A Crisis in Economics?

by Mario Rizzo Periodically, people warn about the “crisis in economics.” I have heard about several of these over my professional career. Somehow the mainstream or orthodox economists never seem to notice these crises or take them seriously. They continue doing what they were doing. Today the crisis, if there is one, is due to … Continue reading A Crisis in Economics?

Discussion of Israel Kirzner’s Work on Entrepreneurship

Check this out at Liberty Matters. Lead Essay: Peter J. Boettke, "Israel M. Kirzner on Competitive Behavior, Industrial Structure, and the Entrepreneurial Market Process" [Posted: March 1, 2017] Responses and Critiques Mario J. Rizzo, "Kirzner’s Theory of the Market Process" [Posted: March 6, 2017] Peter G. Klein, "Entrepreneurial Discovery: Who Needs It?" [Posted: March 8, … Continue reading Discussion of Israel Kirzner’s Work on Entrepreneurship

Best of ThinkMarkets 2008–2016

by Andreas Hoffmann and Mario Rizzo We had a look at the statistics of the blog when we updated the page.  We learned that ThinkMarkets has published almost 800 blog posts since 2008. Some posts have received a lot more attention than others. We have selected an all-time TOP 5: TOP 5: Against all odds, … Continue reading Best of ThinkMarkets 2008–2016

Time for Reflection: “The Unity of the People”

This is from more than eight years ago. It was written in response to the Obama campaign and its call for unity. It applies again today to the World of Trump.

ThinkMarkets

by Mario Rizzo

After most presidential elections in recent years there is talk of uniting the country, somehow overcoming differences and working for the betterment of the nation. This is a dangerous idea if it is taken seriously.

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Chickens Coming Home to Roost: The Progressive Destruction of Employment Opportunities

By Mario Rizzo There comes a point where the continual mandating of benefits and restrictions on hiring has big consequences. We can see the handwriting on the wall in Europe as well as in the US. In Europe the young are more and more being left out of the traditional forms of hiring . A … Continue reading Chickens Coming Home to Roost: The Progressive Destruction of Employment Opportunities

Libertarianism and Classical Liberalism: Is There a Difference?

by Mario Rizzo I consider myself both a libertarian and a classical liberal. I have been teaching a seminar in classical liberalism at the NYU Law School for six semesters. I am always asked about the difference.  My answer is basically this. Classical liberalism is the philosophy of political liberty from the perspective of a … Continue reading Libertarianism and Classical Liberalism: Is There a Difference?

Interview with Gerald O’Driscoll

by Mario Rizzo I am happy to post a very interesting interview with my long-time friend and Cato senior fellow, Jerry O'Driscoll. As readers of ThinkMarkets know, Jerry frequently contributes to this blog. This is from the Lara-Murphy Report. The entire report can be accessed immediately below. The interview with O'Driscoll begins at page 24. … Continue reading Interview with Gerald O’Driscoll

Poverty of Ethics without Economics: Bangladesh

by Mario Rizzo In a world where people’s ethical goals are intrinsic values we could easily argue, as did David Hume, that the values themselves are not subject to scientific analysis.  But, as things turn out, many of what people believe to be intrinsic values, and therefore ultimate goals, are not. They are intermediate ends … Continue reading Poverty of Ethics without Economics: Bangladesh

Let Wedding Cake Bakers Discriminate in Peace

By Mario Rizzo “A Colorado judge says a baker who refused to make a wedding cake for a same-sex ceremony must serve gay couples despite his religious beliefs, a ruling that a civil rights group hailed as a victory for gay rights.” Fox News 12/06/2013 Friedrich Hayek argues in his famous essay “Why I am … Continue reading Let Wedding Cake Bakers Discriminate in Peace

Economics Will Not Be Mocked

by Mario Rizzo A few years ago I read and studied in great detail Pope Benedict XVI’s encyclical on globalization “Caritas in Veritate” or “Charity in Truth.” I posted a three-part analysis on the doubtful economics contained therein at ThinkMarkets. The first part is about the destructive influence of the encyclical. The second part is … Continue reading Economics Will Not Be Mocked

Adam Smith and Obamacare

by Mario Rizzo Based on my non-scientific sampling of the morning talk-programs on TV, the “progressives” have discovered the law of unintended consequences. There seems to be universal agreement that if Obamacare is altered to allow people to keep their current healthcare insurance, regardless of whether it covers all of the contingencies the law has … Continue reading Adam Smith and Obamacare

The Macroeconomics of Food Stamps

by Mario Rizzo The expansion of food stamp eligibility in response to the Great Recession was part of the so-called stimulus package. There were several aspects. First, there was a simple increase in the maximum amount allowed to beneficiaries of about 14%. There was also a tremendous drive to get people who are eligible, but … Continue reading The Macroeconomics of Food Stamps

The Return of Inflationism?

by Mario Rizzo The Fed has become desperate, not because the American economy is currently falling apart, but because the economy has stubbornly failed to respond well to the policies of the “best and the brightest.” And now, as if to welcome the impending chairmanship of Janet Yellen, stories are surfacing in various places about … Continue reading The Return of Inflationism?

Military Service and the New Paternalism

by Mario RizzoIn the last few years there has been a small expansion in the number of universities that are reinstating ROTC (Reserve Officer Training Corps) after the cancellation of such programs due to protests against the war in Vietnam. I express no opinion here about whether universities should have ROTC programs. My points here … Continue reading Military Service and the New Paternalism

Lawrence Klein: Keynesian Economist Who Wanted to Sidestep the Constitution

By Richard M. Ebeling Nobel Prizing-winning Keynesian economist, Lawrence Klein died on October 20, 2013, at the age of 93. A long-time professor of economics at the University of Pennsylvania, he was awarded the Nobel Prize in 1980 for his development of econometric (or statistical) models of the United States “macro” economy for purposes of … Continue reading Lawrence Klein: Keynesian Economist Who Wanted to Sidestep the Constitution

Questions for Free Market Moralists? Some Answers

By Mario Rizzo A philosopher, Amia Srinivasan, fellow in philosophy at All Souls College, University of Oxford, writing in the New York Times Opinionator (online commentary) says that in order to be a consistent defender of Robert Nozick, the free market and classical liberalism, one must answer "yes" to all four questions below. And she … Continue reading Questions for Free Market Moralists? Some Answers

The Government Shutdown and the Debt Default Issue: The Dreadful Lesson

by Mario Rizzo I grant that the government “shutdown” and the perceived threat of default on the debt was a public relations disaster for the Republican Party. I think that the shutdown problems, like those of the Sequester, were grossly exaggerated by the traditional media and as well as by various left-wing hysterics. Neither of … Continue reading The Government Shutdown and the Debt Default Issue: The Dreadful Lesson

Herbert Davenport: The Economics of Enterprise

by Richard M. Ebeling* This year marks the hundredth anniversary of the publication of Herbert J. Davenport’s (1861-1931), The Economics of Enterprise, which appeared in the early months of 1913. Both mainstream economists as well as many “Austrians” seem to have long since forgotten Herbert Davenport. But during his time he was recognized as one … Continue reading Herbert Davenport: The Economics of Enterprise