Economics

Progressives Believe in Money Magic

by Sheldon Richman April 2, 2013

It’s hard to believe that in the 21st century, educated people believe the government can produce real wealth by creating money. It’s especially ironic that the main preachers of this superstition fancy themselves progressives and are the first to accuse their opponents of being against science. What could be more antiscience than the alchemic proposal to create wealth ...

Living Economics (video)

by Peter J. Boettke April 2, 2013

The Future of Freedom Foundation is pleased to present "Living Economics," a talk by Peter J. Boettke with comments from FFF vice president Sheldon Richman and Chris Coyne, F.A. Harper Professor of Economics at George Mason University. This panel took place on March 27, 2013 at George Mason University at Arlington in Founder's ...

James Buchanan’s Subjectivist Economics

by Sheldon Richman April 1, 2013

James Buchanan, the Nobel laureate who died at 93 in January, was well known for his pioneering work in Public Choice (the application of economic principles to politics), constitutional economics (as a device for limiting government power), and many other key subjects in political economy. His voluminous work has long been of interest to libertarians and classical liberals for ...

Why James Buchanan Matters for Those Who Love Freedom

by Steven Horwitz April 1, 2013

On January 9 the world of political economy and the community of libertarian academics lost one of the 20th century’s most important thinkers with the death of James Buchanan at age 93. Although he was not as well known as Mises and Hayek, or even Milton Friedman or perhaps Robert Nozick, his work belongs with theirs in any discussion ...

Macroeconomics as Coordination

by Alexander William Salter April 1, 2013

If your main source of economic information is a newspaper, television news station, or government statistical bureau, you would probably say that macroeconomics is the discipline that studies a handful of aggregate data series, such as consumption, investment, government spending, and total income, for the purpose of understanding the causal relationships among them. The reason people pay attention to ...

TGIF: Loving Economics

by Sheldon Richman March 29, 2013

“My love affair with economics began in the fall of 1979.” With those words, Peter Boettke begins his valentine to the economics discipline, that is, his latest book: Living Economics: Yesterday, Today, and Tomorrow (Independent Institute and Universidad Francisco Marroquin, 2012). Boettke, besides being a University Professor of Economics and Philosophy at George Mason University, the BB&T Professor ...

The Calling: Back to the Future of Freedom

by Steven Horwitz March 28, 2013

As an economist, I am always more than happy to talk about how great the market is and to undertake the task of educating people on how markets work and why they are good. Certainly, one of the central concerns of the modern libertarian movement has been to extol the virtues of the market, especially the freed market. But ...

TGIF: Bastiat on the Socialization of Wealth

by Sheldon Richman March 22, 2013

That … veil which is spread before the eyes of the ordinary man, which even the attentive observer does not always succeed in casting aside, prevents us from seeing the most marvelous of all social phenomena: real wealth constantly passing from the domain of private property into the communal domain. Wealth marvelously passing from the private to the communal domain? ...

The Calling: The Challenge of Undesigned and Anonymous Order

by Steven Horwitz March 14, 2013

The spontaneous order of the market has long been an object of both theoretical and aesthetic contemplation for libertarians. From Adam Smith’s discussion of the number of hands it took to make a wool coat, to Leonard Read’s justly famous “I, Pencil,” to the examples that fill Russ Roberts’s parable novel The Price of Everything, libertarians have ...

Economic Liberty Lecture Series: Steven Landsburg

by Steven E. Landsburg March 14, 2013

On March 4, 2013, Steven Landsburg gave the following speech at The Future of Freedom Foundation’s “Economic Liberty Lecture Series.” The speech can viewed above in its entirety.

The Dow Jones Is Lying

by Sheldon Richman March 13, 2013

The Dow Jones Industrial Average (DJIA) is at a record high, and the unemployment rate has ticked down to 7.7 percent, but this is no time to celebrate. The economy is still in the doldrums. A little perspective: The news media trumpet changes in the Dow as though it tells us almost all we need to know about the economic ...

TGIF: Entrepreneurship and Social Cooperation

by Sheldon Richman March 8, 2013

We may laud the market order as an indispensable arena for large-scale social cooperation, but let’s not forget that people cannot cooperate with one another if they don’t know that the potential for mutually beneficial exchanges exists. In the real world ignorance is pervasive, and we mustn’t fall prey to the mainstream economists’ unreal assumption that full knowledge about means, ends, ...