The most dangerous form of tyranny doesn’t announce itself. It doesn’t arrive with villains in uniforms or speeches declaring evil … Read the rest
Category: Economics
Centralized Credit, Private Facades
Many people—both free-market advocates and outright statists—don’t understand how modern banking actually works. They argue about “private banks” versus “state … Read the rest
The Ground on Which All Economies Stand
The ground on which economics stands is property. Without property, there is no direction to human action, no calculation, no … Read the rest
Calculation Without Ownership
Human beings act with purpose. We choose among alternatives, and we choose based on expectations. In a complex society, choice … Read the rest
Cheap Money, Costly Mistakes
Statism and the Permanent Depression
It’s often said that depressions are a failure of capitalism. That when the market is left alone, greed and chaos … Read the rest
From Gold to Paper: How Value Was Lost
Value doesn’t live in objects—it lives in people. Only the unthinking believe gold, bread, or paper has value in itself. … Read the rest
Foresight and Freedom
The entrepreneur isn’t a gambler. He acts under uncertainty, but not ignorance. He studies the future, anticipates demand, and allocates … Read the rest
The Nature of Saving
Saving is one of the most misunderstood concepts in economics. People often think it means hoarding money or refusing to … Read the rest
Ownership and Responsibility
Every system, whether political or economic, rests on one principle: ownership. It determines how resources are used, how they’re preserved, … Read the rest