Category Archive: 6b) Austrian Economics

After countless predictions of economic armaggeddon and panicky entreaties to raise the debt ceiling with no strings attached, the Biden White House and Congressional Republicans agreed on a new budget deal this week that does virtually nothing at all to change the status quo. The deal in no way returns federal spending to pre-covid levels. At best, the deal does "limit" spending by placing tentative caps on spending which—assuming they...

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Like snobby teenagers claim of themselves, many say that “nobody understands artificial intelligence (AI).” For example, in a recent interview between Jordan Peterson and Brian Roemmele about ChatGPT, Jordan Peterson claimed that “The system is too complex to model” and each AI system is not only incomprehensible but unique. He further claims that “some of these AI systems, they’ve [AI experts] managed to reduce what they do learn to something...

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Americans have long thought of themselves as people of action. As Leonard Read noted in his article “How to Gain Liberty,” the sentiment “I want less talk and more action” is (or at least once was) common among Americans. It even extends to situations when people recognize that their liberties are threatened. But then the question arises as to what sorts of action are appropriate in defense of our liberties: Thus speak Americans when they suddenly...

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Recently, I had the pleasure of attending a debate about the morality of capitalism between James Otteson and Michael Anton, a defender of economic nationalism. Otteson made a good case for capitalism; however, Anton derailed the debate by choosing to focus on specific policies rather than ethical concerns. Ironically, Anton admits that he has hardly ever picked up an economics textbook. Throughout the debate, Anton made claims that were either...

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[In this 1836 editorial, William Leggett laments how Wall Street and the "privileged" orders of the American upper class employ the power of the state to protect their own financial interests at the expense of ordinary taxpayers. In the nineteenth century, Leggett was an important spokesman for the laissez-faire, populist wing of the Democratic Party which supported hard money.] There is, in the city of Genoa, a very elegant street,...

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Immigration has raised concerns in some about America’s demographic future. Some propose that an influx of migrants with foreign worldviews will fracture American society. This argument is based on the finding that the diversity generated by immigration deters social trust. Trust is a crucial ingredient for societies to thrive by establishing collaborative institutions. Trusting societies are more cooperative and innovative because when people...

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