Frederic Bastiat is an often unsung hero of 19th-century economic thought. His lessons on freedom and trade are timeless and what he wrote nearly two centuries ago is still relevant today.
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Both Consumers and Producers Pay for Tariffs along...
The only beneficiaries of the increase in tariffs are the government and a few companies that benefit from limited competition while everyone else is worse off.
In The General Theory, J.M. Keynes allegedly “discredited” Say‘s Law. Of course, Keynes actually debunked a straw man that was a caricature of what Say actually wrote. It‘s time to set the record straight.
President Trump‘s recent assertions that the Fed should lower the discount rate puts him squarely in the middle of Fed politics and exposes the messy truth that the Fed is not an independent group of experts but rather a tool of the political system.
"The critical point was, again the Middle Ages, and there you had an adversarial position between the church and the state that was, in fact, crucial."
Part of bringing up young children is to tell them stories and accounts about people who did the right thing, and how they made life better for themselves and others. We can do the same with describing economic concepts, which don‘t have to be dry and boring.
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Not Worth a Transcontinental: Railroading a Nation...
American history classes typically teach that the original transcontinental railroad was a major triumph. What they don‘t say is that it was a product of corporate welfare that created economic problems later on.
Jonathan Newman joins Bob to explore the archaeological evidence for silver as money in ancient Mesopotamia, challenging Modern Monetary Theory and affirming Menger’s classic account of money’s market origins.
Think silver prices are manipulated? There's more to the story. Mark Thornton explores the economic theory of "joint supply" and how it can create a "silver lining" even in a downturn.
As GSEs before 2008, certain companies enjoy a hugely valuable but free government guarantee. They were never private companies, but an unhealthy mix of socialized government risk and private profit.
The most enduring economic myth of the twentieth century is the idea that FDR‘s New Deal pulled America out of the Great Depression. In truth, his policies destroyed the hopes of millions.
Herbert Marcuse took pride in his dense, but incomplete writings on philosophy. Dr. Gordon examines Jacob McNulty‘s futile attempt to interpret the thinking of someone who supported Marxian socialism but never successfully explained it.
President Trump issued separate presidential proclamations to increase tariffs to 25 percent on all US steel imports and raise tariffs from 10 to 25 percent on all aluminum imports. What are some of the unintended consequences?