Totalitarianism is not compatible with a functioning economic system based upon free exchange and private property. Such regimes depend upon historicism and logical relativism.
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The original Mont Pelerin Society meeting in 1947 featured Ludwig von Mises, whose warnings about the dangers of socialism and totalitarianism had gone unheeded. In the wreckage of World War II, the truth of his message should have been obvious. It wasn’t.
Mainstream economists often base their analysis upon assumptions that do not square with reality. Austrian economics, on the other hand, is built upon realistic assumptions and the acknowledgement that good economics must reflect human action.
Is marijuana the magic elixir for economic performance and a cure for the Fed’s inflation?
Is marijuana the magic elixir for economic performance and a cure for the Fed’s inflation?
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Democracy is the watchword with the ruling classes, yet a democratic political system does not protect individual freedoms. Indeed, democracy often has become the main road to socialism. It‘s time for some honest discussion.
Some legal “experts” are claiming that the Supreme Court‘s infamous 1857 Dred Scott decision is still used in current law. That, of course, is nonsense. In fact, soon after its passage, many northern states essentially nullified “Scott” at the state level.
If you thought federal deficits and spending would go back to normal after the covid panic, you were wrong. If anything, deficits are now on track to be bigger than the covid years.
President-elect Trump has promised changes in economic policies. How well they work and how they will affect us remains to be seen. Here is a look at proposals that have promise—and proposals that are likely to cause harm.