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mises

Posted on in Politics/World

Venezuelan Collapse Is Golden Opportunity to Showcase American Superiority

Venezuela is not a country with a government, it is a hostage situation. The Maduro regime in Caracas has declared its ransom demands. They are actively robbing their captives, and make no mistake, they are executing many of those captives on a daily basis. Among its top ransom demands, the government in Caracas wants to restructure its enormous and dynamic debt burden. Their state-owned oil apparatus, PDVSA, was once a lucrative slush-fund/money-laundering operation for Maduro and the Cuban proxies in the upper echelons of power in Venezuelan politics. Now, PDVSA is financially underwater and struggling to make good on its… Keep Reading

Posted on in Economics/Politics

Single-Payer Sucks

Proponents of universal healthcare hold one of the most morally attractive political positions of present day: healthcare is a natural human right and should be readily available to all, regardless of socioeconomic standing.  On top of their moral high ground, they pile on supposed proof of single payer’s merits by pointing to Canada, Scandinavia, and various other countries.  It’s their belief that if only such a system were implemented in the US, the problems associated with healthcare would largely be alleviated. It’s a very emotionally pleasing opinion to hold.  Single-payer advocates pat themselves on the back for being so benevolent… Keep Reading

Posted on in Economics

James J. Hill and The Liquidation of Malinvestment

James J. Hill is unquestionably one of the greatest entrepreneurs in American history.  This past weekend marked the 100th anniversary of his passing.  He is best remembered for the successful construction of the only transcontinental railroad to not go bankrupt.  He didn’t accept government subsidies, and argued eloquently against his competitors who did: “The government should not furnish capital to these companies, in addition to their enormous land subsidies, to enable them to conduct their business in competition with enterprises that have received no aid from the public treasury.” His endeavors can claim to be largely responsible for the settling… Keep Reading

Posted on in Economics

Hayek, Statistics, and Trade-Cycle Theory

Austrian economics is often caricatured and criticized because of its approach, or deliberate lack of an approach, to mathematical models, multivariable calculus, and econometrics. Attacks are leveled against Austrians such as Mises, Rothbard, and Kirzner for their failure or refusal to avail themselves of applied empirical research in their scholarship. The Austrian methodology most frequently targeted is praxeology. It is not the purpose of this short article to refute these attacks or to explore their errors and merits. That has been done ably by others (see, for example, the series of debate-essays available here, here, here, and here). Nor does… Keep Reading

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