Category Archive: 6b) Austrian Economics

People cavil much about Ricardo’s law of association, better known under the name law of comparative cost. The reason is obvious. This law is an offense to all those eager to justify protection and national economic isolation from any point of view other than the selfish interests of some producers or the issues of war-preparedness. —Ludwig von Mises, Human Action Alexander Macris of the Substack blog Contemplations on the Tree of Woe has called...

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Former president Donald Trump is facing ninety-one criminal charges as he seeks to win back the White House in 2024. The indictments are the latest battle in a roughly six-year crusade against Trump that first sought to remove him from power through the Twenty-Fifth Amendment, then with espionage charges and impeachments, and that now aims to block him from becoming president again. The mantra we hear from those in politics and media who support...

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Despite its origin in Marxist-syndicalist thought, “fascism” has long been used as a derogatory label for practically anyone on the right wing of the political spectrum. Sometimes the label is warranted, but other times it is used against those who have virtually nothing in common with fascists, such as libertarian capitalists. Progressives are quick to label any kind of economic deregulation and reduction in federal overreach as “fascist.” Want to...

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Ludwig von Mises and F.A. Hayek, two of the best-known Austrian school economists in the twentieth century, may have followed the same school of thought, but they greatly differed in their work. In consideration of human action, the two men differed in their methodology: Mises advocated for a pure use of reason through praxeology, and Hayek, alternatively, defended the compositive method. In regard to the market process and entrepreneurship,...

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Technology is the main reason why so many of us are still alive to complain about technology. —Garry Kasparov If I take 30 steps linearly, I get to 30. If I take 30 steps exponentially, I get to a billion. —Ray Kurzweil While world leaders try to decide whether their interests are best served by World War III or some other imposed atrocity, various forces have states targeted for extinction. Chief among these forces is the exponential nature of...

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Homeless foreign nationals (i.e., "illegal aliens") began arriving last week at a makeshift shelter in a Staten Island neighborhood. The arrivals come after New York City Mayor Eric Adams decided that a shuttered Catholic school on Staten Island would be used to house some of the more than 100,000 migrants who have arrived in New York City since the spring of 2022.  Staten Islanders, however, were given no veto and no role in determining...

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According to the American Medical Association, physician burnout “is a long-term stress reaction which can include the following: Emotional exhaustionDepersonalization (i.e., lack of empathy for or negative attitudes toward patients)Feeling of decreased personal achievement”The article goes on to say: Physician burnout is an epidemic in the U.S. health care system, with nearly 63% of physicians reporting signs of burnout such as emotional...

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On we go, further and further into the era of post-journalism, where outlets survive not on the accuracy and honesty of their reporting but on the appeal of their narrative. —Fred Skulthorp, The Critic Nobody has missed that the West suffers from a credibility problem. Its institutions—by which we mean the media, government officials, academia, teachers’ unions and other joint societal “stuff” —hold less and less of our collective trust (business...

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