We’ve lived through another election season, and this year, as with every years, the candidates competed to tell us about all the ways they were going to use the power of government to make our lives better. Unfortunately, many voters appeared quite sympathetic to the idea that government action can improve living standards and generally make markets work better. That’s the bad news. But, there are also trends at work right now that are bigger than any single election cycle, and while the candidates this year provided little reason for optimism, the voters themselves may be growing skeptical of just how much the government can solve all their problems. Nevertheless, one of the most important things we can do is really explain and understand how markets, and not government intervention, are our best hope for an orderly and prosperous society.
Category: Editor’s Picks
“Buying Local” Is as Senseless as “Buying Tall”
Many advocates of “buying local” insist that buying local is good for the local economy and, hence, economically good for each person in the local economy. For a number of reasons, the economics on which the “buy local” movement rests is remarkably weak.
Ideology, Identity Politics, and Politico-Cultural Conflict
The past year’s political events, especially the campaign for the presidency as it converged on a contest between Hillary Clinton and Donald Trump, have illuminated the way in which ideology, with the identity politics that springs from it, drives a dialectical process: political domination creates resentment, which feeds reaction and, on occasion, revolution against a previously entrenched ruling class and its belief system.
The Extraordinarily High Burden of Proof for Violating Liberty
There are excellent observations and reasons for a presumption in favor of equal liberty for all – which led me to “therefore I am libertarian.”It is true that the libertarian political philosophy I have grown to believe greatly influences my policy analyses. However, it is not merely an opinion, no different in credibility than any other opinion held for any reason.
How to Memorize Information More Effectively
Throughout life, we stumble upon a continuous flow of information, both useful and useless. To be successful and up-to-date, we have to process it very quickly. Although the need for constant training and developing of the brain is undeniable, very few of us can effectively cope with large amounts of un-ordered information.
Political and Governmental Corruption Is a Feature, Not a Bug
People do not oppose corruption in politics and government. They oppose only the corruption that does not steer loot and social domination to them. After all, the entire process of so-called democratic government is nothing but corruption writ large and backed by the threat of violent force.
Economic Localism Is No Better than Economic Nationalism
As Black Friday has continued to expand in recent years, one response to its orgy of discounts and deals has been to promote the following day as “Small Business Saturday.” The idea is to encourage people to shop at their local stores rather than at national chains or big-box stores, or perhaps on the Internet. Doing so, argue its proponents, is both moral and good for the local economy, as it keeps jobs and money in “our communities” rather than, presumably, in the hands of faceless and distant corporate masters.
The Pretense of Omniscience
The tragedy of the Great Leap Forward illustrates that the differences between a command and a market economy reflect a deep difference in mentality and attitude. A market economy can only be tolerated when no one is confident enough to claim omniscience.
The Never-Ending Contest in Politico-Economic Life
Written by Robert Higgs. A contest is under way in the world between the forces of creation, improvement, and progress and the forces of destruction, spoliation, and retrogression. This contest has been going on for thousands of years, and except during brief interludes the negative forces always kept the positive forces firmly in check. Roughly…
The Five Institutions of the Market Economy
Let us see what the basic institutions of the market economy are. We may subdivide them for convenience of discussion into (1) private property, (2) free markets, (3) competition, (4) division and combination of labor, and (5) social cooperation. As we shall see, these are not separate institutions. They are mutually dependent: each implies the other, and makes it possible.