U.S. Economy

I cannot agree with Professor Krugman's statement that the Austrian business-cycle theory is not "worthy of serious study."

And yet every day, young people are finding ways around these preposterous restrictions that are hardly ever questioned, imbibing with their booze a disdain for the law and a creative spirit of criminality, along with a disposition to binge drink when their legal workarounds succeed.

"New York City taxicab licenses are strictly limited in number — so much so, that they have been sold for as much as $30,000. This effectively bars the poor from entering the field as owners."

The job applications pour in by the buckets, all padded with degrees and made to look as impressive as possible. It’s all just paper.

Social Security is right now in deficit, sucking funds out of the general pool. Americans should brace for further tax hikes — in the name of "saving Social Security" — and anyone under 40 should have no illusions about retirement benefits.

On the other hand, you can spend your life refusing to straighten ties because you aren't paid enough to do that. That person will never be paid to do anything.

"Meanwhile, states that do not reward being poor find poverty levels falling."

"Oil was supposed to disappear by 1900. But the automatic conserving and incentive workings of the price system have repeatedly given the lie to these absurd projections."

It's been spend, spend, spend ever since. And as credit lines increased, so did the size of the ships.

Rothbard was a man of great achievement and immense scholarship, an indefatigable worker, and the most significant anarchist writer then living — i