By mistaking the real nature of international trade, the costs of tariffs, the effects of currency movements, and the supposed ease with which the United States could quickly re-establish itself as a low-cost manufacturer, Trump risks shredding the safety nets that have undergirded the U.S. economy for decades and plunging us into a war we are ill-equipped to fight.
“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.”
Tariffs are paid directly from American businesses to the government’s coffers.
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.
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.
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