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Posts published in “Economics”

Earmarks are (not) OK

In a Wichita Eagle letter, writer Prem N. Bajaj of Wichita makes the case that Earmarks are OK. But only by tortured reasoning, in my…

Are We Angry Only Because We Were Caught?

In his column Welcome to ‘Moral Hazard’, Wall Street Journal editorial writer Daniel Henninger writes: For behind it all sat Fannie Mae and Freddie Mac,…

Our problem is the manager of our money

Think of it: Nothing is more vital to capitalism than capital, the financial seed corn dedicated to next year's crop. Yet we, believers in free markets, allow the price of capital, i.e., the interest rate on loanable funds, to be fixed by a central committee in accordance with government objectives. We might as well resurrect Gosplan, the old Soviet State Planning Committee, and ask them to draw up the next five-year plan.

Dry-Cleaning Economics in One Lesson

The Foundation for Economic Education reports that an American clothes hanger company has succeeded in persuading the government to slap a tariff on its foreign…

Bailout Raises Libertarians’ Market Value

“The specter of the most titanic intervention in the markets since Franklin Roosevelt started sewing the safety net has folks at the Cato Institute reaching…

Rotten Paper, Toxic Paper

Pat Buchanan’s take on the current financial crisis. See Day of Reckoning.

The Bailout Reader

The Ludwig von Mises Institute has compiled The Bailout Reader, a collection of articles relevant to the current situation. Not all these articles are from…

Laissez faire in Washington? On what planet?

Sheldon Richman of the Foundation for Economic Education contributes analysis of the current economic situation in the article Government Failure. A few quotes: Laissez faire…

Where’s Leadership on Oil Speculation?

In the July 12, 2008 Wichita Eagle, Kenneth James Crist of Wichita blames oil speculators for ruining the U.S. Economy, writing that politicians should “do…

Price Controls Will Harm Iowa

In the article Price Controls Create Man-Made Disasters we learn that although the Iowa attorney general has imposed Iowa’s anti-price-gouging rule (Price-gougers beware, Attorney General…

The Entrepreneur As American Hero

Here’s Williams’ law: Whenever the profit incentive is missing, the probability that people’s wants can be safely ignored is the greatest. If a poll were taken asking people which services they are most satisfied with and which they are most dissatisfied with, for-profit organizations (supermarkets, computer companies and video stores) would dominate the first list while non-profit organizations (schools, offices of motor vehicle registration) would dominate the latter. In a free economy, the pursuit of profits and serving people are one and the same. No one argues that the free enterprise system is perfect, but it’s the closest we’ll come here on Earth.

The Candlemaker’s Petition

You are on the right track. You reject abstract theories and little regard for abundance and low prices. You concern yourselves mainly with the fate of the producer. You wish to free him from foreign competition, that is, to reserve the domestic market for domestic industry.

Henry Hazlitt explains Frederic Bastiat, or, a broken window really hurts no matter what the New York Times says

This simple lesson from Henry Hazlitt's Economics in One Lesson explains so much, yet so little people realize and apply the truths explained here. Even trained economists like Paul Krugman, writing in The New York Times, fail to recognize the truth of Bastiat's lesson as explained by Hazlitt when he remarked that "the terror attack [of 9/11/2001 that destroyed the World Trade Center] could even do some economic good."

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