Why Good Economics Matters Now More Than Ever

by | Apr 26, 2017 | ,

In a newsletter published in 1970, economist Murray Rothbard wrote, “It is no crime to be ignorant of economics, which is, after all, a specialized discipline and one that most people consider to be a ‘dismal science.’ But it is totally irresponsible to have a loud and vociferous opinion on economic subjects while remaining in this state of ignorance.” This is an oft-quoted platitude within circles of libertarian philosophy and Austrian economics. Today, we are seeing the embodiment of Rothbard’s fears. The woeful state of economic understanding has reached a critical mass. Economics has...

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Idaho Bill Would End Taxation of Gold and Silver

by | Feb 24, 2017 | ,

The Framers of our nation established that gold and silver are money, but federal taxing authorities in recent decades have required taxpayers to pay taxes on this form of money when its exchange for Federal Reserve Notes results in nominal capital “gains.” But that problem may soon be mitigated, at least in Idaho. A prominent Gem State state representative has advanced legislation to remove state income taxes when Idaho taxpayers sell their precious metals. House Majority Leader Mike Moyle introduced House Bill 206 on February 23rd to amend Idaho revenue statutes, providing “that capital...

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When Government Acts, Unintended Consequences Follow

by | Feb 6, 2017 | ,

In 1850, French economist Frédéric Bastiat published an essay that is misunderstood, or more often, unread, titled, "That Which is Seen, and That Which is Not Seen." Bastiat brilliantly introduced the idea of opportunity cost and, through the parable of the broken window, illustrated the destructive effects of unintended consequences. Unfortunately, because of misplaced belief in government benevolence, even the most powerful and successful members of the American citizenry often miss the point. According to Reuters, Ramin Arani, a co-portfolio manager of the $25 billion Fidelity Puritan...

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