The Return of Keynesianism

Keynesian economics is an account of economywide employment that rather too simply alleges that economic health and growth—and, hence, the number of jobs—declines with decreases in “aggregate demand” and improves with increases in “aggregate demand.” No need to bother with questions about how well individual markets are working; no need to worry that the money supply might be growing too fast and causing individual prices to be out of whack—no! The economy is really much simpler, said Keynes, than those silly classical economists, such as Adam Smith, made it out to be.

On the Austrian Theory of the Trade Cycle, Part I

One of the most vivid memories of my undergraduate years is of sitting for hours in my carrel in the old Polk Library at Nicholls State University and reading F.A. Hayek’s Monetary Theory and the Trade Cycle and his Prices and Production. These books on the economic cycles of booms and busts are among the [...]

Sad Democracy

During this presidential election year, it’s commonplace to sing paeans to the wonders of democracy. I, though, have never been able to join in this chorus. The principal reason is that I put no intrinsic value on democracy; what I value intrinsically is individual liberty. Democracy might have instrumental value if it is part of [...]

I Won’t Vote!

Whenever I reveal my steadfast insistence on not voting, most people look at me as if I just admitted to slaughtering my dogs for dinner. Maybe it’s not illegal, say those looks, but it sure as heck is unseemly and irresponsible.
Fancying myself to be a morally upright person, I obviously don’t believe that not voting [...]

So You Want Government-Supplied Health Care?

Every summer my wife Karol and I enjoy the honor of lecturing at student seminars sponsored by the Institute for Economic Studies in Europe (IES-Europe). I offer whatever wisdom I can about economics and political science, while Karol shares her insights about law. (Other lecturers—including Freeman columnist Steve Davies and former FEE trustee Tom Palmer—cover [...]

The Fed’s Potent Power

The Federal Reserve holds the fate of the U.S. economy in its hands. Or that’s the conclusion many observers draw when they watch investors react wildly to the most minute details of the Fed’s policy statements.
This conclusion is at once exaggerated and accurate.
It’s exaggerated because, at bottom, the Fed controls only the supply of dollars. [...]

On Bad Arguments

It’s regrettable but not surprising that many people are ignorant of economics, of history, and of all the other disciplines that are important to our understanding of society. Equally regrettable, but much more surprising, is the number of people who simply are unable to think clearly. 
People who think clearly understand how to distinguish logical from [...]

Thoughts on Freedom ~ So Much to Read!