Economic theory

Author: Steven Horwitz, FEE.org Even the smartest economists can make the simplest mistake. Two contemporary books – “Violence and Social Order” by Douglas North, Barry Weigast, and John Joseph Wallis (not to be confused with John Wallis, a 17th-century mathematician) and “Why Nations Fail” by Daron Acemoglu and …

Christmas is the most commercialized holiday of the year?! While it is stigmatized with such statements, people rarely think about where Christmas comes from and what they actually celebrate. With this article, we bring some clarity to the historical origin of the holiday and its modern significance, especially in economic terms. How was Christmas born? The distant history Interesting …

Some time ago we decided to translate the wiki page of Eugen von Böhm-Bawerk, one of the founders of the Austrian School of Economics. We were unpleasantly surprised that the Bulgarian translation was not approved, but then again, libertarians are people who do not pride themselves on recognizing foreign authorities (even Wikipedia), so …

Mark Spitznagel, Mises.org With each new peak in the price of Bitcoin, claims that it will become the best store of value of our time – the new gold – become more and more frequent. However, we cannot ignore the fact that it is essentially a speculative investment …

Modern economists use a range of statistical methods, ranging from extremely complex ones to simple displays of historical data. It is generally accepted that through statistical correlation, historical data can be transformed into useful information, which in turn can serve as a basis for assessing the economy as a whole. Unfortunately, this …

Jonathan Newman, Mises Institute A great wave of anti-market and pro-socialist opinions has flooded the media in recent years. In most cases, these anti-markets make no distinction between state-sponsored organizations like the IMF and real markets. But that doesn’t matter, because the articles are often populist and vaguely worded – …

A week ago, it was exactly 30 years since one of the biggest one-day crashes in financial markets in human history – the so-called "Black Monday". On October 19, 1987, stock exchanges around the world lost a huge percentage of their capitalization in just a few hours. By the end of the month, the markets …

Public choice theory is a branch of economics that developed through the study of taxation and public spending. It emerged in the 1950s and gained widespread public attention in 1986, when James Buchanan was awarded the Nobel Prize in Economics. Buchanan founded the Center for the Study of …

Jeffrey Dorfman, Forbes Today’s political climate is highly partisan. Debates are filled with personal attacks, sharp words, and outright disagreements, as each side clings tightly to its beliefs. Both sides believe and vouch for their opinions as fact. With that in mind, here are the ten …

The EKIP proudly presents a full translation of the fundamental essay “Ten Great Economic Myths” by the great American economist Murray Rothbard, which you can read and download here. Murray Rothbard is one of the greatest economists of the 20th century, a prominent representative of the Austrian School of Economics, and a founder of the modern libertarian movement in …