Tag Archives: austrian economics

When Mainstream Economics Was Wrong, Mark Thornton Was Right

One rule of thumb I’ve adopted is: whenever the idea that the business cycle may have been tamed forever starts to become mainstream, the bust is around the corner. I’m proud to say that I consider Mark Thornton to be … Continue reading

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The Many Ways the Pope Is Wrong About Capitalism

Economics is a science, and to ignore economic law is futile. As Mises trenchantly observes, “it is futile to approach social facts with the attitude of a censor who approves or disapproves from the point of view of quite arbitrary … Continue reading

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How To Live in Peace

Government allocation is mostly a zero-sum game, in which one person’s win necessarily means another person’s loss. The great ignored and overlooked feature of market allocation is that it is… a positive-sum game. In positive-sum games, you get what you … Continue reading

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An ‘America First’ Trump Trade Policy

 …production will… be done where it can be done cheapest Econ 101 Question: Who is going to pay for bringing all those jobs back to America and how will it be done?  Hint: the consumer through higher prices. — jtl, … Continue reading

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Why Democracy Rewards Bad People

… (the) argument in favor of democracy is fatally flawed. Free entry is not always good. Free entry and competition in the production of goods is good, but free competition in the production of bads is not. Free entry into … Continue reading

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Simple math explained by a 5th grader

I promise you’ll enjoy this bit of enlightenment! For those who can’t figure it out, this 5th grader will explain it to you. Pretty good but the kid blew it at the end when he talked about running for office. … Continue reading

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Reliving the Crash of ‘29

 A half-century ago, America — and then the world — was rocked by a mighty stock-market crash that soon turned into the steepest and longest-lasting depression of all time. Keep in mind that Roghbard was writing in 1979. Anyhow… I … Continue reading

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Did You Pay Your “Fair Share” on Tax Day?

Top 20% of Earners Pay 84% of Income Tax.” In fact, the top 1 percent of American earners earn about one-sixth of total income, but pay nearly as much in income taxes as everyone else combined. And these are the … Continue reading

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Private Enterprise versus Free Enterprise

I frequently say that George Orwell was an optimist. Our cultural, social and economic destroyers have twisted and tortured the language until up is down, black is white, and ignorance is brilliance. We must take care to use the language … Continue reading

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Why the Government Hasn’t Yet Managed to Destroy the Economy

Markets are like weeds. They are impossible to stamp out. Markets emerge wherever and whenever there exist opportunities for individuals to gain through exchange. But not all markets are equal. Market exchanges in the absence of property rules take place, … Continue reading

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