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The Free Market 6, no. 12 (December 1988)   There is no clearer demonstration of the essential identity of the two political parties than their position on the minimum wage. The Democrats propose to raise the legal minimum wage from $3.35 an hour, to which it had been raised by the Reagan administration during its allegedly free-market salad days

The Free Market 7, no. 1 (January 1989)   One of the ironic but unfortunately enduring legacies of eight years of Reaganism has been the resurrection of Keynesianism. From the late 1930s until the early 1970s, Keynesianism rode high in the economics profession and in the corridors of power in Washington, promising that, so long as Keynesian

The Free Market 7, no. 4 (April 1989)   Q. When is a tax not a tax? A. When it’s a “fee.” It was only a question of time before we would discover what form of creative semantics President Bush would use to wiggle out of his “read my lips” pledge (bolstered by the Darman “walks like a duck” corollary) never ever to raise taxes. Unfortunately, it

The Free Market 7, no. 6 (June 1989)   Quick: what do the following world-famous men have in common: John Kenneth Galbraith, Donald J. Trump, and David Rockefeller? What values could possibly be shared by the socialist economist who got rich by writing best-selling volumes denouncing affluence; the billionaire wheeler-dealer; and the fabulous head

The Free Market 7, no. 8 (August 1989)   It is truly sobering these days to turn from a contemplation of American politics to world affairs. In the United States, the hot issue has been the piteous complaint about the “martyrdom” of Jim Wright, Tony Coelho, and John Tower to the insidious advance of “excessive” ethics. If we tighten up ethics and

The Free Market 7, no. 12 (December 1989)   Natural disasters, such as hurricanes, tornadoes, and volcanic eruptions, occur from time to time, and many victims of such disasters have an unfortunate tendency to seek out someone to blame. Or rather, to pay for their aid and rehabilitation. These days, Papa Government (a stand-in for the hapless

The Free Market 8, no. 3 (March 1990)   It is generally agreed, both inside and outside Eastern Europe, that the only cure for their intensifying and grinding poverty is to abandon socialism and central planning, and to adopt private property rights and a free-market economy. But a critical problem is that Western conventional wisdom counsels

The Free Market 8, no. 4 (April 1990)   Senator Daniel P. Moynihan (D-NY) has performed a signal service for all Americans by calling into question, for the first time since the early 1980s, the soundness of the nation’s beloved Social Security System. A decade ago, the public was beginning to learn of the imminent bankruptcy of Social Security,

Lionell Robbins The Nature and Significance of Economic Science (1932) First Edition

Lionell Robbins The Nature and Significance of Economic Science (1932) First Edition