Economics

Quinn Slobodian and the Academic Attack on Mises and Hayek

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We are living in a world of the anti-liberal counter-attack against individual liberty, free markets and limited government. Prominent voices for the free society in the 20th century, like the Austrian economists, Ludwig von Mises and Friedrich A. Hayek, are among the targets that opponents of free market liberalism are taking aim. In doing so, the anti-liberals distort the facts ... [click for more]

The Bad Economics of Short-Run Policies

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Bad economics can bring about or grow out of bad politics. But the question is, what are bad economics and bad politics? Unless this is clearly and correctly identified, a bad situation can be made worse, and a good situation can be turned into a bad one. So sorting this out is crucial to having a free and prosperous ... [click for more]

The Rise of Capitalism and the Dignity of Labor

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The market, or capitalist, economic system has transformed the material world in wondrous ways over the last 200 years. Poverty, once the natural condition of virtually all of humanity, is being lifted from people’s shoulders, not only in the Western world but also increasingly around the globe. But the criticisms of free market liberalism continue, among them the idea ... [click for more]

Interest Rates Need to Tell the Truth

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In the middle of July 2018, President Donald Trump said in an interview that he was “not happy” with the Federal Reserve nudging up interest rates and threatening economic growth in the United States. At the recent Jackson Hole, Wyoming, meeting of global central bank leaders, the Federal Reserve chair, Jerome (“Jay”) Powell, said the Fed board would continue ... [click for more]

Economic Armaments and China’s Global Ambitions

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The world continues to move in potentially dangerous directions. A leading component of this threat is the use of economic armaments by governments to gain political and market advantages in their foreign relations with other countries. Among the leading participants in the use of such economic armaments is the government of China. First, what are “economic armaments”? In the 1930s, ... [click for more]

Some Confusions of Language in Economic Thought

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Fifty years ago, in 1968, Austrian (and Austrian school) economist Friedrich A. Hayek published a monograph called The Confusion of Language in Political Thought. Hayek argued that the words we use and the meanings we give to them greatly influence how we think about the political system and the wider social order in which we live. ... [click for more]