Consumer spending does not drive the economy. On the contrary, saving, investment, and entrepreneurship are the critical components of economic growth.
While some economists are celebrating the awarding of the Nobel Memorial Prize in Economics to three economists who are relatively friendly to free markets, we should not forget that most Nobel winners have been unrepentant statists and socialists.
"Science" is now indistinguishable from politics. As the "acid rain" hysteria showed back in the 1970s and 1980s, "follow the science" is just a political slogan, unrelated to actual science.
"Science" is now indistinguishable from politics. As the "acid rain" hysteria showed back in the 1970s and 1980s, "follow the science" is just a political slogan, unrelated to actual science.
Rothbard illustrates that both in theory and in practice, socialism is a system unsurpassed in brutality, despotism, mass murder and exploitation. Socialism deserves no solemn respect or moral salute.
There is no justification for any lawful entrepreneur to feel any sense of guilt in appropriating the results of his or her creative activity.
Methodological individualism is a precious tool for historical analysis. But it is not a foundation of economic theory.
Protectionism may provide some short-term benefits to a small number of special interests, but at much greater costs to the rest of society.
All this could and should be done in one day.
The Mises Institute is a non-profit organization that exists to promote teaching and research in the Austrian School of economics, individual freedom, honest history, and international peace, in the tradition of Ludwig von Mises and Murray N. Rothbard.
Non-political, non-partisan, and non-PC, we advocate a radical shift in the intellectual climate, away from statism and toward a private property order. We believe that our foundational ideas are of permanent value, and oppose all efforts at compromise, sellout, and amalgamation of these ideas with fashionable political, cultural, and social doctrines inimical to their spirit.