Facts and Data Have No Meaning without a Theory to Explain Them
Mainstream economists claim that data alone can explain economic actions. Austrians know that without theory, data explains nothing.
Mainstream economists claim that data alone can explain economic actions. Austrians know that without theory, data explains nothing.
Keynesians claim that tax cuts are good because they help increase consumer spending. But here's why this doesn't matter.
Thomas Piketty writes about equality and believes that reimposing communism in the West will achieve it. Mark Thornton disagrees.
Although progressives and their allies might condemn capitalism, they rarely can define it.
Academic finance makes a lot of use of the capital asset pricing model (CAPM), but is it compatible with Austrian economics? Indeed, Austrians do have something to say, thanks to Mises and Rothbard and Austrian capital theory.
Time is an irreversible flux. Each moment has a unique place in the sequence of moments of time with respect to action.
"The free market and the division of labor does not promote hyper-atomized individuals. It creates social harmony and community."
Paul Krugman denies that the Fed artificially suppressed interest rates. As usual, Krugman neither understands interest rates nor the effects of inflationary policies.
Economists have failed to explain the mechanism by which an inverted yield curve signals an impending recession. But the Misesian explanation of the business cycle quite easily explains the pattern we observe in interest rates.