Other Schools of Thought

Behavioral economics claims it has shown that people behave irrationally — often make mistakes, and have problems with self-control. But is this really irrational behavior?

The Nobel committee this year showed that it has embraced clever economic modeling as a replacement for scientific progress.

Unlike a moralistic schoolmarm or a government, markets do not punish or tax anyone. They merely reflect the choices we make and the values we hold.

Unfortunately, the economics Nobel this year neglects the problems at the heart of the State — the government failures that pollute and impoverish.

The Austrian story fits the facts of the housing boom—and bust—much better than the preferred narrative of Market Monetarists.

Besides the fun of catching Krugman in his flip-flops, his record shows just how weak the empirical case for Keynesian fiscal policy is.

The principal characteristic shared by Socrates, Plato, and Aristotle — the three greatest philosophers of ancient Greece — was their inability to grasp the essential principles of the spontaneous market order and its dynamic process of social cooperation.

Jevons called Cantillon's Essai the "Cradle of Political Economy." It was one of the few books quoted by Adam Smith and it deserves reading by any serious thinker of political economy today.

No organization has more money at its disposal than the US government, which attracts thieves and con men at least in full proportion to its control of wealth.

Fetter is mostly neglected today, but he had a powerful influence on practically every Austrian economist in the first half of the 20th century.