Why Bad GDP Metrics Lead to Bad Policy

On the eve of the Great Recession, former President George W. Bush in a 2007 speech urged people to “go shopping more” in order to keep “our economy growing.” Indeed, …

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The Limits of Economic Calculation

[This article is excerpted from chapter 12 of Human Action] Economic calculation cannot comprehend things which are not sold and bought against money. There are things which are not for …

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A World Without Entrepreneurs

Reading Per Bylund’s interview “How Entrepreneurs Build the World” inspired a thought: what would the world be like without entrepreneurs? Given that entrepreneurs are central to the market system, a …

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How to Avoid Secular Stagnation

In his January 10 interview on Bloomberg TV, former US Treasury secretary Larry Summers expressed concern that despite the aggressive lowering of interest rates by major central banks, economic activity …

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