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How LockDowns Shattered the Structure of Production

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Old fallacies have a way of reappearing, especially, during times of social and economic crises. The current coronavirus crisis has opened the door to a variety of them, including the notion of a “paradox of thrift.” It is the idea that if people save more of their incomes by reducing their consumption expenditures, they will lower the market demand for final goods and services, thereby reducing earned profit margins, and thus eliminate the incentive for that greater savings to be borrowed for investment purposes, which will put a drag on employment opportunities. It is a fundamentally flawed notion. This argument was recently made following the May 29, 2020 announcement by the Bureau of Economic Analysis (BEA) that in April of this year, the personal savings rate of Americans had shot up to 33 percent of disposable income, after being about 13.7 percent in March. At the same time, due to greatly increased government spending on a variety of anti-coronavirus programs, ...

My Discovery of Freedom

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What surprised me most about discovering libertarianism is the fact that I wasn’t living in a free society, as I had been taught all my life. I was 28 years old when I discovered libertarianism. Up to that point, I “knew” I lived in a free country. That’s what I had been told and taught ever since I was old enough to think. Like most everyone else, from the first grade in the public schools to which my parents had sent me I was forced to stand up every morning and recite the Pledge of Allegiance, during which I affirmed that America was a “republic” with “liberty and justice for all.” By the time I was 28, I was fully indoctrinated, as most Americans are. I walked into the public library of my hometown looking for something to read. I ambled over to the political science section. I saw four little different colored books entitled ...

An “Austrian” Agenda for Post-Coronavirus Recovery

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Everyone is hoping for the light at the end of the tunnel with the coronavirus crisis. There are few who are not exhausted with fear of the illness, and with worry and despair about the economic disaster caused by the government lockdowns and stay-at-home dictates. So, eyes are turned to a post-coronavirus world and what it will be like. How will America and most of the rest of the world recover from this nature-created and man-made-exacerbated catastrophe? U.S. state governments are tentatively promising or implementing openings of the societies over which they rule. People are being allowed to take walks in parks and do some shopping for more than politically defined “essentials.” Retail businesses and manufacturing enterprises are being permitted to open and function on limited and regulated bases. Traveling to places close to home and much more afield are slowly starting to occur for more people. But notice the presumption is all of this, that just as the federal and ...