Economics

The Scope of Public Choice Theory

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Prague, Czech Republic. In October 1985 (I think it was) Professor James Buchanan, now at George Mason University's Department of Economics, received the Nobel Prize in his discipline for his pioneering work — in collaboration with Professor Gordon Tullock — in what came to be called public choice theory. The ... [click for more]

Private Roads Work

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The issue of private roads stymies those who might otherwise be diehard libertarians. They can see how abolishing public education makes for better citizens and respects parental rights. They understand that Medicare, Social Security, and other government transfer programs are immoral abominations. They might even be so enlightened as to think that people should be ... [click for more]

Restoring the Republic Is More Important than Ever

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In 2007 and 2008 The Future of Freedom Foundation hosted two important conferences, “Restoring the Republic: Foreign Policy & Civil Liberties.” The final collection of 45 speeches — delivered by a unique combination libertarians, conservatives, and liberals — is possibly the greatest collection of talks giving the libertarian case on ... [click for more]

Pickens Plan Is Based on Ignorance

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Can a person be a good businessman but a lousy economist? Yes. Take T. Boone Pickens, for example. Hes all over television touting his plan for wind power as a substitute for foreign oil, a plan that calls for massive government subsidies. This should immediately make us suspicious. If wind is so good, why does it need subsidies? In trying ... [click for more]

Memoirs of a Longtime Libertarian

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Who is he? What makes him tick? Why should anyone else care? I’m the one who cares and this is why I’m what I am. I am an individual and there is no one like me. Some individuals question some of the thoughts I have so I’ll give some of my background and ... [click for more]

Ominous Parallels

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The economic situation in Zimbabwe is dire. A hamburger costs billions of dollars. Vending machines are breaking down from the sheer volume of coins needed to vend a single soda. Zimbabwean workers can barely make ends meet. Their earnings are not rising fast enough to keep up with the prices, which ... [click for more]

The War No One Mentions

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With all the campaign talk about the various wars in which America is involved — the war on Iraq, the war on drugs, the war on poverty, the war on illiteracy, the war on terrorism, and the war on Afghanistan — there is one war that goes unacknowledged and unspoken about ... [click for more]

The Legacy of Milton Friedman, Part 2

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Part 1 | Part 2 Milton Friedman also was adept at proposing practical solutions to practical problems. He believed strongly in liberty, but he recognized that he needed to promote it practically. Nowhere was his ability in this area more evident than in his work on the All-Volunteer Force (AVF). He served on the official ... [click for more]

The Government’s Chickens Are Back

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When a private company screws up, there is no shortage of people demanding more government intrusion in the marketplace. But when the government screws up, they don’t call for less government. They call for more. The economy is slowing down, and the government is at fault. But, if anything, the policymakers ... [click for more]

The Legacy of Milton Friedman, Part 1

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Part 1 | Part 2 It has been more than a year since Milton Friedman passed from our lives. What a world he departed. The desire for liberty burns ever brightly. The forces of statism resist ever strongly. How we miss his presence. Although he has left us, his ideas live ... [click for more]

The Oil-Addiction Fallacy

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Watch any talking head, and when the subject comes to energy, one can expect to hear the mantra, Americans are “addicted” to oil, and especially “foreign oil.” This is repeated as though the repetition is proof that the premise is true. Thus, American taxpayers are currently being forced to contribute billions of dollars — and will be dunned many billions ... [click for more]

The Nightmare of the New Deal, Part 2

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Part 1 | Part 2 The Forgotten Man: A New History of the Great Depression by Amity Shlaes (HarperCollins, 2007); 464 pages. Who were the good guys? They were people who fought against the collectivization favored by Roosevelt and his “brain trust.” Shlaes devotes a full chapter ... [click for more]
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