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The 2018 Nobel Memorial Prize in Economic Science was awarded for the 50 th time today, to William D. Nordhaus of Yale University and Paul M. Romer of New York University. Although Austrian school economists might find common ground on a few aspects of Nordhaus and Romer’s work, such as Romer’s criticism of “mathiness” in economics, there is not

In this article by economist Jeffrey Sachs, pharmaceutical company Gilead is taken to task for selling its hepatitis C cure, Sofosbuvir (sold as Sovaldi), at a price of $84,000 per course of treatment. Sachs says that the actual production cost of Sofosbuvir is about $100. Sachs says that Gilead is “bilking the taxpayer” by charging the government

Quarterly Journal of Austrian Economics 19, no. 3 (Fall 2016): 267–287 ABSTRACT: Frederick Nymeyer (1897–1981) was a Chicago businessman who supported Austrian scholarship through his publication and marketing of work by Mises and Böhm-Bawerk. Part of his legacy is Libertarian Press, which Nymeyer founded to promote Austrian economics at a time

Two years ago it was 450 bolivars. Inflation over the past 3 months has been 482,000%, on an annual basis. For more, see “ How Socialism Ruined Venezuela “ by Rafael Acevedo and Luis B. Cirocco: So, what are the results of socialism in Venezuela? Well, we have experienced hyperinflation. We have people eating garbage, schools that do not teach,

Volume 2, No. 2 (Summer 1999) The popular media often see the technological advances of the last century as a frightening boost to the power and reach of the state. The box-office hit Enemy of the State , starring Will Smith, shows a government using high technology to persecute an innocent citizen. Likewise, Gattaca portrayed a society in which

  Volume 2, No. 3 (Fall 1999)   Most economists would, given the opportunity, offer some proposal to reform antitrust policy.  Some would contend that this or that aspect of antitrust law should be eliminated or more weakly enforced.  Only a brave few, however, deliver a deadly blow to the antitrust beast.  In the revised second edition of his

  Volume 8, No. 1 (Spring 2005)   Binary economics is a theory of economic growth that places emphasis upon the distribution of capital, rather than the quantity of capital or the productivity of labor. Its roots are found in the late  1950s , in the work of Louis Kelso, originator of the Employee Stock Option Plan. Regarded as a paradigm shift by

Volume 16, no. 1 of the Quarterly Journal of Austrian Economics is now available online. Articles are: Dominick Armentano, 2013 AERC Ludwig von Mises Lecture, “Antitrust Myths: Speak Truth to Power,” Bernard McSherry and Berry K. Wilson, “Overcertification and the NYCHA’s Clamor for a NYSE Clearinghouse,” Art Carden, “Economic Calculation in the

The Free Market 20, no. 11 (November 2002)   Uncle Sam wants you, even if you are still in diapers. Incredible as it may sound, the Washington, DC, city council is considering a bill that would extend mandatory school attendance laws to very young children—even some 2-year-olds. Bill 14-261 requires all children who turn three before December 31

The Free Market 23, no. 11 (November 2003)   Thanks to the untiring efforts of Bill Clinton and George W. Bush, Americans have been faced with the greatest expansion of the government into medical care since the 1960s. When these moves are complete, the free market in American medicine will be practically gone. Interventionism will be in complete