Powell Lied: Quantitative Easing Is Back

By: Daniel Lacalle The Federal Reserve, through its president Jerome Powell, has indicated that it is preparing to increase its balance “organically”. The effort to separate this latest monetary policy change of course from a full-blown new QE (quantitative easing) is, at the very least, amusing. If we look at […]

Tough Questions for Conservatives

Bob Murphy asks a series of tough (but fair, he hopes) questions for conservatives, ranging from tariffs to impeachment to drug prohibition. For more information, see BobMurphyShow.com. The Bob Murphy Show is also available on iTunes, Stitcher, Spotify, and via RSS. Powered by WPeMatico

Mark Thornton Inspires BBC Radio Episode on Prohibition

By: Tho Bishop Recently, the BBC produced a radio series on “50 Things That Made the Modern Economy”. One episode focused on the economics of prohibition, crediting the work of Mark Thornton’s Economics of Prohibition for helping write the script for the show. The episode is available here. Dr. Thornton’s […]

Reduced Sentences in Exchange for Lies: A Government Tradition

In 1992, Mark Young was sentenced to life in prison for trafficking marijuana. His conviction came from the testimonies of two other convicted marijuana dealers who turned on Young in order to get their own sentences reduced. The two informants, Ernest Montgomery and Claude Atkinson, depicted Young as a marijuana […]

“The People” Probably Don’t Want that New Government Tax or Regulation You Think Is So Great

Anti-market pundits and politicians have long claimed that unregulated markets are damaging to communities, and therefore must be regulated, restrained, and made to fit our policy preferences. “Market capitalism is a tool, like a staple gun or a toaster,” conservative talk show host Tucker Carlson declared last January. The implication […]

Not-So-Modern Monetary Theory

According to some columnists, modern monetary theory (MMT) is the most powerful economic alternative to neoliberal orthodoxy. Is this really the case? The key idea of ??MMT is that the government that controls the issuance of its currency cannot go bankrupt because it can always issue money to pay off […]

Peter Klein on Pricing

Pricing is fundamental to business success — to generating transactions, to cash flow and to profitable operations. There’s a lot of uncertainty for entrepreneurs in the pricing process, and economics is a good source of clarity. In fact, Peter Klein tells us that economics used to be called price theory, […]

China Should Still Be Celebrating the End of Mao’s Communism

The 70th anniversary of the proclamation of the Chinese People’s Republic on October 1, 2019, left the world in awe as China celebrated one of the most transformational moments in its over 3,000 years of history. After showing off its high-tech military arsenal during the anniversary parade, international observers remained […]

Was Keynes a Liberal?

[from The Independent Review, v. 13, n. 2, Fall 2008, pp. 165–188.]   Keynes and Neomercantilism It is now common practice to rank John Maynard Keynes as one of modern history’s outstanding liberals, perhaps the most recent “great” in the tradition of John Locke, Adam Smith, and Thomas Jefferson.1 Like […]

Homicides in the US Fall for Second Year as Murder Rate Drops in 38 States

As 2018 came to an end, politicians and media pundits insisted that ” gun violence ” was growing and hitting crisis levels . While a homicide rate of anything greater than zero is an measure of very-real human misery, it nonetheless turns out that fewer people were murdered in 2018 […]

Government Meddling Is the Reason You’re “Underpaid”

People frequently allege that, under capitalism, people aren’t paid what they are worth to employers. As a measure of how frequently that gets repeated, a Google search of “underpaid” I just did turned up 1,770,000 hits. And there is one sense in which that allegation may be true. But the […]

A Biography of Henry Hazlitt

The art of economics consists of looking not merely at the immediate but at the longer effects of any act or policy; it consists in tracing the consequences of that policy not merely for one group but for all groups. If you want to know where American supporters of free […]

The Economics of Prison Gangs

Why do prisoners join prison gangs? The answer lies in the fact that, like everyone else, prisoners respond to changes in costs and benefits. If a course of action becomes relatively more costly, people will do less of it — ceteris paribus — and vice versa. Subjective preferences help people […]

Are Entrepreneurs Born or Made?

“At birth human infants regardless of their heredity, are as equal as Fords,” wrote Ludwig von Mises in his salient book, Theory and History: The Interpretation of Social and Economic Evolution. However, Mises contended that this is far from the reality of human action and how flesh-and-blood people operate in […]

Desocialization of Taxes: A Taxation System Proposal for Venezuela

Presented during the “Comparative Economics” session at the Libertarian Scholars Conference on 28 September 2019, at The King’s College in New York City. Powered by WPeMatico

Grecia nunca se recuperó realmente de su crisis financiera

By: Petropoulos Delis Fotios Ahora que el programa de rescate de Grecia ha terminado, ¿cuáles son las perspectivas de crecimiento económico y desarrollo en Grecia? Estas dos definiciones son diferentes, ya que el crecimiento económico es el aumento de los ingresos, mientras que el desarrollo económico incluye factores como el […]

Beware of Defense Secretaries Pledging Reform

For the Pentagon, happy days are here again (if they ever left). With a budget totaling more than $1.4 trillion for the next two years, the department is riding high, even as it attempts to set the stage for yet more spending increases in the years to come. With such […]

Price Fixing in Ancient Rome

[This article is excerpted from the book Forty Centuries of Wage and Price Controls: How Not to Fight Inflation, chapter 2: “The Roman Republic and Empire.”] As might be expected, the Roman Republic was not to be spared a good many ventures into control of the economy by the government. […]

Selected Abstracts from the 2019 Austrian Economics Research Conference

Quarterly Journal of Austrian Economics 22, no. 2 (Summer 2019) full issue.   ABSTRACTS INCLUDE: “Entrepreneurship, Uncertainty, and Judgment: A Model for Understanding the Uncertainty Borne by Entrepreneurs,” by Per Bylund “The Perceived Phantom Opportunity: Bridging the Gap between Perception and Actualization,” by Michael Caston, Nicole Flink, Lee Grumbles, and […]

Why Congress Is Even Worse Than You Think

Ryan McMaken and Tho Bishop join for a discussion on the differences between Congress and state legislatures. Drawing from personal experiences, the two look at the differences in incentives, leadership power, and legislative process, to look at what makes Washington so particularly dangerous to liberty. Powered by WPeMatico