Featured Articles

The War That Never Ends

A Book Review of Manufacturing Militarism: U.S. Government Propaganda in the War on Terror, by Christopher J. Coyne and Abigail R. Hall.1 It’s been over 20 years since the 9/11 attacks. Ever since those horrible attacks, the United States government has been waging a “war on terror” both at home and abroad. The war on .. MORE

Israel Kirzner and the “European Miracle”

Professor Israel M. Kirzner, more than any other economist of the Austrian School (and among economists in general) since the second half of the 20th century, has revived our understanding of the systematic role of the entrepreneur as the driving force of the market as a process of discovery, error correction, and learning (Kirzner 1973). .. MORE

When the Elite Become the Elect

With the rise of Third Wave Antiracism we are witnessing the birth of a new religion, just as Romans witnessed the birth of Christianity. The way to get past seeing the Elect as merely “crazy” is to understand that they are a religion. To see them this way is not to wallow in derision, but .. MORE

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Economic Philosophy

Strange rebels

By Scott Sumner

Austrian Economics

Fairy Tales and Perfect Markets

By Chris Schwing


The 1619 Project’s Tooth Fairy Economics

By David Henderson

Cross-country Comparisons

Biography of Mancur Olson is Now Online

By David Henderson


QE and low inflation are not alternatives

By Scott Sumner


Silly Celebrity Lawsuits

By Walter Block

Central Planning

Jeff Sonnenfeld’s Bombshell About the Russian Economy

By David Henderson

Economic Philosophy

Is the State Discriminatory by Definition?

By Pierre Lemieux

Economics of Education

Antifragile children

By Alberto Mingardi


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Dignity Not Included

Did you know that nearly EIGHTY PERCENT of Americans will experience at least one year of living at or below the poverty level? On the flip side, almost 40% of Americans will also spend at least one year in the top 10% of income earners. So what is poverty? According to sociologist and author Mark .. MORE


C’mon Get Happy!

How can you tell if you’re really happy? What makes other people happy? Are these empirical questions that can be answered? In this episode, EconTalk host Russ Roberts continues his exploration of happiness studies with psychologist Emiliana Simon-Thomas of UC Berkeley. From our many previous episodes on happiness, we know that many disciplines have tried .. MORE


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Austrian Economics

Reminiscences of Hayek

I never have trouble remembering Friedrich Hayek‘s birthday (May 8) because it’s the same day as my late sister’s birthday and the same day as VE Day. Here’s a link to some reminiscences of the first time I met Hayek. A highlight from that link: In June 1975, when I attended the second Austrian conference .. MORE

Books: Reviews and Suggested Readings

Young Man: the Janitors!

In response to my post titled “Who’s Responsible for Student Loans?” April 28, 2022, frequent commenter Vivian Darkbloom wrote: At the risk of keeping this too simple, I’d say it’s the person(s) signing or co-signing the loan agreement. I LedOL when I saw this. It reminded me of something I read when I was 18 .. MORE


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Book Reviews and Suggested Readings

The State

By Anthony de Jasay

Though this book leans on political philosophy, economics, and history, it leans on each lightly enough to remain accessible to the educated general reader, for whom it is mainly intended. Its central theme—how state and society interact to disappoint and render each other miserable—may concern a rather wide public among both governors and governed. Most .. MORE

The Reason of Rules: Constitutional Political Economy

By Geoffrey Brennan and James M. Buchanan

The Power to Tax: Analytical Foundations of a Fiscal Constitution

By Geoffrey Brennan and James M. Buchanan

“F. A. Hayek and the Rebirth of Classical Liberalism”

By John N. Gray

In the recent revival of public and scholarly interest in the values of limited government and the market order, no one has been more centrally significant than Friedrich A. Hayek. His works have figured as a constant point of reference in the discussions both of the libertarian and conservative theories of the market economy; they .. MORE



A Conversation with Steve Pejovich

Svetozar “Steve” Pejovich, one of the most dynamic and insightful theorists writing on property rights, reflects on his experience in economics. With characteristic sagacity and humor, he demonstrates the power that empirical cases can bring to bear on theoretical problems. Born in Belgrade, Pejovich is Professor Emeritus at Texas A&M University, where he taught for .. MORE


A Conversation with Harold Demsetz

A professor at the Graduate School of Business at the University of Chicago in the 1960s and a primary figure in Chicago School Economics and in the field of Law and Economics, Harold Demsetz has contributed original research on the theory of the firm, regulation in markets, industrial organization, antitrust policy, transaction costs, externalities, and .. MORE

Econlib Series

Intellectual Portrait Series

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College Economics Topics

Supplementary materials for popular college textbooks used in courses in the Principles of Economics, Microeconomics, Price Theory, and Macroeconomics are suggested by topic.

Economist Biographies

From the Concise Encyclopedia of Economics

Corporations and Financial Markets, Economic History

The 2008 Financial Crisis

It was, according to accounts filtering out of the White House, an extraordinary scene. Hank Paulson, the U.S. treasury secretary and a man with a personal fortune estimated at $700m (£380m), had got down on one knee before the most powerful woman in Congress, Nancy Pelosi, and begged her to save his plan to rescue .. MORE

Basic Concepts

Division of Labor

Division of labor combines specialization and the partition of a complex production task into several, or many, sub-tasks. Its importance in economics lies in the fact that a given number of workers can produce far more output using division of labor compared to the same number of workers each working alone. Interestingly, this is true .. MORE

Economic History, Government Policy

Hoover’s Economic Policies

When it was all over, I once made a list of New Deal ventures begun during Hoover’s years as Secretary of Commerce and then as president. . . . The New Deal owed much to what he had begun.1 —FDR advisor Rexford G. Tugwell Many historians, most of the general public, and even many economists .. MORE

There is a limit to the legitimate interference of collective opinion with individual independence; and to find that limit, and maintain it against encroachment, is as indispensable to a good condition of human affairs as protection against political despotism. John Stuart Mill, On Liberty



The real advantage which truth has consists in this, that when an opinion is true, it may be extinguished once, twice, or many times, but in the course of ages there will generally be found persons to rediscover it, until some one of its reappearances  falls on a time when from favourable circumstances it escapes ...



Among the works of man which human life is rightly employed in perfecting and beautifying, the first in importance surely is man himself.   ~ John Stuart Mill, On Liberty