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In my previous post, I noted that non-economists who know almost nothing about socialism are the ones who seem to talk about it the most. Whereas economists who know a lot about socialism rarely talk about it at all.  And that’s a problem. Another area where economists have abandoned public discourse is in discussions about economics and race. Economists know an enormous amount about income and race. They have been studying the subject for years. But when was the last time you saw an economist expressing a public opinion about what all economists know on this subject? All I have seen latel...

A onetime Marxist, economist Thomas Sowell came to his free-market beliefs by way of reflection and observation. But then again, so did two of his mentors, Milton Friedman and George Stigler, who both spoke of having liberal political inclinations in their own student days. Commentary By Jason Riley is a senior fellow at the Manhattan Institute and a columnist for The Wall Street Journal. The following is the second of three excerpts from Jason Riley’s new book “Maverick: A Biography of Thomas Sowell,” about the iconoclastic economist. The book is available here. When Thomas Sowell ar...

Par Vilfredo Burgess. La question des inégalités économiques est devenue centrale dans le débat public depuis au moins les grands succès publics et académiques des travaux de Thomas Piketty et la crise de 2008. La crise sanitaire remet au centre cet enjeu de société. Les inégalités économiques sont souvent associées à la gestion libérale de l’économie, et opposées par les libéraux comme Margaret Thatcher, dans de célèbres discours à la Chambre des Communs, à la pauvreté accumulée par le socialisme. Mais plus largement, les inégalités économiques seraient le symptô...

Die Verfolgung der Juden brachte den Betroffenen unermessliches Leid. Deutschland schadete sich auch selbst. Direkt nach der Machtergreifung in

Conversation with John Mackey of Whole Foods on Libertarian Theory (Mark Skousen and Richard Ebeling too) Dear John: It all depends. For the mainstream empiricist monetarist like Friedman, it would be falsifiable; you’d just go out and measure whether or not inflationary expectations are low, whether or not the demand to hold money has increased (parenthetically, these two are not unrelated). If this was true, then the monetarist hypothesis would be accepted in this one case. If not, rejected. It is not at all falsifiable for Austrian economists such as myself (and Mises, Rothbard and other...