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Mere inflation—that is, the mere issuance of more money , with the consequence of higher wages and prices—may look like the creation of more demand. But in terms of the actual production and exchange of real things it is not. —Henry Hazlitt, Economics in One Lesson Money is among the most important forms of technology. It solves the fundamental

In our time, political speech and writing are largely the defence of the indefensible. —George Orwell, “Politics and the English Language,” 1946 Language is at the core of everything we perceive, know, think, and express. We use words as a tool, to communicate and navigate life in a social context. We use them at every stage of cognition, from our

Does America simply lack the political will to face economic reality? In the teeth of the Depression, Treasury secretary Andrew Mellon famously told President Herbert Hoover to “liquidate labor, liquidate stocks, liquidate farmers, liquidate real estate”—in other words, to resist bailing out any industry through state intervention. This was a

Language is the perfect instrument of empire.       —Antonio de Nebrija, Bishop of Ávila, 1492 Language is an institution in society. In both its oral and written forms, language functions as a mechanism for communication and as a cognitive tool. But language serves much broader societal and even civilizational functions. Like any institution, it

“Today the tenets of this nineteenth-century philosophy of liberalism are almost forgotten. In the United States “liberal” means today a set of ideas and political postulates that in every regard are the opposite of all that liberalism meant to the preceding generations.” —Ludwig von Mises, 1962 (emphasis added) F.A. Hayek is back in the public

An excellent new book from Edward Chancellor,  The Price of Time , sets out to explain both the theory and history of interest rates across five millennia and countless cultures. The theory is frequently bungled by economists; the history is frequently glossed over by historians. But thankfully Mr. Chancellor is up to the task. He is an excellent

Not that long ago, my grandparents explained to me why they never discussed politics, religion, or sex in mixed company. Politeness was their currency. And why antagonize people or create ill will over private matters? Fast-forward to 2023, and their advice seems needed more than ever. Today nothing is private; everything is political. And

Does cheap money and credit make us richer? Does more money and credit create more stuff, or better stuff? Do they make us happier and more productive? Or do these twin forces actually distort the economy, misallocate resources, and degrade us as people? These are fundamental questions in an age of monetary hedonism. It is time we began to ask and

The value of time, i.e., time preference or the higher valuation of want-satisfaction in nearer periods of the future as against that in remoter periods, is an essential element in human action. It determines every choice and every action. There is no man for whom the difference between sooner and later does not count. The time element is

Jeff Deist : Alex Epstein is our special guest this week. He runs the Center for Industrial Progress, was formerly at the Ayn Rand Institute, and has a background in philosophy. He wrote a famous book called The Moral Case for Fossil Fuels , and followed that up with a new book called Fossil Future . Alex, let me say this book is incredible. Thank