Economics

Happy 90th Birthday, Professor Israel Kirzner!

by Richard M. Ebeling February 19, 2020

Even in an era when modern medicine and technologies are adding to people’s lifetimes, along with the gains in general human economic betterment, it still stands as a notable event when someone marks their 90th birthday. On February 13th, renowned “Austrian” economist, Israel M. Kirzner, celebrated his reaching of that important milestone. It is difficult to imagine the revival of ...

Wasserman’s Twisted Tale About the Austrian School of Economics

by Richard M. Ebeling December 12, 2019

The Austrian School of Economics has been one of the most original and insightful approaches to economic understanding over the last century and a half. The Austrian School is also widely identified with the classical liberal ideal of individual liberty and free markets. Indeed, several of the Austrian economists have been considered to be among the most consistent and ...

My Life as an Austrian Economist and a Classical Liberal

by Richard M. Ebeling September 27, 2019

I suppose I can date my interest in both classical liberalism and Austrian economics to the day I was born. The doctor grabbed me by my little feet, turned me upside down and spanked my tiny bottom. I began to cry out. That is when I realized the fundamental “Austrian” axiom that “man acts.” In addition, I appreciated that what ...

Price Controls Attack the Freedom of Speech

by Richard M. Ebeling September 18, 2019

We increasingly live in a new “dark age” of economic ignorance, and even stupidity. Few things exemplify this trend as much as the call for price controls over the interactions of multitudes of people in the marketplace of supply and demand. There are few government interventionist policies as likely to disrupt, distort, and imbalance the actions of tens of millions, indeed, ...

Minimum Wage Nonsense

by Christine Smith August 26, 2019

Once again, the call for raising the federal minimum wage is in the news, with most Democratic Party candidates for president endorsing its doubling from $7.25 to $15/hour. Some candidates have suggested it be increased even more, depending on the region of the country. Of course, this is because of great compassion and empathy for the American worker. Right? After ...

Milton Friedman: The Forgotten History of the Godfather of Conservative Libertarianism

by Brian Miller August 9, 2019

“I would like to say to Milton and Anna : Regarding the Great Depression. You’re right, we did it. We’re very sorry. But thanks to you, we won’t do it again.” Federal Reserve Chairman Ben Bernanke, acknowledging the central bank’s role in causing the Great Depression

The Case for a Coercive Green New Deal?

by Richard M. Ebeling August 7, 2019

Social and economic crises, real and imagined, often seem to bring out the most wrongheaded thinking in matters of government policy. Following the 2008 financial crisis and with the fear of “global warming,” there has been a revival in the case for “democratic” socialism. But now its proponents are “out of the closet” with a clear cut and explicit ...

Ludwig von Mises’s Human Action: Marking 70 Years of Continuing Relevance

by Richard M. Ebeling August 1, 2019

German September 2019 marks 70 years since the appearance of Ludwig von Mises’s Human Action: A Treatise on Economics, one of the truly great “classics” of modern economics. Too often a “classic” means a famous book considered to have made important contributions to some field of study and that is reverentially referred to but is unfortunately ...

Austrian Economics on the 45th Anniversary of Its Rebirth

by Richard M. Ebeling June 24, 2019

This June marks the 45th anniversary of the revival of the Austrian School of Economics. During the week of June 15-22, 1974, the Institute for Humane Studies brought together about 50 people in South Royalton, Vermont to listen to a series of lectures by three of the leading figures of the, then, existing remnant of the Austrian School. The ...

Who Actually Pays Tariffs?

by Laurence M. Vance May 20, 2019

Donald Trump’s economic ignorance knows no bounds. And especially when it comes to the subject of trade. Trade is always a win-win proposition. In every exchange, each party gives up something valued less for something valued more. Each party to a transaction values differently the goods or services being exchanged. Each party anticipates a gain from ...

F.A. Hayek on Individual Liberty

by Richard M. Ebeling May 1, 2019

The rebirth of a belief in and an enthusiasm for socialism and government planning among a noticeable number of academics, intellectuals, young people, and elected officials raises many of the fundamental issues surrounding freedom and command, market competition and political control. Once more, a call is heard for doing away with free enterprise, this time in the name of a ...

The Global Economy Desperately Needs Freedom

by Richard M. Ebeling March 7, 2019

How many bureaucrats are there in the world? The global population currently numbers more than 7.5 billion people. Out of that number it is estimated that the global labor force equals almost 3.5 billion, or a half a billion less than half of all the people on the planet. While it varies very greatly from one country to another, ...