Jean-Baptiste Say and the “Law of Markets”

Jean-Baptiste Say and the “Law of Markets”

Whatever economic freedom we enjoy in the world today is due, to a great extent, to the ideas and efforts of the classical liberals and economists of the first half of the nineteenth century. Inspired by the eighteenth-century writings of the French Physiocrats and...
Primitivism Versus Prosperity

Primitivism Versus Prosperity

Recently the news media reported the death of a young Christian evangelical who was killed with bows and arrows by members of a primitive and isolated tribe that lives on an island in the Andaman chain in the eastern Indian Ocean. Many in the media expressed sadness...
The Bad Economics of Short-Run Policies

The Bad Economics of Short-Run Policies

Bad economics can bring about or grow out of bad politics. But the question is, what are bad economics and bad politics? Unless this is clearly and correctly identified, a bad situation can be made worse, and a good situation can be turned into a bad one. So sorting...

The Rise of Capitalism and the Dignity of Labor

The market, or capitalist, economic system has transformed the material world in wondrous ways over the last 200 years. Poverty, once the natural condition of virtually all of humanity, is being lifted from people’s shoulders, not only in the Western world but also...
Macro Aggregates Hide the Real Market Processes at Work

Macro Aggregates Hide the Real Market Processes at Work

For the 12 months that ended in July 2018, price inflation in the United States, as measured by the Consumer Price Index, was 2.9 percent. That is, a basket of goods that cost $100 in July 2017 increased in expense by almost $3 by July 2018. But is this sort of index...
Free Markets vs. Democratic Socialism

Free Markets vs. Democratic Socialism

Warnings are frequently heard nowadays that democracy is currently under threat. And with a demise of democracy will come a loss of liberty. Indeed, democracy and freedom are frequently heralded as being synonyms. An important question, however, is, What do these...
The Best Response to Foreign Tariffs? Lower Your Own

The Best Response to Foreign Tariffs? Lower Your Own

In the Bible it says, “He that is without sin among you, let him first cast a stone . . .” It also has been said that the one who strikes the second blow starts any fight. If the world is to avoid trade wars due to tariffs being imposed by the Trump Administration,...

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