Contrary to mainstream economists, credit expansion that is not backed by real savings leads ultimately to an economic downturn.

Contrary to mainstream economists, credit expansion that is not backed by real savings leads ultimately to an economic downturn.

Political and academic elites have successfully convinced the public that they should fear private enterprise. However, people really should fear an out-of-control government.

Political and academic elites have successfully convinced the public that they should fear private enterprise. However, people really should fear an out-of-control government.

Despite statements from Biden and other progressives, profits in a market economy are not a form of plunder. Instead, they represent entrepreneurial gains that mostly benefit consumers.

F.A. Hayek coined the term spontaneous order to point out that the prosperous societies are also societies where people are free to pursue their own goals. The result is, ironically, harmony that cannot come about through central state planning.

According to a recent 60 Minutes broadcast, Russian agents are suspected of launching microwave rays at US diplomats abroad. The problem is that many of these stories are technologically implausible. Maybe skepticism is in order here.

Mainstream economists believe that economic theory is valid when it “predicts” economic actions or trends. Austrian economists, however, say that the purpose of economic theory is to explain economic events.