John Stuart Mill and the Dangers of Unrestrained Government

One of the great voices for personal liberty was that of the British economist and political philosopher, John Stuart Mill. His essay, “On Liberty,” though penned well over 150 years ago, is a classic statement that the individual should be respected in his right of freedom of thought, speech and action. But John Stuart Mill (1806-1873) was also one of ... [click for more]

An “Austrian” Economist’s Advice for Greece and the EU

  For months, now, the mass media and the financial markets have anxiously watched and waited to see the outcome of a war of words, accusations, and threats that have been fought between Greece and its Eurozone and European Union partners. Over several decades Greek governments accumulated a fiscally unmanageable debt and have been unwilling to introduce any meaningful, long-term economic ... [click for more]

F. A. Hayek and Why Government Can’t Manage Society, Part II

It is seventy years, now, since near the end of the Second World War Austrian economist, and much later Nobel Prize winner, Friedrich A. Hayek published his most famous article, “The Use of Knowledge in Society,” in September 1945, demonstrating why it is impossible for a system of socialist central planning to effectively manage a complex and ever-changing economy ... [click for more]

Keynesian Medicines are Not a Cure for China’s Ills

Keynesians never seem to learn. Every time an economy slows down or reverses gears and “goes negative,” in terms of growth and employment, their only answer is a call for “aggregate demand” stimulus and more government spending manipulation. An example of this is a recent article by Washington Post columnist, Robert Samuelson raising the question, “China’s Coming Crash?” (May 24, ... [click for more]

Why Government Deficits and Debt Do Matter

The Congressional Budget Office (CBO) reported in early May that for the month of April 2015 the Federal government ran a budget surplus, taking in more in taxes than it laid out in expenditures. Don’t be fooled by one month, especially when it was a month when people filed and paid their taxes. Government deficits and growing debt are ... [click for more]

Monopoly and Aggression

The concepts monopoly and aggression are intimately related, like lock and key, or mother and child. You cannot fully understand the first without understanding the second. Most of us are taught to think of a monopoly as simply any lone seller of a good or service, but that definition is fraught with problems, as Murray Rothbard, Austrian economists generally, and ... [click for more]
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