Monty Pelerin's World

“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. [...]

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 [...]

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 [...]

It is very difficult to determine how our economic situation plays out. The economy continues to weaken. There is no recovery under way. Markets generally seem overvalued. On top of [...]

Image via Wikipedia Henry Hazlitt (1894-1993) was an exceptional journalist and economist. He was an economist who could write clearly (John Kenneth Galbraith was a wonderful writer, but a limited [...]

Murray Rothbard‘s paper presents an unflattering portrait of  John Maynard Keynes. For history or econ-geeks only. Share/Save Download article as PDF

James Buchanan won a Nobel prize in Economics in 1986 for his pioneering work in what is known as public choice theory. In my opinion, he is one of the [...]

“We’ve heard nothing but convincing rhetoric on the debt for a decade, so what we’re lacking is more of the same?  Does the White House read the current polling and [...]

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 From the standpoint of economics, I don’t think I have ever seen a more harmful set of programs and policies. These started with Bush [...]

Image by Seattle Municipal Archives via Flickr David Rosenberg posts today on unemployment, estimating it going up to 12 – 13%, as measured by U3. It is currently 10.2%. Another [...]