Category: Free Market Economics

A Dictionary for Economics Students

In the Lexicon of Economic Thought, readers can find simple single-page entries on 176 economic or social topics, ranging from bailouts to Sunday shopping laws to academic tenure. Walter Block and Michael Walker give the perspective of a serious economist, not just a political pundit. So, in the case of academic tenure, they go through the […]

Sunday October 1st, 2017 in Book Reviews, Free Market Economics | No Comments »

Price Sensitivity in Healthcare

“$14,322 for my x-ray? Those doctors are crooks.” Family members utter government propaganda from time to time, and it is up to us to debunk their bunk. Forget that it is immoral to force people to subsidize programs, forget that health care is a product– no more mystical than any other. These things are true, […]

Monday July 17th, 2017 in Free Market Economics | No Comments »

What Makes the Austrian School Different?

Walter Block explains that, what is truly unique about the Austrian School of economics its particular methodologies and its radical policy ideas. Truths You Can’t Deny The Austrian School is based on the insights we get from knowing that man acts purposefully. The lovely thing about this argument is you can’t deny it! To deny […]

Tuesday June 6th, 2017 in Free Market Economics | No Comments »

The Debt Shall Freeze at $20 Trillion

Has Trump Reduced the National Debt? President Trump was sworn into the Presidency with $19,947,304,555,212.49. I’m no mathematician but, that’s not far from $20 trillion. So ever since his inauguration, I had been eagerly waiting for news that US debt had crossed the BIG 20 Tril; some claimed it would happen during Trump’s very first month. […]

Tuesday March 7th, 2017 in Free Market Economics | No Comments »

Do People Really Have a “Scale of Values?”… Was Rothbard Wrong?

Walter Block and William Barnett’s answer is NO! And their reason is simple: scale of values is incompatible with Singularism, which must be true. This idea of Singularism is a big deal to Block and Barnett; the two scholars had previously co-authored a paper positing that the Austrians start going by the clunky name “the […]

Wednesday November 16th, 2016 in Free Market Economics | No Comments »

Is Predatory Pricing Impossible? – How Mr. Dow Outsmarted the Monopolists

The story of Herbert Dow, the founder of the Dow Chemical Company, provides a wonderful case study against the efficacy of “predatory pricing” in the free market. In the early 20th century, Mr. Dow used the free market – not some state regulatory agency – to outsmart the Bromkonvention, a price-cutting cartel of 30 German […]

Saturday December 19th, 2015 in Free Market Economics | No Comments »

Austrian Economics: More Than a Hypothesis!

In a speech at Mises University in 2011, the legendary Austrian economist Hans-Hermann Hoppe argued forcefully that Austrian economics cannot be treated merely as a hypothesis. It is not an empirical science that must be tested out in the world, but rather a working out of logical principles. It must be true. It rests on […]

Saturday July 11th, 2015 in Free Market Economics | No Comments »

What Should We Call “Austrian Economics?”

In their 2008 essay “Economic Singularism,” William Barnett, II and Walter Block wondered if there wasn’t a better label we could have for “Austrian Economics.” As evangelists of the Austrian School know all too well, when we mention Austrian economics to non-economists, they typically crinkle their face and ask if we are talking about economists […]

Wednesday April 29th, 2015 in Free Market Economics | No Comments »

Skyscraper Effect in China?

Chinese Skyscrapers Mania Skyscrapers are some of the most long-term building projects on the planet, and China seems to build a new one every day. Shanghai currently has three of the 16 tallest buildings in the world: the Jin Mao Tower (1999), the Shanghai World Financial Center (2008) and the Shanghai Tower (2014). And China […]

Wednesday May 28th, 2014 in Free Market Economics | No Comments »

Sundown in America?

David Stockman, the former Director of the Office of Management and Budget (1981-85) during the Reagan Presidency and author of “The Great Deformation: The Corruption of Capitalism in America”, spoke at Harvard University in a speech he called “Sundown in America: The Keynesian State-Wreck Ahead.” Stockman spoke about the ill-effects of his party’s Republican Keynesianism […]

Friday April 25th, 2014 in Free Market Economics | No Comments »