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Here’s the great Bob Higgs on money, monetary theory, and Austrian theory versus theories that rest on overly large – and, hence, highly misleading – aggregates. In this post, Bob Higgs asks the sensible question: What is the difference between a government and a criminal gang or protection racket such as the mafia? Chris Mayer [...] [...]

Structure, (Human) Capital, and Coordination

Over at Coordination Problem, Steve Horwitz nicely explains why the U.S. economy might well today be suffering from structural maladjustments in the labor market. Steve’s superb brief post supplies the occasion for me to offer below the full text of the late Sudha R. Shenoy’s “A Note on Austrian Capital Theory” that appears on pages [...] [...]

Quotation of the Day…

… is from page 279 of The State Is Rolling Back, which is volume 2 in the 2004 Liberty Fund series The Collected Works of Arthur Seldon; specifically, it’s from Seldon’s 1988 essay “Policies: The Difficult and the ‘Impossible’”: Keynes’ prescription has been shown to be not only defective in economic analysis.  The public choice [...] [...]