Economics

Monopoly and Aggression

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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]

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

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  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

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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

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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

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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]

The Folly and Presumption of Big Government Social Engineers

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One of the social mythologies of our time is that it is in the power and ability of governments to remake society in any image or shape that those with political authority consider “good,” “right,” and “just” for mankind. No other idea has caused more horror and hardship in modern times. The extreme attempts at such “social engineering” in the ... [click for more]
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