Economics

Bureaucracy: A Mises Classic, Part 2

by
Part 1 | Part 2 Last month I discussed Ludwig von Mises’s presentation of profit management in his great little book Bureaucracy. He explains in detail how consumers “use” the price and profit-and-loss systems to direct entrepreneurs toward producing the things they want most urgently. (Of course, they don’t self-consciously use these systems; they simply buy and abstain ... [click for more]

Bureaucracy: A Mises Classic, Part 1

by
Part 1 | Part 2 Ludwig von Mises, the great expositor of the Austrian school of economics, left an awesome, even intimidating, body of work. Human Action and Socialism are among the most important books written in economic and social theory, yet most people with little spare time will probably not try to tackle them. Mises’s shorter works ... [click for more]

The Myth of the Level Playing Field

by
One of the catch phrases of the day is “a level playing field.” Some businessmen are using it to refer to the competitive situation in which they would prefer to be, but allege they are not for some reason. And, not surprisingly, the reason they usually give for not having “a level playing field” is that a competitor has ... [click for more]

Seeing and Not Seeing

by
A key element in understanding reality is an accurate representation of reality. And this headline in the November 10 Washington Post — “N. Va. Boom Sparks Economic Recovery” — demonstrates how poorly is the average newspaper editor equipped to accurately describe economic affairs, which may help ... [click for more]

Corporatism and Socialism in America

by
Principled advocacy of the free market requires an understanding of the differences between genuine free enterprise and “state capitalism.” Although the Left frequently exaggerates and overemphasizes the evils of corporate America, proponents of the free market often find themselves in the awkward position of defending the status quo of state capitalism, which is in fact a common adversary of ... [click for more]

The Danger of Science

by
Ludwig von Mises, F.A. Hayek, Ludwig Lachmann, among other members of the Austrian school of economics, often lamented that the discipline of economics alienated itself from flesh-and-blood existence to the extent it imitated the natural sciences, such as physics. With that in mind, I received the news that Cambridge University economist Partha Sarathi Dasgupta, ... [click for more]

Book Review: Economic Freedom and Development

by
Economic Freedom and Development: An Essay about Property Rights, Competition, and Prosperity by Wolfgang Kasper (New Delhi, India: Centre for Civil Society, 2002); 132 pages; $12.95. The Centre for Civil Society, headquartered in New Delhi, India, was founded in 1997, with the purpose of advancing the cause of classical liberalism, economic freedom, and the rule of law under limited government. Its ... [click for more]

Book Review: Economics for Real People

by
Economics for Real People: An Introduction to the Austrian School by Gene Callahan (Auburn, Ala.: Mises Institute, 2002); 349 pages; $19.95. Back in 1932 an economist named Broadus Mitchell wrote an introductory principles textbook entitled A Preface to Economics. When he came to the discussion of supply and demand, he stated, “I hate graphs, anyhow. They are the only pictures economics books ... [click for more]

Book Review: The Elusive Quest for Growth

by
The Elusive Quest for Growth: Economists’ Adventures and Misadventures in the Tropics by William Easterly (Cambridge, Mass: MIT Press, 2002); 342 pages; $29.95. POVERTY, UNFORTUNATELY, is the natural condition of man. And through most of his time on earth, as best as historians can determine, his standard of living has been meager and poor. But slowly over the centuries certain ... [click for more]

Book Review: Money and the Market

by
Money and the Market: Essays on Free Banking by Kevin Dowd (New York/London: Routledge, 2001); 226 pages; $100. KEVIN DOWD IS ONE OF THE LEADING free-market monetary theorists today. Along with Lawrence H. White and George Selgin, he has helped to revive and refine the case for abolishing central banking and replacing it with a market-based competitive free-banking system. In 1976, Austrian ... [click for more]
Page 20 of 21« First...10...1718192021