Economics

As the economic degree of capitalism rises, not only do profit margins and the rate of profit fall, but wage payments come into being and then rise both absolutely and relative to profits.

In economics Hayek is a radical; but in philosophy, unlike Ayn Rand, Hayek is a conservative.

Any social system must coordinate production and cooperation, and must also implement a system of distribution that participants perceive as sustainable, which often means morally fair. As Nobelist Elinor Ostrom demonstrated, there are many and widely varied social...

Economic growth has been faster when the federal government has been smaller (relative to GDP) – and vice versa.

“I cannot undertake to lay my finger on that article of the Constitution which granted a right to Congress of expending, on objects of benevolence, the money of their constituents.”

Ayn Rand publicly recommended the works of Mises but not of Hayek. Today, when Hayek is much better known than Mises, it's worth seeing why. I came to the full realization of what's wrong with Hayek's approach while re-reading Atlas Shrugged. No, not in Galt's speech,...

Those three elements are (a) division of labor; (b) impersonal exchange based on prices; and (3) economies of scale based on knowledge.

Some creative rethinking can put us on the road to a better tomorrow.

Open, competitive markets have a resilient capacity to successfully coordinate the actions of, now, billions of people around the world. With an amazing adaptability to changing circumstances, the actions and reactions of multitudes of suppliers and demanders are...

Despite the support which it historically gave to the exploitation theory, classical economics provides the basis for turning the exploitation theory upside down.

Introduce government intervention into the market system, and monopoly becomes a social harm and an economic problem.

The fundamental flaw in Professor DeLong’s view, as in John Maynard Keynes’ 1936 book is the idea that there exists a macro-economy the two sides of which are composed of aggregate demand and aggregate supply.

It is not for the president or any politician or regulator to issue dictates telling individuals or businesses where and what and how much to invest, much less what to say

A felicitous introduction to Mises’ ideas.

The Best Short and Long Run Policy: Limited Government

Democracy and freedom are frequently heralded as being synonyms. An important question, however, is, What do these concepts mean, and are they in fact synonymous?

But behind all of these negative and usually unintended consequences arising from the imposing of a government-enforced hourly minimum wage remains the fundamental ethical issue: who shall have the right to decide under what terms and conditions people enter into gainful employment?

The competitive market economy is a powerful institutional mechanism for bringing human ingenuity, energy and creativity to bear to improve both the material and cultural circumstances of multitudes of people around the world. Wherever relatively free market...