It is generally acknowledged that money has two primary functions: as a medium of exchange and as a store of value. When a form of
Tag: Friedrich Hayek
Happiness is not the Same as Utility: Maximizing One’s Utility is not the Best Model
In several other essays, I have severely criticized the founding of what is erroneously called the Nobel Economics Prize, since Alfred Nobel never founded a
The Dismal State of Economics
For a discipline that claims to be a science, economists exhibit an astonishing lack of unanimity about even very basic things like government spending, monetary
To Deny Cooperation is a Form of Tyranny
Although the following statement is an oversimplification, the free-market capitalist argument against all kinds of collective or government action and programs can be summarized as
The Need for Regulations
Thou shalt not steal; an empty feat, When it’s so lucrative to cheat. Arthur Hugh Clough The advocates of laissez-faire capitalism believe that government
The Historical Context of Books
The vast majority of books do not outlive the particular time and place in which they were written. I am not speaking of the actual
