The new American dream — “I want to be a crony.” Crony Capitalism: An economy that is nominally free-market, but allows for preferential regulation and other favorable government intervention based on personal relationships. In such a system, the false appearance … Continue reading
One of Mitt Romney’s top economic advisors is Greg Mankiw, Harvard professor of economics. Mankiw is a much esteemed and accomplished New Keynesian Economist. The new kind of Keynesianism is probably better than the old kind which thinks government spending … Continue reading
The Heritage Foundation has posted F.A. Hayek’s top ten do’s and don’t in a recession. Here’s my attempt to condense them into one sentence: Recessions in a complex free market are normal and constitute a necessary and wonderful self-correcting mechanism … Continue reading
A favorite quote from Hayek: The task of economics is to show us how little we know about what we imagine we can design — The Fatal Conceit … Continue reading
F.A. Hayek’s Road to Serfdom, first published in April, 1945, is still # 1 in sales at Amazon. The book recounts how wartime planning that enables a country to successfully defend itself against an enemy can lure a people into … Continue reading
Sales of this book have been hot for the last year. Presently it ranks #170 in books on Amazon. That’s astounding for a book first published in 1947: So what’s going on? Bruce Caldwell, the editor of this edition, and … Continue reading
How to Privatize Currency. Don’t laugh. There is something to be said for it. A lot, in fact. F.A. Hayek was for it. Last December, I was at the college Christmas Party. Somehow the conversation turned to privatization of currency. … Continue reading
Ohoooo…This is good! And right. When interest rates remain very low over time boom and bust cycles result. … Continue reading