Economics

Carl Menger and the Foundations of Austrian Economics

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Today is Austrian economist, Carl Menger’s, birthday. Born on February 23, 1840, he died on February 26, 1921, at the age of 81. Menger is most well known as one of the first formulators of the theory of marginal utility, separately though in published form almost simultaneously, with William Stanley Jevons and Leon Walras in the early 1870s. But ... [click for more]

The Follies and Fallacies of Keynesian Economics

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Eighty years ago, on February 4, 1936, one of the most influential books of the last one hundred years was published, British economist, John Maynard Keynes’s The General Theory of Employment, Interest and Money. With it was born what has become known as Keynesian Economics. Within less than a decade after its appearance, the ideas in The General Theory ... [click for more]

Eugen von Böhm-Bawerk: Leading Austrian Economist and Finance Minister of Fiscal Restraint

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We live at a time when politicians and bureaucrats only know one public policy: more and bigger government. Yet, there was a time when even those who served in government defended limited and smaller government, one of them being the Austrian economist Eugen von Böhm-Bawerk who was born 165 years ago today, on February 12, 1851. Böhm-Bawerk is famous as ... [click for more]

Inhumanity of the Minimum Wage

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A dictator, it is true, can arbitrarily declare human labor to be the only thing of value in the world; and he can set a minimum or a maximum wage, or just fix prices. But he cannot enforce his dictates, because they run contrary to the rules of human behavior. As long as men harbor their own distinctive sense ... [click for more]

Book Review: An Enjoyable Guide to Economics

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Popular Economics: What the Rolling Stones, Downton Abbey, and LeBron James Can Teach You about Economics by John Tamny (Washington, D.C.: Regnery Publishing, 2015) 279 pages. It  is often pointed out that man’s improved circumstances on this Earth over the centuries has been the result of the accumulated knowledge that each generation takes from the preceding ones, to ... [click for more]
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