Adam Smith wisely pointed out what should have already been obvious: “Consumption is the sole end and purpose of all production.”
The Panic of 1907, 110 years ago, was used to justify the creation of the Federal Reserve. From an economic perspective, the justification was a weak reed.
No free-enterprise economy worth its name should tolerate government planning of energy, the master resource.
“Black Swan” author Nassim Nicholas Taleb is forecasting a coming “libertarian’s dream” as the grip of the ruling classes weakens.
Fintech companies may become victims of their own successes as they increasingly come into regulatory crosshairs, but substandard economic growth rates and increasing banking sector concentration make a strong case for shifting in the direction toward laissez-faire.
Former Federal Reserve Chairman Paul Volcker is still regarded as a sage on Wall Street and beyond, but his contention that banking-sector competition hasn’t lessened is flat-out wrong, some say.
The economy has added over 15 million jobs since the recession. When Americans get jobs, they tend to need cars. Finance companies and banks have been more than willing to provide auto loans. But auto-lending standards have not been as strict as in other areas.
An especially controversial feature of President Trump’s proposed tax reform is a cut in the corporate income tax. The current tax is progressive, with rates ranging from 15 to 35 percent on income minus deductions. The Trump tax would have a single rate of 15 percent and would eliminate some deductions.
AIER’s founder Colonel E.C. Harwood emphasized the importance of what he called 'field work' in any research project. He embraced John Dewey’s educational philosophy, Dewey being a pioneer of constructivist learning, or learning by doing — what nowadays the education literature calls experiential learning.
Texas declared it wants to repatriate its gold, sending beams through the monetary world. Is this the long-awaited new day for alt-currency devotees or another false dawn?
An economics scholar, Dan Thornton, sees a constitutional amendment as the only way to stop the U.S. government from engaging in “too big to fail” bailouts, but the idea appears too noble to pass.
It’s not systemic reform, but the Federal Reserve’s recent indication of climbing down from its $4.5 trillion balance sheet is being met with at least half smiles by free market economists.
Move over, Al Gore. Joseph Schumpeter is the real inventor of the internet.
The career of Carl Schurz (1829–1906) illustrates the transformation of American liberalism from a philosophy of limited government to one that provided the beginnings of a welfare/warfare state. It was a model that Americans now take for granted.
Since taking office in January, President Trump has cancelled 13 regulations issued by Obama administration agencies thanks to a hitherto rarely used law Congress passed over 20 years ago. Congress and the president could potentially cancel thousands of other rules the same way.