Political Paternalism, Not Free Markets, Cause Economic Shocks

One of the political paternalist tricks is to insist that any economic policy failure is more “proof” of the bankruptcy of the market economy. Once again, this worn-out device is employed by Columbia University professor and Nobel Prize-winning economist Joseph E. Stiglitz. Any and all such presumed market “failures” are placed by Stiglitz under the umbrella term, “neoliberalism.” Neoliberalism has ...

Appreciating F. A. Hayek’s Insights on Money and the Business Cycle

Over the last few months, fears over rising price inflation have, again, become the focus of political policy makers and media pundits. While generally rising prices have a variety of deleterious effects, attention is often not given to how inflationary processes work, their negative effects beneath the surface of measured movements in the “price level.” Ninety years ago, the ...