Economics

Why Even Insiders Underestimate Markets’ Power

Anyone who has ever taken a competently taught economic principles course should understand why people tend to underestimate market forces for airline fuel, irrigation water, and so many other areas.

The Four Phases of the Great Depression

The Four Phases of the Great Depression

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.

Laissez Faire vs. Interventionism

Laissez Faire vs. Interventionism

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 attain this end they...

Marx and His Exploitation Theory

Marx and His Exploitation Theory

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.

Defending Capitalism: Ayn Rand vs. Hayek

Defending Capitalism: Ayn Rand vs. Hayek

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, not in Galt's speech,...

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