Economics is a logical, deductive, human science about real people acting in the real world, with all the dynamism, unpredictability, and creativity that entails. Markets aren’t static, lifeless mathematical constructs but lively, vigorous spaces where people interact and coordinate.
Keynesians use a very narrow definition of inflation, but if we have a better and broader understanding of prices and money, we can see that asset-price inflation is all around us. The Fed is doing nothing to help the situation, and is only helping perpetuate a bubble.
Many colleges and universities prohibit alcohol consumption at football games. Does this stop drunkenness or disorder?
Those who keep their jobs benefit from minimum-wage increases, but less-skilled and less-experienced workers face greater competition from other low-wage workers.
Mainstream economics often invokes vague and unquantifiable concepts like animal spirits to explain how economies work.
David Gordon discusses Fritz Machlup’s interpretation of Mises vs. Rothbard.
Deflation serves as the theoretical justification of every inflationary action taken by the Federal Reserve and central banks around the world.
The explosive growth in the number of converts to libertarianism since Ron Paul first ran for president is one of the most exciting developments of
The Fed has painted itself into a corner. There is no way that the nation can avoid either a recession or the collapse of the value of the dollar. We should prefer the recession, then insist on an end to monetary expansion, regardless of the howls from the politicians.
