Category Archive: 6b) Austrian Economics

Many historians have commented on the extent to which Abraham Lincoln centralized federal power in the course of his war against the South. Less often remarked upon is the fact that this trend continued during the Reconstruction era, 1865 to 1877. In his essay “Wichita Justice? On Denationalizing the Courts,” Murray Rothbard observes that the Reconstruction Era provided convenient cover for the expansion of federal authority and further...

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The European Union’s Digital Markets Act (DMA) represents a misguided attempt to regulate digital marketplaces, resurrecting the outdated and deeply flawed Structure-Conduct-Performance (SCP) paradigm. This essay argues that the DMA’s structural approach is not merely ill-suited to the dynamic nature of digital markets, but actively harmful, threatening to stifle innovation, impede market progress, and ultimately harm the very consumers it purports...

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September 29, 2024, is the one-hundred-and-forty-third anniversary of the birth of Ludwig von Mises, economist and social philosopher, who passed away in 1973. Von Mises was my teacher and mentor and the source or inspiration for most of what I know and consider to be important and worthwhile in these fields of what enables me to understand the events shaping the world in which we live. I want to take this opportunity to pay tribute to him, because...

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The phrase “old school economics” is often used positively or approvingly by many, but is rarely explained. What is this school and where is it located? You can be sure that it is not what is taught in most college classrooms today. It’s definitely not Keynesian or Marxist economics. But what is it?I often hear the phrase “old school economics” in response to, for example, a government bureaucrat who says we need to increase unemployment to fight...

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Like many people, I eagerly await Scott Horton’s upcoming book, Provoked, which will explain in detail the US provocations that led to Russia’s invasion of Ukraine. But will it come too late?Since the Russia-Ukraine war began, the Biden administration, in collaboration with the Ukrainian government and much of Europe, has continued incessantly provoking Putin toward a wider conflict with the West. One can recognize the dangerous path we tread...

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Given the contentious topic of money and its influence on the world, I decided to see what ChatGPT “knows” about it. I was surprised by the breadth of its responses, as well as its information on free market positions, especially those of the Austrian school.Though my prompts (queries) were exactly as I present them here, ChatGPT was so expansive I had to edit its results due to article length restrictions. For emphasis and to mark subject headings...

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