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Tag Archives: Featured

Understand How Insurance Works Before Debating Health Care Policy

Reprinted from FEE.org For at least half a century (Medicare turned 50 last year), health insurance policies have been hotly debated. The most recent skirmish is over the Trump administration’s final rule expanding the availability of short-term, limited-coverage insurance. Single-payer and Obamacare stalwarts have attacked it tooth and nail. For instance, Los Angeles Times columnist David Lazarus asserted backers “have no clue how insurance works” because they “decided to skip class when the...

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The Stirring Elocution of Frederick Douglass

Reprinted from FEE.org American history abounds with great orators whose eloquence roused the people and shaped events. Names like Patrick Henry, Daniel Webster, William Lloyd Garrison, Abraham Lincoln, William Jennings Bryan, Susan B. Anthony, and Martin Luther King come to mind. The best of them spoke with passion because their words gushed forth from wellsprings of character or experience or righteous indignation—and in the case of the great 19th-century American abolitionist Frederick...

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Marx’s View of the Division of Labor

[Reprinted from Free Market Economics: A Basic Reader, compiled by Bettina G. Greaves.] Reprinted from Mises.org The division of labor is a subject which has fasci­nated social scientists for millennia. Before the ad­vent of modem times, philosophers and theolo­gians concerned themselves with the implications of the idea. Plato saw as the ultimate form of soci­ety a community in which social functions would be rigidly separated and maintained; society would be divided into definite functional...

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The Broken Window

Clipping Note no. 95, Foundation for Economic Education (1959). Excerpted from Hazlitt’s Economics in One Lesson.] Reprinted from Mises.org It is often sadly remarked that the bad economists present their errors to the public better than the good economists present their truths. The reason is that the bad economists are presenting half-truths. They are speaking only of the immediate effect of a proposed policy or its effect upon a single group. The answer consists in supplementing and...

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Facebook icon LinkedIn icon Twitter icon An Eastern Democratic Union: A Proposal for the Establishment of a Durable Peace in Eastern Europe

[This essay, written in October 1941, in one of Mises’s lesser-known works and explores the use of a decentralized federal structure in establishing greater peace and freedom in Eastern Europe.]1 Reprinted from Mises.org I. Peace Within a World of Nationalism In a world of free trade and democracy no special institutions and provisions are needed in order to ensure undisturbed peaceful cooperation among all nations. In such a world, where there are neither trade barriers nor migration...

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Money Supply Growth Inched Upward in June

Reprinted from Mises.org Money supply growth inched upward again in June this year, but remains well below the growth rates experienced from 2009 to 2016. Overall, June’s growth rate does not suggest a departure from the general downward slide in growth rates that’s been in place since late 2016. In June, year-over-year growth in the money supply was at 4.4 percent. That was up from May’s growth rate of 4.2 percent, but down from June 2017’s rate of 5.4 percent. The...

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Return of Tiger Woods Is Yet Another Reminder of the Genius of Inequality

Reprinted from RealClearMarkets “We are all blessed by the genius of the relatively few.” – Warren Brookes, The Economy In Mind Television ratings for the final round of the British Open were the highest since 2006.  That Tiger Woods briefly sat alone atop the leaderboard on Sunday explains viewership that was 37 percent greater than 2017.  Evidence supporting the Woods correlation is that 2006 was the last year he won the Open Championship.  Perhaps even more interesting is that the 2018 and...

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How Ray Kroc of McDonald’s Built an Entrepreneurial Empire

Reprinted from Mises.org The Founder, a movie based on the life of Ray Kroc, vividly illustrates crucial points about entrepreneurship and the market stressed by Mises. In the film, Kroc, played by Michael Keaton, begins as a salesman selling milkshake machines. He meets the McDonald brothers, the owners of a small diner in San Bernardino, California. Kroc has come to investigate because the brothers, Dick and Mac, had purchased six of his machines. He finds a thriving business. The brothers...

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Most Entrepreneurs Are Bad Entrepreneurs

Reprinted from Mises.org Not long ago, I needed the help of a plumber to fix a leaking bury hydrant on my property. While I could probably dig the hole and then, thanks to the glorious Internet, figure out how to fix it myself, it would hardly be a valuable use of my time. I am better at researching and teaching, and then spending some of my earnings to get other things done. So, I relied on the specialization offered through the division of labor in the market. Using a well-known referral...

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Credit Expansion vs. Simple Inflation

[This article is excerpted from chapter 20 of Human Action: The Scholar’s Edition.] Reprinted from Mises.org In dealing with the consequences of credit expansion we assumed that the total amount of additional fiduciary media enters the market system via the loan market as advances to business. All that has been predicated with regard to the effects of credit expansion refers to this condition. There are, however, instances in which the legal and technical methods of credit expansion...

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