What is Old School Economics?
When people speak of “old school economics,” they generally mean the application of economic thinking that involves what we might call “common sense.” That would include permitting a price system…
Hayek on the Welfare State
While F.A. Hayek contributed much to the Austrian School of Economics, he also supported the establishment of the welfare state, believing that it was compatible with the rule of law.…
Hayek on the Welfare State
While F.A. Hayek contributed much to the Austrian School of Economics, he also supported the establishment of the welfare state, believing that it was compatible with the rule of law.…
Enough Already: Stop Provoking Russia
The Ukraine war rages on and while the media and political classes repeat the “Putin started it” mantra, the evidence points elsewhere. The US government and its European allies have…
Understanding the Real Costs of Slavery: It’s Not Cheap labor
The standard belief is that slavery was about obtaining “cheap labor,“ yet nothing could be further from the truth. Slavery comes with high opportunity costs, which is why American slave…
New “Engels” on Marx
It is understood that Marx’s theories stand entirely upon his Labor Theory of Value. If that theory is discredited, so is the scenario that leads to the inevitable triumph of…
Do Financial Markets Immediately Provide All Relevant Information?
The Perfect Market Hypothesis claims that all movements in the market can be considered as random, as market players and prices adjust immediately to new information. However, market players do…
Why the Family Is Not the Model for the State
Politicians have long claimed that states are like big families, and that political regimes rule in ways similar to how parents raise their families. This is nonsense.