Mises Institute

The drive to religious freedom in America was carried out overwhelmingly in the state legislatures—and the federal First Amendment had almost nothing to do with it.

The so-called K-shaped economy—where some experience positive growth and others negative growth—is perfectly explained by Austrian business cycle theory and the Cantillon effect.

On the economy, Trump gives himself a grade of “A+++++,” which is reminiscent of Hoover and other politicians who interpreted their economic failures as successes.

While Modern Portfolio Theory (MPT) is popular in academic economics and finance, it fails to properly explain profits, mistakenly confusing entrepreneurial profit seeking with risk management.

For more than 40 years, the Farmland Protection Policy Act has socialized US farmlands and transferred wealth to politically-connected people. What it hasn’t done is protect farmland.

While the jury still is out regarding Javier Milei’s economic and political “reforms” in Argentina, one must remember that the damaging interventions into Argentina’s economy have been so extensive that they have become part of the fabric of political and economic life there.

Mainstream economists are at a loss to explain why the current regime of inflation and central bank interventions have been so economically devastating. Understanding Cantillon effects is vital to making sense of the current madness.