Murray Sabrin has a long history with the Austrian movement and is one of two people who had Murray Rothbard on his PhD committee. He talks with Bob about his memoir, From Immigrant to Public Intellectual: An American Story.
Human Action Podcast listeners can get a free copy of Murray Rothbard's Anatomy of the State: Mises.org/HAPodFree
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Ten Great Economic Myths
2023-09-09
Our country is beset by a large number of economic myths that distort public thinking on important problems and lead us to accept unsound and dangerous government policies. Here are ten of the most dangerous of these myths and an analysis of what is wrong with them.
Myth #1
Deficits are the cause of inflation; deficits have nothing to do with inflation.
In recent decades we always have had federal deficits. The invariable response of the party out of power, whichever it may be, is to denounce those deficits as being the cause of our chronic inflation. And the invariable response of whatever party is in power has been to claim that deficits have nothing to do with inflation. Both opposing statements are myths.
Deficits mean that the federal government is spending more than it is taking in
American Prosperity Is Greater than Most of Us Realize
2023-09-08
Traveling was once a luxury for the rich, but today even working-class people enjoy vacations. In America, people have gotten so wealthy that planning summer vacations is a priority for many families. Living standards have improved so tremendously that elite amenities are now commonplace. Nearly 90 percent of American homes rely on air-conditioning, and 92 percent of households have access to at least one vehicle.
Relative to the globe, most Americans are high-income people. People who are considered poor in America would be rich in developing countries. Compared to other rich countries in Europe, America is also doing remarkably well. A 2019 study published by the think tank Just Facts shows that after accounting for all income, philanthropy, and noncash welfare benefits, the bottom 20
Why the “Just Wage” Theory Doesn’t Make Much Sense
2023-09-01
The concept of the "fair wage" or the "just wage" is centuries old. It dates back at least to the Middle Ages and was founded on the idea that "just" prices of goods must be sufficient to provide "a reasonable wage to maintain the craftsman or merchant in his appropriate station of life."
In its modern form, the idea of the just wage is often known as a "living wage." But whatever its form, the notion comes down to the idea that an employer must pay his workers a wage that will be sufficient to fully cover the cost of a "decent standard of life."
As one might guess—given the idea’s popularity in the Middle Ages—this idea has also long influenced Christian moral theology. Many Christian groups—most notably many Catholic theologians—have insisted employers are morally obligated to pay a
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