The recent Scottish independence elections had raised certain hopes among libertarians and anarchists. Their desire to see a free and independent Scotland (and a smaller Great Britain) enraptured images of Mel Gibson playing “Braveheart” William Wallace and a proud people, once again donning their kilts and marching to the pipes, taking up the cause for…
We’ve all heard experts, pundits and talk show hosts pontificating about gold and silver. We’ve heard examples of their so called “intrinsic” value, about how gold and silver retain their value over time. Aside from any intrinsic value, this is accurate, except when these people attempt to make price comparisons of goods in gold or…
Many economists and pundits have predicted an economic collapse in the “not to distant” future. Some predict a deflationary collapse, while others predict an inflationary one. The common thread among these people is the belief that a collapse in imminent. We can use Austrian analysis and determine just who is correct.
Creative destruction has become again, a popular term to explain the dislocation of workers in western labor markets. Although first coined by Karl Marx to describe how capitalism would be destroyed by the bourgeois, Joseph Schumpeter (1883-1950), an Austrian economist, (not part of the Mengarian Austrian Economic School) modified the meaning to be understood as the…
A country dies slowly. Those living during the decline of Rome were likely unaware that anything was happening. The decline took over a couple of hundred years. Anyone living during the decline only saw a small part of what was happening and likely never noticed it as anything other than ordinary. Countries don’t have genetically…
Recently, I began reading Garry Reed’s book, “Selected Salvos from the Loose Cannon Libertarian” and found myself enjoying every page. Garry Reed’s writing style is something bordering H.L. Mencken and Groucho Marx. His quick wit and colorful turn of a phrase gives the reader something to chuckle about while being informed. After having read volumes…
Over 100 years ago, in 1903, Italian economist and scholar Amilcare Puviani published his book, ”The Theory of Fiscal Illusion.” The Italian scholars at that time were profoundly curious about the effects of government on young democracies. They asked the question, “How could politicians best use the power of the purse to pursue their projects…
The Blue Collar Economist 