Art Carden is a Senior Fellow at the American Institute for Economic Research. He is also an Associate Professor of Economics at Samford University in Birmingham, Alabama.
Hayek worked in the context of the near death of civilization in the world wars, near-universal enthusiasm for socialism among the intellectuals, and repeated exhortations in the face of periodic economic troubles that this time really was the Final Crisis of Capitalism.
People can vote with their feet for different political, economic, and social institutions. They have overwhelmingly voted for liberty, opportunity, and prosperity when free to do so.
Would it be a tragedy if Williamson were an anthropology virtuoso who, in dropping out of Duke and taking his talents to the NBA, eschewed a career of path-breaking, world-rocking anthropological scholarship? No.
So long as there are new ways to think about the conflict between someone who has been bitten by a radioactive spider, a crime lord who has lost his family, and a mad scientist with mechanical tentacles, there will be room for economic progress.
One lesson you should take from that is that as much as this sounds like the takeaway point from a bad high school commencement address, the end of your formal schooling is just the beginning of a life of sustained inquiry.
Pretty much every economics textbook explains how money has four functions. It is first and foremost a medium of exchange, and it ultimately derives all of its other functions from its usefulness as a medium of exchange.
What does the Austrian theory of the trade cycle have to do with Gordon Ramsay? Plenty.
Successful banks move resources from lower-value to higher-value uses while unsuccessful banks move resources from higher-value to lower-value uses.
If getting rid of the regulations would be of such unambiguous benefit to Arkansans, why doesn’t it happen swiftly?
Just because something is possible doesn’t mean it’s likely, though — or worth more than cursory attention.
Just as we come up with ever-newer ways to combine materials into new goods and services, people are constantly coming up with new ways to combine sounds into music.
Society is worse off to the tune of what these firms would have produced had they actually devoted those resources to creating wealth rather than simply redistributing it.
The governor has acted quickly. The governor has acted decisively. The governor has issued a proclamation that will make matters worse.
We are treating students precisely the way we shouldn’t if we are trying to help them become resilient, functioning, and free people.
Soft skills are being priced out of the labor market by minimum wages. At $8 an hour, it might be worthwhile to hire someone to bus tables. At $11 an hour, Massachusetts’ minimum, it probably isn’t.
What's Driving Food Prices?by Paul S. Nelson
Also:The Science is NOT Settledby Lawrence S. Pratt
Stakeholders: Another Name for Special Interests by Art Carden