To teach at America’s free market business school about the beauty, efficiency, morality and justice of an entrepreneurial society based on God-given human rights, individual freedoms and personal responsibility.
Last year, we celebrated 50 years of Friedrich Hayek’s Nobel Memorial Prize in Economic Sciences. We also marked 80 years since the great Austrian economist published his global bestseller, The Road to Serfdom. The book came out during the rise of Clement Atlee in the United Kingdom and of Juan Peron in Argentina. Just as...
The first federal minimum wage bill was signed into law during Franklin D. Roosevelt’s second term as U.S. President. The Great Depression gave Washington a pretext to enact sweeping economic restrictions. So, by 1938, Congress had made it illegal for employees to charge less than 25 cents per hour for their labor services. Today’s inflation-adjusted...
Money was the tool that built our civilization. But, in the hands of the government, it can become a weapon of mass destruction. Let’s start with a simple explanation of how money greases the wheels of the economy: Step 1: Tom has $1 in the bank. Dick knits a scarf. Harry borrows $1 to buy...