Decentralized decision-making is critically important in potential emergency situations, because only property owners have the skin in the game that that forces people to think long and hard about the consequences and side effects of their actions.
McAdams discusses what a Ron Paul doctrine for economics and foreign policy would look like. It would be laissez-faire at home, self-determination for political minorities up to and including secession, free trade, and a strictly noninterventionist military approach.
In the last ten to twenty years, there’s been a real shift in mainstream economics—both micro and macro—away from theory and toward what you might call atheoretical inductive empirical work. This is not for the better.
Volume 16, Number 4 (Winter 1996) An Interview with James Grant, editor of Grant's Interest Rate Observer AEN : Your argument about business cycles in The Trouble with Prosperity rests heavily on the work of the Austrian economist Wilhelm Röpke instead of the more well-known...