Category Archive: 6b) Austrian Economics

Many economists believe that inflationary expectations cause general increases in prices. For instance, if there is a sharp increase in oil prices, people will form higher inflationary expectations that set in motion general increases in the prices of other goods and services. According to the former Federal Reserve chairman Ben Bernanke, “Undoubtedly, the state of inflation expectations greatly influences actual inflation and thus the central...

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Are the chickens coming home to roost for the US Treasury? As Ryan McMaken noted in a recent Mises Wire article, the United States is in a debt spiral and there’s no easy way out. The problem is multifaceted, but the origin is profligate government spending. While it typically spikes during crises, spending is increasing at an alarming rate even outside of crisis periods. And tax revenues are not keeping up, which means ever-deepening deficits....

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The traditionalist author Álvaro d’Ors emphasized in his work that the political thought of Rome was essentially stateless as it had a personalistic character. In contrast, Greek political thought had a territorial focus, giving rise to the idea of the state. Intellectuals who created and legitimized the idea of the state in modernity drew from Greek political thought. To abolish the state, we need to investigate what both the Greeks and Romans...

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Two weeks ago, I wrote about the problems with Joe Manchin’s argument that Congress needs to reject the “extremism” in its ranks if it’s ever going to solve the many problems facing Americans. I argued that the opposite is true. That Congress is almost entirely unified behind a specific pace of progressive interventionism where the predictable consequences of previous interventions are perpetually used to justify more intervention. In this cycle,...

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November 28 marks the 1894 birth of one of American history’s most prolific public intellectuals—Henry Hazlitt. According to Llewellyn Rockwell, Hazlitt “was familiar with the work of every important thinker in nearly every field” and “wrote in every important public forum of his day.” His published work as a journalist, literary critic, philosopher, and economist ran to roughly ten million words before his death in 1993, including perhaps the most...

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Citing national security concerns, Arkansas ordered Chinese company Syngenta to sell off the 160 acres of farmland it owns in the state. The national security concerns are, as will be demonstrated, bogus; however, there may be more crony motivations for this order as well. An article of mine published in July 2023 by the Libertarian Institute addresses these national security concerns. Walter Block also recently published a piece examining the...

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From the onset of the current Israeli-Hamas conflict, the statements from the Joe Biden administration and Congress were crystal clear: America is the indispensable nation, and we’re rich and powerful enough to be able to afford two wars to guarantee the safety of the world. Even with the displeasure over an unstoppable growth in debt and a declining economy, the message to both the domestic and international audiences is DC will get involved...

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The leviathan does not rest in pursuing free universities, creeping ahead unchecked by either reason, law, or accounting principles. Why is student assessment of their federal-debt-financed degrees so low? Why are 26 percent of past payments delinquent? More than 50 percent of students agree that they either studied the wrong major or wasted time and money. Less than half have found work in their major field of study. Public dialogue is lured into...

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