Economics

In the midst of the various crises that are enveloping the world, the political paternalists keep dreaming their dreams of socially engineering a new, centrally planned world.

As the crisis in Ukraine escalates and President Joe Biden puts in place new sanctions targeting the Russian economy, there could be substantial collateral damage to the auto industry, including automakers and parts suppliers in the U.S., Europe and Asia.

Can we guess who will get the lion’s share of all of this DC money? DC’s biggest cronies, of course.

The most important element of a truly successful restoration of both freedom and prosperity is a change in ideologies from collectivism and socialism to free market liberalism

For decades the social engineering economists have insisted that their cases for government intervention, regulation, and income redistribution were merely “pragmatic” proposals to overcome the inefficiencies and “failures” of the market economy.

The political philosophy of liberalism, founded on the moral equality of all people, gave birth to capitalism.

Jim Johnston was an advocate for freedom, a fine economist, a philanthropist, and a leader. He was also a good friend.

As economist Milton Friedman famously said, “Inflation is everywhere and always a monetary phenomenon.” Alleged inflation remedies should be evaluated on their own merits.

Property rights and economic freedom are the key ingredient for promoting civil liberties and a free society.

Socialism always fails – as the complete collapse of the Soviet Union 30 years ago perfectly illustrates.

May the memory of Jim Tobin always be as a blessing to us all.

Everyone’s time is valuable, and the value of my time was my opportunity cost.  I could have done economist work, like consulting, during the two hours I spent on the roof. 

Modern Monetary Theory will destroy incentive to work and upend the labor market.