Ideas Matter

Now You Know Why it's Milton Friedman's Century

I once heard Sec. George Shultz say "people liked to argue with Milton Friedman when he's not around." In this video you can see why. Unfortunately, you have a guy who wants to ask a "three-part" question. Fortunately, you have a man who can answer each part -- masterfully. Allow me to riff on a couple of Friedman's points that are particularly brilliant.

Ron Paul's Victory

Okay, leading off with the (Ron) Paul vs. Paul (Krugman) debate is pretty cheap. But please read on now that I've (hopefully) sucked you in. 

Keynes's Magic Dipping Ladel

John Maynard Keynes probably didn't mean to supply justification for any road to serfdom. But he did. We're left with a mythology of job creation that only creates phantom jobs -- namely visible jobs contrived from the largess (but corresponding invisible job losses somewhere else). This is what happens when you divert resources from productive uses to less productive uses -- all in the name of "stimulating" the economy.

Light Rail: Sit Your A$$ Down, America

If you live in or near a city of more than 100,000, you've probably heard some noisy group of politicians and smart growthers talk up "light rail" -- the 18th century travel technology that gets started in the 20th century and you'll pay through the nose for in the 21st. Does light rail make any sense at all? Consider the data and come to your own conclusions.

Bob Chitester on Free Markets and Interventionism

The following is a series of thoughts about free markets and interventionism from Free To Choose Network President, Bob Chitester.

When we talk about capitalism, what do we mean? Free markets? Or crony capitalism?

Free market capitalism, under the rule of law, has proven to be the most efficient and self-correcting forms of organization. Crony capitalism is what we increasingly have in the U.S. and, with rare exceptions, throughout the world.

Rule of law is the key -- and that means constitutional law; codified fundamental principles that all economic players, producers, consumers, investors, financiers can rely on over long periods of time. The ever changing legislation pouring out of governments large and small is what prevents you and I from being reasonably certain that a financial decision made today, based on today's laws, can be counted on tomorrow, next month, next year, etc. In that environment of uncertainty, the inherent stabilizing effect of markets is stifled.

Free To Choose: Mart Laar's Economic Guidebook for Estonia

An economy in ruins. The young prime minister was facing unbelievable odds. Mart Laar knew little about economics. He turned to one book: Free To Choose, the book based on the film. And the rest, as they say, is history.

Assume it Away! Economics Humor (Or Not)

Your humble editor is enjoying a couple of days off. Enjoy this bit of economics humor and I'll see you on Monday.

Engines of Analysis: Gary Becker on Milton Friedman's Impact

Beware of economists on TV and in the paper. Most of them are soothsayers. Most of them don't practice economic science with humility. And most of them rely too heavily on theory, as Gary Becker says that his teacher, Milton Friedman, warned against. Why should we believe Friedman and Becker?

No Cronies 2: Meme Picking up Steam

Finally. Public choice economics makes it into the public consciousness. Of course, it took a couple of major scandals and a major recession to find a suitable name -- a name that was always there: crony capitalism. Readers of this blog may be a little weary of the theme. "I get it, I get it," you may be thinking.

But perhaps you or your neighbors don't appreciate the full extent of the problem or the nature of the beast. If that is the case, I hope you'll peruse these great resource for understanding these issues in greater depth. For this is a systemic problem -- one that is eating our Republic like a cancer.

Great Depression Myths w/ Michelle Fields

Don't be too distracted by the attractive spokeperson. Michelle Fields knows her stuff. In fact, she includes the best highlights for anyone looking to debunk the myths of the Great Depression. And if you want to find more, look no further than: