Economics

Ludwig von Mises on Collectivist Fallacies and Interventionist Follies

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For more than a century the world has been caught in the grip of social engineers and political paternalists determined to either radically remake society from top to bottom in collectivist directions, or to use various government regulatory and redistributive policies to try to modify existing society into desired “social justice” forms and shapes. Both are based on false ... [click for more]

Ludwig von Mises and the Real Meaning of Liberalism

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Liberalism has become one of the most widely misused and abused words in the American political lexicon. It represents, some say, politically “progressive thought,” based on the goal of “social justice” through greater “distributive justice” for all. Others declare it represents moral relativism, political paternalism, governmental license, and just another word for “socialism.” Lost in all of this is ... [click for more]

Austrian Monetary Theory vs. Federal Reserve Inflation Targeting

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One of the leading policy guideposts for central banks and many monetary policy proponents nowadays is the idea of “inflation targeting.” Several major central banks around the world, including the Federal Reserve in the United States, have set a goal of two percent price inflation. The problem is, what central bankers are targeting is a phantom that does not ... [click for more]

Economic Ideas: Jean-Baptiste Say and the “Law of Markets”

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Whatever economic freedom we enjoy in the world today is due, to a great extent, to the ideas and efforts of the classical liberals and economists of the first half of the nineteenth century. Inspired by the eighteenth-century writings of the French Physiocrats and Scottish Moral Philosophers (for example, David Hume and Adam Smith), they forcefully and insightfully demonstrated ... [click for more]

Economic Ideas: Frédéric Bastiat on the Law of Liberty and Free Markets

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The defense of economic liberty has never been an easy task. Adam Smith expressed his own despair at this problem in The Wealth of Nations. After presenting his powerful criticisms of mercantilism—the eighteenth-century system of government regulation and planning—he despondently suggested that free trade in Great Britain was as unlikely as the establishment of a utopia. He said that two ... [click for more]
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