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Carl Menger’s Theory of Institutions and Market Processes

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This year marks the 150th anniversary of a radical change in the way economists came to understand the logic of human decision-making and the formation of prices in society. There occurred what is often referred to as the “marginalist revolution” in place of the classical economists’ notion of a “labor theory of value,” which was generally accepted from the time of Adam Smith. In 1871, there appeared two books, Carl Menger’s (1840-1921) Grundsätze der Volkswirtschaftsliche, (or, Principles of Economics as it was translated into English), and William Stanley Jevons’ (1835-1882), Theory of Political Economy. This was followed shortly after by Leon Walras’ (1834-1910) Elements of Pure Economics in 1874. Menger, Jevons, and Walras each made their contribution independent of even knowing about the others’ existence. Yet, the focus, very often, has been on the common elements to be found in their respective expositions. The Classical Economists on the Market Process All three of ...

JFK Conference Update

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Tomorrow night, Wednesday, at 7 p.m. Eastern, we continue with our ongoing online conference “The National Security State and the Kennedy Assassination.” The speaker will be Douglas Horne, who served on the staff of the Assassination Records Review Board in the 1990s and who is the author of the watershed 5-volume book Inside the Assassination Records Review Board. Horne’s book is what inspired me to write The Kennedy Autopsy and The Kennedy Autopsy 2. With Horne’s presentation, we now move into the autopsy part of the conference. Following Horne’s presentation, the subsequent three Wednesdays will feature presentations by three independent physicians: Dr. Michael Chesser, Dr. David Mantik, and Dr. Gary Aguilar. The importance of this part of the conference cannot be overstated. It is the heart of the conference. These four presentations will establish beyond any reasonable doubt that the autopsy that the U.S. national-security establishment conducted ...

Will Treason Mania Destroy America?

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At the start of the Biden era, America is being torn apart by more allegations of treason than at any time since the Civil War. Historian Henry Adams observed a century ago that politics “has always been the systematic organization of hatreds.” And few things spur hatred more effectively than tarring all political opponents as traitors. The Founding Fathers carved the Constitution in light of the horrific political abuses that had proliferated in England in prior centuries. That was why there was a narrow definition of treason in the Constitution: “Treason against the United States, shall consist only in levying War against them, or in adhering to their Enemies, giving them Aid and Comfort. No Person shall be convicted of Treason unless on the Testimony of two Witnesses to the same overt Act, or on Confession in open Court.” After the end of Reconstruction, treason charges became relatively rare in American politics. Wars were probably the biggest propellants, with anyone who ...