History of Science: Whiggism Gone Wild
Excerpted from an edited transcript of "Ideology and Theories of History," the first in a series of six lectures, given in 1986, on the history of economic thought. The Whig theory of the history of science is very similar, of course,
Don’t Expect Foreign Policy Experts to be Held Accountable for Afghanistan
Until there’s a new foreign policy class informed by an outlook of restraint, no kind of punishment or demotion of those who prosecuted the bungled wars of the past few decades should be expected. Original Article: "Don’t Expect Foreign Policy Experts
“Idle Resources” Are Problems Caused by the Central Bank
Resources that are utilized to promote economic prosperity in normal times become underutilized during recessions. Some experts are of the view that what is required are policies which will increase the availability of credit to make greater use of underutilized resources.
Pre-Columbian America Wasn’t Exactly a Paradise of Freedom
The story of the Americas as the violent “pacifying” and corralling of free indigenous peoples by white outsiders erases the long history of statism in many areas of the New World. Original Article: "Pre-Columbian America Wasn't Exactly a Paradise of Freedom" This
Who Will Build the Roads? Anyone Who Stands to Benefit from Them.
Any freshman economics major can attest that nobody gets through their introductory economics courses without learning the theory of public goods and the so-called free-rider problem. As espoused by Paul Samuelson in the 1950s, public goods are consumed collectively, therefore making
The US’s Fantastical Foreign Policy: Sowing the Seeds of Failure
After 9/11, the security establishment was giddy about embarking on a global democratic crusade against any nation that did not submit to the US’s liberal hegemonic order. Original Article: "The US’s Fantastical Foreign Policy: Sowing the Seeds of Failure" This Audio Mises
The Weak Jobs Report Shows the Failure of Keynesian Policies
In the economy, real economic return on investment is not just an important metric. It is crucial. That is why I find it so intellectually dishonest when some economists look at the GDP and employment growth without putting it in the
Legalized Plunder Has Been Supercharged in America
As someone who has written about public policies for three and a half decades, I have often struggled with the slipperiness of how words are used, because many people become confused by using words without thought. That gives power to
Why Congress Should Default on its Debt
Washington politicos want to keep the debt going up at breakneck speed forever. But the responsible thing to do is refuse another increase to the debt ceiling and force a partial default. Politicians hate that idea because default would make