Sublime

The concentration of wealth is a natural result of this concentration of ability, and regularly recurs in history. The rate of concentration varies (other factors being equal) with the economic freedom permitted by morals and the laws. Despotism may for a time retard the concentration; democracy, allowing the most liberty, accelerates it. The relat

as he talked about the bankrupting of Vallejo I realized that I had heard this story before, or a private-sector version of it. The people who had power in the society, and were charged with saving it from itself, had instead bled the society to death. The problem with police officers and firefighters isn’t a public-sector problem; it isn’t a probl

This world came crashing down in the catastrophic year 1914, which was not only the year of the outbreak of World War I, but the year that the world's major economies went off of the gold standard and replaced it with unsound government money. Only Switzerland and Sweden, who remained neutral during World War I, were to remain on a gold standard in

Look at any business, talk to anyone you know, and you will see prudent, thoughtful actors. But look at the sum total of their actions, and sometimes it will seem without rhyme or reason, bordering on chaos. The sum of individually rational actions can be the genesis of a crisis.

bet is a tax on bullshit, goes the saying originating with economist Alex Tabarrok.

The most vivid example of this is inflation of the Weimar Republic in the 1920s, which not only led to the destruction and breakdown of one of the world's most advanced and prosperous economies, but also fueled the rise of Adolf Hitler to power.

As Hayek put it: “The cause of waves of unemployment is not ‘capitalism’ but governments denying enterprise the right to produce good money.”