The Venezuelan Crisis and the Political Costs of Reforms

by Pablo Duarte* Venezuela is in deep political and economic crisis. According to Reuters – quoting a leaked document from the Venezuelan Central Bank – output fell 19% and prices increased 800% during 2016. Even though the “Socialism of the 21st Century”, the political program initiated by former President Hugo Chavez, has been losing support …

The Socialism of the 21st Century is on its Way out!?

by Andrea L. Tapia-Hoffmann* Rafael Correa was inaugurated as President of Ecuador in 2007. He joined forces with Chavez to promote the idea of a so-called "Socialism of the 21st Century" in Latin America. After Chavez’s death in 2013, Correa became the self-proclaimed leader of the movement. Because the new socialism has led to severe …

The System of Liberty

by Jerry O’Driscoll I have just completed George Smith’s The System of Liberty: Themes in the History of Classical Liberalism. I recommend it highly to all. It is a tour de force, and an essential read for all those interested in classical liberal ideas. Many of the debates today on the political right have their …

Congress Should Grow a Pair

by Roger Koppl I was thinking of the NSA scandal while jogging through Rome’s Park of the Aqueducts  this morning. I guess it was that setting that made me think of our new computer-geek overlords as a virtual Praetorian Guard.  Augustus created the original Praetorian Guard about 27 BCE to protect the emperor. It quickly …

Income Inequality Matters

by Roger Koppl Income inequality matters. Let me say that again so you know I meant it: Income inequality matters. This statement may be surprising coming from a self-described “Austrian” economist and a “liberal” in the good old-fashioned pro-market sense. It shouldn’t be. It should be one of our issues. The surprise should be that we …

THE WILL OF THE PEOPLE

by Mario Rizzo Some people rest the case for representative democracy on the idea that its decisions express the “will of the people.” Those who believe this have never thought deeply about what they are saying. I am inclined, in response to these believers, to use my favorite paraphrase of Ludwig Wittgenstein, “You can mouth …

Protests and Reason

by Chidem Kurdas In the past week mass protests erupted in different parts of the world. The reasons were diverse. In the Middle East, demonstrations spread across the region following the killing of American diplomats in Libya over an anti-Muslim film. In China, crowds attacked Japanese shops and offices, over the two countries’ competing claims on …

Wisconsin Policy Lab

by Chidem Kurdas Paul Ryan is said to be influenced by Milton Friedman, Friedrich von Hayek and Ayn Rand. One might add that as the representative for Wisconsin's first congressional district, he is from a state that has often been in the vanguard of policy thinking. That he came up with specific proposals for Medicare and …

Mitt Romney is Not a Tax Idiot

by Mario Rizzo Let us begin with a famous quotation from Judge Learned Hand in a decision affirmed by the Supreme Court: Anyone may arrange his affairs so that his taxes shall be as low as possible; he is not bound to choose that pattern which best pays the treasury. There is not even a patriotic …