A core problem with government is that its managers believe that all reality will conform to their wishes if they issue the right orders, pass the right laws, and put the right people in charge. Reality resists this simple-minded approach; witness the debacle of the war on terror. Sadly, the same group that has managed that war is now managing another one: the war on recession.
July 4th, 2008 | Lew Rockwell | 1 comment | ContinuedArchive for Lew Rockwell
Llewellyn H. Rockwell, Jr. is founder and president of the Ludwig von Mises Institute in Auburn, Alabama, editor of LewRockwell.com, and author of Speaking of Liberty. Get your copy here.
A Recession Whose Time Has Come & the Futility of Fed Intervention
The real lesson of the Great Depression is that there is nothing that the central bank can do to forestall a recession whose time has come, and nothing government can do to improve the situation once the recession has arrived. Everything it attempts to do - except shrink - only ends up making matters worse. So it is in our time. We must ask ourselves what Washington is capable of doing this time around.
February 22nd, 2008 | Lew Rockwell | 1 comment | Continued
Austrian vs. Keynesian Economics & Bastiat’s Broken Windows
The long-standing battle between Austrian and Keynesian economists is one that will most likely rage on forever. But why? Well, as Lew Rockwell points out, seeing the fundamental differences between these two schools of thought can be fairly easy. Just look at Frédéric Bastiat’s allegory that has come to be known as the story of the broken window.
February 15th, 2008 | Lew Rockwell | 8 comments | Continued
Decrease in Personal Consumption Is Not to Blame for U.S. Recession
Editor’s Note: This essay was originally published on Mises.org.
With recession looming or already here, the time has arrived for finding scapegoats. Expect a long list of these. Here is the target of the day: tightfisted consumers. A decline in personal consumption, writes the New York Times, “would be the first since 1991, and it would [...]
Hans Sennholz and the Misesian School of Economics
Hans Sennholz is one of the handful of economists who dared defend free markets and sound money during the dark years before the Misesian revival, and to do so with eloquence, precision, and brilliance. From his post at Grove City College, and his lectures around the world, he has produced untold numbers of students who [...]
June 27th, 2007 | Lew Rockwell | 0 comments | Continued