After Homeland Security Secretary Kristi Noem made a fool of herself by defining habeas corpus as "a constitutional right that the president has to be able to remove people from this country," Justin Amash, the libertarian former congressman, posted an apt quotation...
Sheldon Richman
TGIF: Maestro Trump and Drug Prices
by Sheldon Richman | May 23, 2025 | Economics, Featured Articles, Justice, Politics, Sheldon Richman, TGIF
When encountering a public problem, people tend to fall into one of two camps: one camp, the larger one, says, "There oughta be a law." The other one asks, "How has the government created or aggravated the situation?" We know which camp Maestro Trump belongs to. Take...
TGIF: Individuals, Not America, First
by Sheldon Richman | May 16, 2025 | Economics, Featured Articles, Foreign Policy, Justice, Libertarianism, Politics, Sheldon Richman, TGIF
Let's hear no more about America First! It's a fraud, a cover for collectivist nationalism, and a distraction from what matters. (It also looks like camouflage for Trump Family First, but let's take it at face value for now.) On foreign policy, America First does not...
TGIF: On the Importance of Undesigned Order
by Sheldon Richman | May 9, 2025 | Economics, Featured Articles, Sheldon Richman, TGIF
Carl Menger, the founder of the Austrian approach to economics, was not the first or last thinker to see similarities between a society and a living organism, suggesting the existence of undesigned, spontaneous order. The names Adam Ferguson and Adam Smith, before...
TGIF: On Value and Freedom
by Sheldon Richman | May 2, 2025 | Libertarianism, Sheldon Richman, TGIF
To live is to act. To act is to choose. To choose is to prefer. To prefer is to pursue values—that is, to value. That's logic-guided observation. Ego sum, ergo aestimo: I am, therefore I value. (HT: Aristotle, Ayn Rand, and Ludwig von Mises.) Next: to think is to act....
TGIF: More on Menger and Value
by Sheldon Richman | Apr 25, 2025 | Economics, Featured Articles, Sheldon Richman, TGIF
Consumer goods are also called finished goods. The products we buy at the supermarket and other retail stores have, in less finished form, passed through many stages (including distribution), reaching back to the original factors of production: land and labor. Land...
TGIF: Menger on Trade
by Sheldon Richman | Apr 18, 2025 | Economics, Featured Articles, Sheldon Richman, TGIF
Even when a line on a map separates two individuals, trade is still trade—that is, mutually beneficial cooperation. Whether the line separates towns, cities, counties, states, or countries, it does not matter. The transactions are win-win. We could do quite well...
TGIF: The Objectively Invaluable Menger
by Sheldon Richman | Apr 11, 2025 | Economics, Featured Articles, Sheldon Richman, TGIF
Many people are uneasy with the free market. I think that's because they subscribe, implicitly if not explicitly, to the labor theory of value. Workers, people lament, seem not to reap the full and just reward for their labors. Belief in the labor theory puts...