Economics

How Profit Benefits the Public

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Portuguese I’ve heard, like you have, about corporate greed. The profit motive, we are told, is evil and causes the little people to be trampled. Formal studies show that people perceive that profit is negatively associated with social value for specific companies and whole industries (example — that “evil” oil industry). This is probably no surprise, ... [click for more]

The Austrian Economist Who Should Have Received the Nobel Prize

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On October 13th, the 2014 Nobel Prize in Economics was announced in Stockholm, Sweden, with French economist, Jean Tirole, the recipient for his work on developing models to better assist governments in regulating private enterprise. A couple of weeks earlier, Reuters news agency had reported that the Austrian School economist, Israel M. Kirzner, was on the short list for ... [click for more]

TGIF: The State Is No Friend of the Worker

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The election season is upon us, and we’re hearing the usual political promises about raising wages. Democrats pledge to raise the minimum wage and assure equal pay for equal work for men and women. Republicans usually oppose those things, but their explanations are typically lame. (“The burden on small business would be increased too much.”) Some Republicans endorse raising ... [click for more]

Celebrating The Work Of Nobel Prize Winning Economist, F.A. Hayek

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Forty years ago, on October 9, 1974, the Nobel Prize committee announced that the co-recipient of that year’s award for economics was the Austrian economist, Friedrich A. Hayek. Never was there a more deserving recognition for one of the truly great free market thinkers of modern times. The Nobel committee recognized his contributions, including “pioneering work in the theory of ... [click for more]

The Miracle and Morality of the Market

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One of the great fallacies arrogantly believed in by those in political power is the notion that they can know enough to manage and command the lives of everyone in society with better results than if people are left to live their own lives as they freely choose. The fact is, there is far more in the world that successfully ... [click for more]

Fed Follies: Central Bank Continues to Force Economy in Wrong Direction

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For more than a decade, now, Federal Reserve policy has been guided by the fear of one economic bogyman: the presumed danger of “price deflation.” The fear is unfounded and the inflationary “solution” only leads to disaster. During Alan Greenspan’s and Ben Bernanke’s watches at the helm of America’s central bank and now under Janet Yellen, the claim has been ... [click for more]

TGIF: Jane Cobden: Carrying on Her Father’s Good Work

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Among libertarians and classical liberals, the name Richard Cobden (1804–1865) evokes admiration and applause. His activities -- and successes -- on behalf of freedom, free markets, and government retrenchment are legendary. Most famously, he cofounded — with John Bright — the Anti–Corn Law League, which successfully campaigned for repeal of the import tariffs on grain. ... [click for more]

TGIF: Immortal Keynes?

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Whatever you may think of Keynesian economics, you have to give it credit for one thing: its staying power. You can’t watch a news program without hearing pundits analyze economic conditions in orthodox Keynesian terms, even if they don’t realize that’s what they’re doing. One TV personality says that the rejection of Keynes indicates a disbelief in all science! What ... [click for more]
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