What individual, group, or power is sovereign in economics? What is the final court of appeal? Economic theory alone cannot decide this, and this is an important judgment. It will fundamentally altar economic theory. For instance, Socialist economists would say … Read More
Tag: free-market
There are many people out there, especially conservatives, who view themselves as supporters of the free-market. However, many of these people also favor protectionism. In other words, they favor tariffs and import quotas placed on imports to benefit the economy. … Read More
Today, it is easy to figure out that free-market ideology is not popular. Most people are in favor of one for of interventionism or another. They believe that we need the government to manage the economy. However, if one looks … Read More
No individual alone is capable of producing cardboard boxes. This may seem like an outlandish claim, but it is not. As simple as a cardboard box may seem, there is still not one person capable of producing then by themselves. … Read More
The Great Depression is often cited as one of the great failures of the free market. The conventional wisdom is that President Herbert Hoover was a backwards free-market loving idiot that stuck to his guns and didn’t intervene in the … Read More
Questions: (1) What were the primary values of fascism? (2) What was life like for the businessman in Nazi Germany? In light of your answer, how would you respond to the socialist claim that fascism is just a late stage … Read More
Date Written: 3/29/2023
Assignment: Explain the basics of the Austrian theory of the business cycle.
A common criticism of the free-market is that it is prone to business cycles. That is when there are periods of great economic growth followed … Read More