Category History

The Austrian Business Cycle

Thoughts after reading Paul F. Cwik’s piece Austrian Business Cycle Theory: A Corporate Finance Point of View” and looking over his Ph.D. dissertation ” An Investigation Of Inverted Yield Curves And Economic Downturns.” Econtalk podcasts with Pete Boettke and Don Boudreaux also influenced this piece. The Austrian Business Cycle Theory (ABCT) explains the boom and […]

Keynes’ Error

Thoughts after reading Steven Kates’: “Why Your Grandfather’s Economics Was Better Than Yours: On The Catastrophic Disappearance of  Say’s Law” Keynesianism has dominated economic thought and shaped public policy since the 1930s. John Maynard Keynes’ General Theory revolutionized economics and made the demand side of the equation paramount. Recessions, in his mind, were caused by […]

Income Inequality Is Not America’s Primary Problem

Occupy Wall Street has focused the nation’s attention on income inequality. Here’s their critique of “the system:” The rich are getting richer off the labor of the poor and middle class. The middle class, once the engine of America’s economy, is dying. Poverty is rising. Something must be done to change an unjust economic system. […]

The Fight Of The Century

With the economy anemically plodding along, political gridlock has hit Washington. President Obama insists that the key to job creation and economic growth is another round of stimulus. That’s a political non-starter for the House Republicans who believe that lowering taxes and reducing federal spending is necessary for the private sector to pick up again. […]

What Should The Right Conserve?

Pat Buchanan’s latest column focuses on Russell Kirk, one of the leading figures in conservative intellectual thought. Kirk was a traditionalist who wanted the Right to conserve the best in the Western tradition. Much of that thinking has gone by the wayside in recent years, leading to Buchanan’s jeremiad. Buchanan concludes by asking what Americans […]

The Fall of Nicolae Ceausescu

This week, the Libyan civil war ended abruptly when rebels shot and killed Moammar Qaddafi, who had controlled the North African country since 1969.  The chaos in Sirte reminded me of the tumult that marked the fall of communism in Romania. Most of Eastern Europe transitioned from communism peacefully. Solidarity ended communist rule in Poland […]

Democrats Still Want to Immanentize the Eschaton

My what a week’s it’s been in domestic politics; let’s review. President Obama wrapped up his campaign bus tour through Virginia and North Carolina, failing to convince Americans that his jobs plan would turn the economy around and get Americans back to work. Vice President Biden created a stir in Flint, Michingan, when he asserted […]