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The political persecution of Harwood appears to have originated in the highest ranks of the Roosevelt Administration. As Harwood later recounted, an investigator showed him a copy of the Bulletin containing a handwritten directive to “investigate and stop this.” It was signed by Lauchlin Currie, a former Harvard professor who became Roosevelt’s chief adviser on economic affairs in 1939
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“Pigou may have been too optimistic about the prospects for improving state action, but he had no illusions about the problem states faced in acting correctly.” ~ Michael Munger
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“While we sit around wondering why blockchain and other technologies aren’t turning the world upside down before our very eyes, it’s instructive to remember that epoch-defining inventions of the past that we now reduce to a sentence or two actually took ages to unfold.” ~ Max Gulker
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The real story of New Deal income tax policy is a revenue grab sustained by the expansion of income tax eligibility and enforcement onto the masses.
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The best conclusion that can be drawn from examining these instances is that in response to the familiar rhetorical query – “Are we going the way of the Romans?” – one can reply, truthfully: “No; they occasionally reformed their currency.”
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There is a core of the economic way of thinking that can be traced from Adam Smith to Vernon Smith and that deals with basic ideas about human rationality, human sociability, and the coordination of activity through time. Incentives, information, and innovation are part of this core as they derive from the even more primordial ideas of property, prices, and profit-and-loss accounting.
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Every activist political movement eventually becomes a caricature of itself. This is certainly true of the so-called alt-right that blasted onto the cultural stage with its “Unite the Right” rally in Charlottesville, Virginia, in 2017.
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Fascism often is discussed as though it were the opposite of communism, but such is not precisely the case. Hitler, Mussolini, and Stalin were different in many respects; but the principles of their economic ideologies were the principles of socialism; their initial appeal was to the underprivileged; and the final result, a new despotism, was the same in all three instances.
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Fifty years ago, in 1968, Austrian (and Austrian school) economist Friedrich A. Hayek published a monograph called The Confusion of Language in Political Thought. Hayek argued that the words we use and the meanings we give to them greatly influence how we think about the political system and the wider social order in which we live. This is no less so, I would suggest, in the language and the meanings of words used in economics.
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There has been a great paradox in the modern world. On the one hand, freedom and prosperity have replaced tyranny and poverty for tens, indeed for hundreds of millions of people around the world over the last two centuries. Yet the political and economic system that historically has made this possible has been criticized and condemned. That political and economic system is liberalism.
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You think ideas don’t matter, that intellectuals aren’t really relevant to the shape of the modern world? Read some of these tributes and you will see otherwise. Mario Rizzo is for the ages.
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The equation of exchange provides building blocks for understanding the dynamics of the market for money.
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