Mises Wire

Ryan takes a look at Ludwig von Mises's definition of "democracy" and how democracy only works when mixed with an unlimited right to secession. 

Although John Kenneth Galbraith promoted socialism and Keynesianism, at least he was an entertaining writer. His book, The Great Crash, 1929, provides a readable history of the stock market crash that helped bring on the Great Depression.

Trump has taken to calling Kamala Harris a "communist." But a real communist president would be hemmed in by the political class, who wants to keep the profits they’re extracting from us, and limited by a commitment to principles. Harris will not have that problem.

Keynesian economists claim that the economy needs at least 2-3% inflation in order to avoid business cycles. But these inflation rates over time are economically ruinous and they actually harm economic growth.

Legislating against unfairness in order to achieve "equal" outcomes is like legislating against the wind. While government has little control over outcomes, its predations can make those outcomes worse.

The Fed for many years has manipulated the money supply in order to attempt to keep interest rates below market levels. At some point, however, the market prevails in one way or another.

Murray Rothbard once wrote that egalitarianism is a "revolt against nature." Egalitarianism also can be likened to a superstition, a belief that has no basis in truth.

Texas politicians have decided their political "wisdom" can replace a market pricing system in production and distribution of electricity. Failure looms.

The Labor Party's recent triumph over the intellectually-spent Tories finds the political regime wanting to bring back full-blown socialism. There is little to stop the British left from pushing a disastrous agenda.

Inequality is inevitable and there are many reasons it exists. However, by declaring that racial discrimination is the primary cause of inequality is to substitute egalitarian ideology for economic reality.