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From the viewpoint of anyone who is considering all the economic activities of a social group, “free competition” is another name for voluntary cooperation. This may seem a surprising statement, especially in modern times when many advocates of coopera …
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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 oth …
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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.
READ MORETexas 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? The Lone Star State is in the process of creating a gold-bullion depository that …
READ MOREAn 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.
READ MOREThe American Health Care Act, the House bill intended to repeal and replace the Affordable Care Act (Obamacare), is frequently opposed on the grounds that it cuts taxes for the rich. This may seem like an odd criticism of a purported health-insurance r …
READ MOREAn 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. Big-government types won’t go for it for myriad reasons …
READ MOREBitcoin’s system of radically decentralized governance is facing perhaps the biggest test in the digital currency’s history. As my colleague Patrick Coate described, the code used to run Bitcoin’s blockchain database needs to be updated to transmit mor …
READ MOREIt’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. Release of the March minutes from the Federal Open Market Comm …
READ MOREMove over, Al Gore. Joseph Schumpeter is the real inventor of the internet. Harvard University Professor Shane Greenstein has put Schumpeter’s “creative destruction” concept at the center of his book “How the Internet Became Commercial: Innovation, Pri …
READ MOREThe 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. Schu …
READ MOREGlass-Steagall’s separation of commercial and investment banking was a solution in search of a problem.
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