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In the wake of the Brexit vote, Scottish nationalists have renewed their calls for a new referendum on Scottish independence. But many remain unconvinced, and many claim Scotland is "too small" to be an independent country. Others claim that Scotland is too poor, since Scotland's GDP per capita is only 90 percent that of England.

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A common issue with economists and political economists from left to right is that they misunderstand the market economy as simply being a set of production processes. We see this in Lenin’s statement that the Soviet Union should be run like one big factory. We see it in market socialists from Frederic Taylor to Oskar Lange attempting to respond to (and resolve) Mises’s argument that socialist economic calculation is impossible.

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In the conservative and libertarian movements there have been two major forms of surrender, of abandonment of the cause. The most common and most glaringly obvious form is one we are all too familiar with: the sellout. The young libertarian or conservative arrives in Washington, at some think-tank or in Congress or as an administrative aide, ready and eager to do battle, to roll back the State in service to his cherished radical cause.

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[This article is excerpted from chapter 14 of Human Action.] It is generally believed that economists, in dealing with the problems of a market economy, are quite unrealistic in assuming that all men are always eager to gain the highest attainable advantage. They construct, it is said, the image of a perfectly selfish and rationalistic being for whom nothing counts but profit.

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The US Senate is increasingly targeted by left-wing think tanks and legislators for the fact it is based on "voter inequality." According to critics, the Senate ensures small states are "overrepresented,"and the body favors voters in smaller and more sparsely populated states. In contrast,  reformers  hold up the concept of "one man, one vote" as an ideal and a solution.

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[From Socialism: An Economic and Sociological Analysis, by Ludwig von Mises, pp. 113–22.] All human action, so far as it is rational, appears as the exchange of one condition for another. Men apply economic goods and personal time and labour in the direction which, under the given circumstances, promises the highest degree of satisfaction, and they forego the satisfaction of lesser needs so as to satisfy the more urgent needs. This is the essence...

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[This article is part of the Understanding Money Mechanics series, by Robert P. Murphy. The series will be published as a book in late 2020.] This chapter will provide a brief sketch of the historical context in which the Federal Reserve was founded, summarize some of the major changes to the Fed’s institutional structure and mandate over the years, and end with a snapshot of the Fed’s current governing structure.

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