The Centrality of Say’s Law

If the principle is conceded that virtuous individual action can lead to chaotic social outcomes, then all manner of central state planning can be justified as not only of public benefit but as fundamentally essential. It is the validity of Say’s Law that stands as the gatekeeper of economic freedom and prosperity. Without it, economic fallacies justify state force, which is multiplied in the name of public salvation. Read more…
2016: A Blow to Technocratic Socialism

Technocratic Socialism is the effective state control of the means of production and concomitant privileged, riskless profiteering through bureaucratic and regulatory asphyxiation. This is what, I think, voters are rejecting.
The Rand and Politics

If the Reserve Bank is usurped for narrow, corrupt political ends, it has the potential to not only spell doom for the rand but could imperil South Africa’s entire social order in unthinkable ways.
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When Money Destroys Nations

When Money Destroys Nations, my book with Philip Haslam, is about how hyperinflation ruined Zimbabwe, how ordinary people survived, and warnings for nations that print money.

WMDN Website Read Chapter 1 Free Buy the Book

Who Needs the Debt Ceiling?

Calls for a scrapping of the debt ceiling are being heard afresh, but the debt ceiling is a crucial reminder of the reckless spending of the ruling class.

On “Economies of Scale” and Other Magical Incantations

This is a provocative and compelling piece. It challenges the established dogma of economies of scale and makes a case for the economic competitiveness of the small-scale entrepreneur that is demand-responsive rather than the large-overhead producer that produces without regard to preexisting demand.

Why Zero Interest Rates Can Never Work

Setting interest rates artificially low causes the demand for credit to surge, while the supply of credit falls, resulting in a shortage of real loans. The only sound remedy to this is to let interest rates rise to their market-determined level or face economic disaster.