This is the second post in the live-blogging Economics as Religion series. The first post was published on Monday, March 11.
“To the extent that any system of economic ideas offers an alternative vision of the ‘ultimate values,’ or ‘ultimate reality,’ that actually shapes the workings of history, economics is offering yet another grand prophecy…
About Nicholas Freiling
Nicholas Freiling is a freelance writer and student of economics at Grove City College. His articles have been published by the Mises Institute, the American Enterprise Institute, and Townhall.com. He is currently the Editor-in-Chief of The Collegian (Grove City College student newspaper) and the Executive Editor of Hans Economics.Author Archive | Nicholas Freiling
Tenets of Economic Faith
Economics as Religion: The Paradox of Self-Interest
Over the next few weeks, I will be live-blogging Robert H. Nelson’s Economics as Religion. Though the book is somewhat dated (published 2001), its discussion is still relevant. This is the first post in this series. Hope you enjoy!
Introduction: The Market Paradox
The role of self-interest in economic growth is a paradox.
Of course,…
Waging War on Work
This piece was originally published by the Ludwig von Mises Institute on February 11, 2013.
Employment law is a mainstay of state economic policy. Few question its efficacy as a means to correct “market failures”—like unlivable wages for meaningful work—that would leave society in shambles. In fact, no serious debate exists among American policymakers about…
The Dark Side of Monetary Inflation
Mia over at PragmaticMom.com has posted a great analysis of basic monetary economics over at her blog. I encourage you all to read it. Here’s an excerpt:
This is the key question of why the United States (and therefore Rosie) can’t just print endless amounts of money. This questions shifts from a question of Government…
In Praise of Speculators
This article was originally published at Values and Capitalism.
In recent years, the purported effect of oil speculators in raising the price of oil has sparked much debate and concern. Pundits of various political bents have sought an explanation for the rising price of oil among the activity of speculators, and legislation has recently been…
Banknotes and fractional reserve
Economist Larry White at George Mason University submitted a thought-provoking written testimony the other day. Discussing the issue of fractional reserve banking before the House Subcommittee on Domestic Monetary Policy and Technology, he made the following claim:
For payment by account transfer, FRB offers a more economic way of providing payment services. A money warehouse…
Banks: The Student-Borrower’s Best Friend!
I made a statement in a recent op-ed published at Values and Capitalism that banks do student-borrowers a favor by allowing them to use money in the present pay it back in the future. Considering the nature of some of the feedback I received, I think it is worth exploring in more detail why this…
A gold standard will not limit economic growth
Last week, Dr. Jeffrey Herbener (a professor of mine at Grove City College) testified before Congress on the issue of the Federal Reserve and sound money. Among many things, here is one particular statement he made in his written testimony that often proves quite contentious:
“The primary step in monetary reform, then, is to turn…
The Government “Safety Net” is a Fleeting Fantasy
Writing about the record number of Americans purportedly living in poverty, Think Progress blogger Travis Waldron makes a huge economic error when considering the effects of government “safety net programs”. See his quote below:
“The number of workers in poverty would be even higher were it not for government safety net programs that have reduced…
To Aid or Not to Aid: The Harms of Federal Disaster Relief
It is easy to deride recent claims by certain economists that the federal government has no business offering aid to the victims of last month’s Midwestern tornado outbreak. As pictures of destroyed homes and devastated families flood the media, it is hard to imagine a person who is unwilling to offer whatever government aid is…
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Reality TV Inventor Loses Big to ‘Buy American’ Fallacy
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Unlearning Economics
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MIT Economist, Former IMF Chief Engages Ron Paul on Banking and Makes an Interventionist Mistake
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The Monopoly Bogeyman
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How My Naïve Perception of the Economics Profession Eventually Changed
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Tenets of Economic Faith
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Economics as Religion: The Paradox of Self-Interest
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Waging War on Work
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The Dark Side of Monetary Inflation
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In Praise of Speculators
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Chris A: With due respect Nicholas, I think is has zero int...
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Nicholas Freiling: Chris, What effect do you think economic inter-...
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David: Doesn't the Fed increase the money supply by purc...
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