There is no one Taylor Rule, but several, depending on how one interprets the government's measurements of the economy. Taylor's rule also fails to address the fundamental problem of coordinating the actions of many diverse individuals in an economy, so it cannot protect us from malinvestment and bubbles.
In this transcript of his Mises Weekends interview with Jeff Deist, Andy Duncan handicaps the upcoming secession vote in Scotland and discusses the state of free-market thinking in the UK.
The work of economist Anders Chydenius, which predates Smith’s The Wealth of Nations, provided a radically free-market voice for Scandinavia in the 18th century as Chydenius battled against mercantilists and those who thought government well-suited to plan economies with laws and edicts.
The NCAA, a quasi-governmental regulatory cartel, prohibits colleges from paying athletes. So colleges employ a variety of schemes to offer unofficial “pay.” Meanwhile, the NCAA ensures there is no functioning job market for athletes at that level, and no competition to which students might go seeking higher pay.
With a state in existence, ultimately, all private property becomes state property.
The trucking industry has historically offered many opportunities for small-scale owner-operators and laborers alike. Government management of the industry, however, from environmental regulations to labor guidelines, have cut deep into trucker productivity, all the while raising prices for both consumers and producers who depend on trucking.
Randall Holcombe talks about his new textbook on Austrian economics: “The idea was to write a book for people who already know some economics,” Holcombe says.
Some opponents of Scottish secession (and most other Secession movements) claim that places like Scotland and Quebec are "too small" to be independent countries. A look at small countries vs. large countries, however, suggests that small countries often perform better economically.
The television show American Pickers shows many economic concepts in action, such as comparative advantage and specialization and trade, and it also illustrates numerous Austrian insights such as subjective value and the role of the entrepreneur.
Drug warriors rely on bad and manipulated data to make the claim that respecting private property rights in Colorado is "terrible public policy."
