Monty Pelerin's World

Image via Wikipedia Keynesian economics is mostly a fraud and always has been. It has little theoretical basis and no empirical support. I have posted on this topic before, most [...]

Mark W. Hendrickson wrote a piece on Keynesian Economics in American Thinker today. It is an excellent read for fans or opponents of Keynes. Even better for those who want [...]

There is no greater scam than that being perpetuated by fiat money. It is plausible that the gold market might be manipulated because of its critical importance to the current [...]

“Crowding out” is an effect claimed to occur when governments run deficits and have to borrow to finance the deficits. It refers to the government using funds via borrowing that [...]

“No Recovery?” In the best Claude Rains fashion, “I am shocked, shocked!” There is no economic recovery, and there will be no economic recovery this year and probably not next. [...]

According to calculations by Robert Barro, Harvard University economist, the stimulus package harmed the economy. Mr. Barro, concluded in the WSJ: … viewed over five years, the fiscal stimulus package [...]

Image via Wikipedia “Monetary Crank” was a derogatory term used in the past to refer to crazy monetary theories and/or schemes. Its use has fallen out of favor, yet its [...]

Image via Wikipedia As an economist, I am frequently asked about the economics of Marx. I generally nod approvingly, which usually pleases or perplexes the inquirer. It is only after [...]

Great hoopla over the Federal Reserve’s surprise decision to raise the discount rate 0.25 % fills the media and the markets. Pundits discuss earnestly the spice has been added to [...]

There are few economic problems that don’t originate in politics. Originally, economics was known as political economy because the early practitioners understood the importance of institutions on economics. One of [...]

Image via Wikipedia Image via Wikipedia Milton Friedman on Socialized Medicine. From a talk given at the Mayo Clinic in 1978. Although over 30 years old and focused on the [...]

The establishment of Social Security as a retirement program should have been so simple that a caveman could have run it. Probably, but not our political geniuses. Once considered the [...]