Economist James M. Buchanan Dies

The great economist James M. Buchanan died yesterday. He was truly a great thinker. You can read about his importance by comments from Robert Higgs and and Tom Dilorenzo.

Here are some excerpts from Cato that discuss the importance of his work.

Nobel Prize-winning economist James M. Buchanan died on Wednesday at the age of [...]


It’s Potlatch Season—The Celebration Of All Things Material

Is gift giving during Christmas and Hanukkah a wasteful practice by which we just crave status from friends and family? Is it a harmless, even joyful, practice to bestow goodwill and joy on the ones we love? Is it a giant commercial venture by which retailers encourage us to part with dollars in an orgy [...]


What You Should Be Thankful For On Thanksgiving 2012

This is the third anniversary of this Thanksgiving message to readers.

Every year celebrations of Thanksgiving give thanks for the blessings of God for our well-being. As a skeptic, curmudgeon, and capitalist, I attribute my blessings to free market capitalism. I believe America’s success is the result of two ideas and ideals: human [...]


The Unadulterated Gold Standard Part I*

*It turns out that we did not publish Part 1 of Keith’s article on “The Unadulterated Gold Standard”. So apologies to readers who read Part II before Part I. Here it is. — JH

 The choice of the word “unadulterated” is not accidental.  There were many different kinds of gold standard, [...]


The Unadulterated Gold Standard Part II (History)

In Part I, we looked at the period prior to and during the time of what we now call the Classical Gold Standard.  It should be underscored that it worked pretty darned well.  Under this standard, the United States produced more wealth at a faster pace than any other country before, or since.  There were [...]


“I Pencil” The Movie

Free markets = spontaneous organization + free trade + specialization of labor + capital + entrepreneurship. In his 1958 essay, “I Pencil” Foundation for Economic Education founder Leonard Read told the story of the simple pencil, and the complex process which brought it into existence. It’s a classic, aimed at children, but I urge you [...]


More On Estonia: S&P Ratings

As a follow up to economist Frank Shostak’s article on Estonia yesterday, S&P affirmed their positive outlook on Estonia. — JH

Estonia Ratings Affirmed At ‘AA-/A-1+’; Outlook Revised To Stable On Economic Resilience And Political Stability

 We expect Estonia to remain resilient to a deeper and more prolonged slowdown in the eurozone, although [...]


Why Estonia Is Beating The Eurozone

This article came in this morning from the Mises Institute about Estonia, a country we’ve been casually following because of its free market friendly policies. Frank Shostak is an economist I follow closely.

Why Estonia Is Beating the Eurozone

By Frank Shostak on October 18, 2012

Against the background of a severe economic crisis in [...]


Why Bankruptcy Is The New Black

OK, OK, I’m not exactly one to write about fashion, but fashion is about trends, and investment analysis is frequently about identifying trends early, if possible even before they properly begin, to assume the vanguard position prior to a dramatic outperformance of a given asset, or investment style. And so, in [...]


Obama And The Commanding Heights

We gather tonight knowing that this generation of heroes has made the United States safer and more respected around the world.  (Applause.)  For the first time in nine years, there are no Americans fighting in Iraq.  (Applause.)  For the first time in two decades, Osama bin Laden is not a threat to this country.  [...]


“Default is not the end of the world” – Vernon Smith

This interview comes from our friends, the Truman Factor in Spain. Juan Luis Martín interviews the famed economist, Nobel laureate Vernon Smith.

Vernon L. Smith, Ph.D. was awarded the Nobel Prize in Economics in 2002 for his groundbreaking work in experimental economics. He is a professor in Chapman University’s [...]