It is within the bowels of government where the real yes-men problem lies. Here, there is no automatic feedback mechanism of the market to rely upon, to quell any incipient tendencies in the direction of yes-manning.
Mixing economics and government is a dangerous idea, nearly as dangerous as mixing church and government.
The existence of and need for property is a consequence of scarcity, which is further affected by the very institution to which it gives rise. However, this “problem” in a sense supplies its own solution
Liechtenstein has long been recognized as one of the most free and prosperous countries in the world.
Rothbard (1993, pp. 638–45) refuted the important economic fallacy that excess capacity is a normal consequence of profit maximizing behavior by businesses in some industries when they are in long-run equilibrium.
Does Structuralist unemployment theory in the spirit of Edmund S. Phelps (1994) contain Austrian elements? Austrian macroeconomics concerns itself with the intertemporal capital structure and entrepreneurial expectations.
It is taken for granted by most economists and political philosophers that John Locke was in some sense a precursor of the labor theories of value
In this paper we tackle two shortcomings of the present efficiency wage models. Firstly, they do not fully account for labor heterogeneity, thus implying that high-effort and low-effort units of labor are interchangeable.
Ever since economists undertook an economic analysis of the law there has waged the debate as to the proper criterion to use in deciding law cases.
