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Beyond GDP to a New Road to Serfdom

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It is a commonplace that there is more to life than money and the material benefits that it may provide someone. We often make trade-offs between income-earning work opportunities and more time with family or friends, or between risky but well-paying employment and a calmer and less stressful job that does not pay as well. We might decide whether it is worth forgoing some amount of personal material wealth for a more pleasant and healthy environment. The question is, Should government be trying to measure and manage these and other things like them, instead of each of us finding the right balance and values for ourselves? Columbia University professor and Nobel Prize winner in economics Joseph E. Stiglitz thinks that it is more the government’s role to sort these things out, and, by implication, less each of ours as individuals. In a recent article titled “Beyond GDP,” Stiglitz points out that the usual measurements of economy-wide economic ...

Who Is the Most Qualified to Be President?

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Perhaps it was just a coincidence. George H.W. Bush, the 41st president of the United States, died at his home on Saturday, November 30, age 94. Just three days later, on Monday, December 3, Joseph “Joe” R. Biden, the nation’s 47th vice president, said he believed that he was the “most qualified person” to be the president of the United States. Bush’s life was lived in service to the state: president, vice president, CIA director, chairman of the Republican National Committee, ambassador to the United Nations, chief of the U.S. Liaison Office in Beijing, U.S. representative. His legacy is horrendous. Not only did he infamously raise taxes and invade Panama for no good reason, Bush, as journalist James Bovard recently wrote, “implemented restrictive trade quotas,” “was the most protectionist president since Herbert Hoover,” “turned federal drug policy into a holy war,” “converted low-income Americans into third-class citizens,” and “turbocharged asset forfeiture, spurring seizures of private property on the ...

Ludwig von Mises on Liberalism, Nationalism, and Self-Determination

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Ludwig von Mises was one of the most important Austrian economists of the 20th century, having left his mark on economic theory and policy by demonstrating that socialist central planning was inherently unworkable because of the abolition of a market-based pricing system for purposes of economic calculation, and by developing a theory of the business cycle that argued that ...