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,...
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.
After all the studies and the near-unanimous opinion of economists — and even after the negative real-world effect of the minimum wage — it still remains popular.
Central banking is a form of central planning. The Federal Reserve has a legal monopoly over the monetary system of the United States.
The creation of money doesn’t create wealth, unless money itself is wealth — as it was when it was gold and silver.
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.
Its co-owner, Charles Milite, cited as the primary reason the city’s minimum wage law.
At the end of the day, the balance of payments always balances.
Collectivist elements spur violations of individual rights, such as taxes, highly progressive income taxation in particular, and other wealth “redistribution” schemes that discourage entrepreneurship, innovation, and wealth creation in general
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.
For the sake of justice, liberty, and prosperity, people should abandon their anti-commercial prejudices and cease deriding unequal wealth and income.
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
The president pledges to “make America great again,” which is a crucial and noble sentiment. But protectionism only hurts rather than helps do that job.
Football is popular enough to thrive without politicians subsidizing it.
Profit seeking and capitalism are natural and beneficial and provide the proper moral purpose for business.
What we need is competition in free markets and protection of individual rights.
The biggest danger facing the American economy is not financial or monetary, but political. If we are currently entering a recession that proves to be even more severe than the last, which I believe we are, Donald Trump and the Republican Party will take the blame.
A felicitous introduction to Mises’ ideas.
Is profit a dirty word? Would the world be better off without them?
When grounded on the right foundations Richard Salsman shows why economics is an objective science.
When grounded on the right foundations Richard Salsman shows why economics is an objective science.
A dictator cannot stand any form of independence — whether in words or action — and neither can Trump.
Ask Venezuelans whether they would prefer well-stocked supermarkets to empty shelves and the desperate shortages of food under socialism.
John Allison, former CEO & Chairman of BB&T and current president of Cato, talks on the financial crisis and the philosophy of Ayn Rand at the Adam Smith Institute’s first Ayn Rand Lecture at Drapers’ Hall.
A new semester, and a new class of business ethics, has begun. In my class, we initially discuss concrete examples of ethical dilemmas in business before delving into the main moral codes and the values and principles they comprise, to learn how they provide guidance...
Business is a moral endeavor that makes human life immeasurably better.
While Amazon has every right to choose how to compensate its workers, this minimum wage increase and Bezos’ encouraging the federal government to do the same are wrong.
We have entered an age where substance has not only taken a back seat to style, but has been left completely on the side of the road
The Best Short and Long Run Policy: Limited Government
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