November, rising above October’s twenty-one-month low. Even with November’s rise, though, money supply growth remains far below the unprecedented highs experienced during much of the past two years. During thirteen months between April 2020 and April 2021, money supply growth in the United States often climbed above 35 percent, […]

Mises and the German Neo-liberals

The 1947 Mont Pèlerin Society meeting [in Switzerland] was enough to satisfy Mises’s curiosity about Europe and European scholars for quite some time. Europe lay in shambles, even Paris was in rags. He did not even wish to think about traveling to Austria. All that was good and memorable about […]

Money and Banking in the US after the Crises of the 1970s and ’80s

Continued from part 1. The story in its popular outline is well known. Facing persistent stagflation, the new chair of the Federal Reserve, Paul Volcker, set out to cure the American economy via a treatment of shock therapy, rapidly hiking interest rates. From 1979 to 1983 the effective federal funds rate scarcely […]

Real Wages Plummet as Inflation Hits the US Recovery

The headline 3.9 percent unemployment rate looks positive, but job creation fell significantly below consensus, at 199,000 in December versus a consensus estimate of 450,000. The weak jobs figure should be viewed in the context of the largest stimulus plan in recent history. With massive monetary and fiscal support and […]

Price Inflation Is at the Highest Level since 1982. What Will the Fed Do?

According to new data released Wednesday by the Bureau of Labor Statistics, price inflation in December rose again to a new multi-decade high, rising to the highest level recorded in nearly forty years. According to the Consumer Price Index (CPI) for December, year-over-year price inflation rose to 7.1 percent. It hasn’t been that high since […]

Predictions for 2022

In this episode of Radio Rothbard, Ryan and Tho trade predictions for the year ahead. Topics include the importance of internal primaries ahead of next year’s mid-terms, predictions on what the Fed will do with rising inflationary pressure, and what comes next from the covid regime. Additional Reading “Americans May […]