Joseph A. Schumpeter is identified with two related ideas, the notion of the innovative entrepreneur and the imagery of the competitive market as a process of creative destruction.
The fact is, there is far more in the world that successfully manages and “regulates” itself without the controlling hand of the government than many of us pause to reflect on or understand.
If you approach Austrians economics from a Marxian-style dialectic, as Janek Wasserman does, then you will miss the entire point of the school of thought and its contribution to the science of economics.
Your building your own deck would be worthwhile only if your cost of doing so is less than the cost of having someone else, such as Jones, build it for you.
To consume, men must first produce.
The Great Depression was not one, but four consecutive depressions that Professor Hans Sennholz has labeled as four “phases”: the business cycle; the disintegration of the world economy; the New Deal; and the Wagner Act.
Say’s Law of Markets already included the answers to the questions against free markets with which the Keynesians attempted to challenge the efficacy of capitalism a century later.
Steven Kates refutes Keynes’s caricature of the classical economists. Ultimately it is always goods that are traded for goods. Say’s Law, properly understood, explains both what causes unemployment and how to solve it..
Amongst Thomas Piketty, Elizabeth Warren, Bernie Sanders, Jerry Yang, and Jeremy Corbyn a wealth tax is all the rage as a means to rectify “wealth inequality”. But what does it really do?
So many CEOs know so little about economics that they don’t know that in a free market producing for the profit of their stockholders in and of itself implies producing for the benefit of everyone.
At any moment in time, the world seems to be going to hell in a handbasket. Manners are missing; ethics are being eliminated; culture is corrupted; social attitudes are supercilious; virtues are vanishing; literature is mostly licentious; industry...
In eighteenth-century France the saying laissez faire, laissez passer was the formula into which some of the champions of the cause of liberty compressed their program. Their aim was the establishment of the unhampered market society. In order to...
It is capitalism and the competitive market process that generates solutions to the knowledge problems of the society, including the “informational asymmetry” that naturally follows from any developed social system of division of labor.
As the economic degree of capitalism rises, not only do profit margins and the rate of profit fall, but wage payments come into being and then rise both absolutely and relative to profits.
In economics Hayek is a radical; but in philosophy, unlike Ayn Rand, Hayek is a conservative.
Economic growth has been faster when the federal government has been smaller (relative to GDP) – and vice versa.
“I cannot undertake to lay my finger on that article of the Constitution which granted a right to Congress of expending, on objects of benevolence, the money of their constituents.”
Ayn Rand publicly recommended the works of Mises but not of Hayek. Today, when Hayek is much better known than Mises, it's worth seeing why. I came to the full realization of what's wrong with Hayek's approach while re-reading Atlas Shrugged. No,...