BY HENRY HAZLIT Economics In One Lesson, Chapter 9 When, after every great war, it is proposed to demobilize the armed forces, there is always a great fear that there will not be enough jobs for these forces and that in consequence they will be unemployed. It is true that, when...
BY HENRY HAZLIT Economics In One Lesson, Chapter 8 I have referred to various union make-work and featherbed practices. These practices, and the public toleration of them, spring from the same fundamental fallacy as the fear of machines. This is the belief that a more efficient way of doing a thing...
Lawrence W. Reed is President of the Foundation for Economic Education and the author of the book Real Heroes: Inspiring True Stories of Courage, Character and Conviction. Used with the permission of the Foundation for Economic Education.
BY WALTER WILLIAMS One of the most challenging and important jobs for an economics professor is to teach students how little we know and can possibly know. My longtime friend and colleague Thomas Sowell says, “It takes considerable knowledge just to realize the extent of your own ignorance.” Nobel laureate Friedrich...
DAVID BOAZ, CATO INSTITUTE Today is the 250th anniversary of the birth of Benjamin Constant, a prominent French liberal in the postrevolutionary era, whom Isaiah Berlin called “the most eloquent of all defenders of freedom and privacy.” He is perhaps best known in our time as the author of an essay – actually a...