Monty Pelerin's World

For free-market layman economists, the differences between the Chicago School and the Austrian School are often blurred. Both often come to the same policy conclusions, but from very different perspectives. [...]

The Great Depression: A Diary Historical diaries are intriguing because we know how the era or big picture ended. When the period or person is significant, the day-to-day trivialities take [...]

Image via Wikipedia Image via Wikipedia I believe that the country is in long-term secular decline. There is no natural “cycle of civilization” that causes this decline. Historical declines are [...]

Image via Wikipedia “There is no means of avoiding the final collapse of a boom brought about by credit (debt) expansion. The alternative is only whether the crisis should come [...]

Image via Wikipedia Image via Wikipedia The economic crisis that we face today was inevitable given the policies embarked upon by the Western developed economies. Common sense and sound economics [...]

Image via Wikipedia Image via Wikipedia Recently I posted a piece by Frederic Bastiat written in 1848. It was from his famous essay “What is Seen and Unseen.”  In that [...]

Frederic Bastiat was probably the most influential economic essayist ever. He died in 1850. His “broken window fallacy” is probably the single most important principle in economics. It anticipated Keynesian [...]