Goldman Sachs’ Merry-Go-Round of Metal We are living in a golden age of market manipulation. Never have so few been able to control so much in such an opaque system.
John Galt and the Theory of the Firm We may live in a market sea, but that sea is dotted with many islands that we call firms, some of them quite large, within which decisions are made not via markets but via hierarchy — even, you might say, via central planning. Clearly, there are some […]
If you seriously believe in markets, you should believe that given the right incentives — namely, putting a price on emissions, through either a tax or a tradable permit scheme — the economy will find lots of ways to emit less. You should definitely not believe, as anti-environmentalists claim, that the result would be economic […]
in The Road to Serfdom Hayek ends up committing himself to a view of environmental regulations that’s well tot he left of where today’s center-left politicians are: Nor can certain harmful effects of deforestation, or of some methods of farming, or of the smoke and noise of factories, be confined to the owner of the […]
In 1989, the Iron Curtain came down, and we could see what a difference it made as we could examine levels of material well-being on both sides of the Curtain. This is as close to a perfect natural experiment as anyone could wish: the Iron Curtain’s location was determined by where Stalin’s and Mao’s and […]
middle-class Americans of the right, left, and center have now come to expect a level of personal financial security thatdespite the stereotypesmost people would never demand from their governments. In a review he wrote earlier this month, Brink Lindsey, the vice president of the libertarian Cato Institutea man who knows what he is up againstpulled […]