An article in a recent issue of The Economist (“Sweet Land of Subsidy,” December 3rd to 9th, 2011, p. 42) tells the story of Iuka, Mississippi, a small community (2000 pop. 3,059) in Tishomingo County, where the local economic development foundation “invested” an unreported sum of the taxpayers’ money in the mid-1990s to build...
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December 7 marks seventy years since the Japanese attack on Pearl Harbor. This incident finally broke the non-interventionist spirit that had characterized the American people—an attitude that was informed by the utter failure of the United States’s very costly entry in the last world war to bring about the democracy that was promised of...
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Paul Krugman tells us that “Friedrich Hayek is not an important figure in the history of macroeconomics.” He insists that there were no Keynes-Hayek debates in the 1930s, that “Hayek essentially made a fool of himself early in the Great Depression, and that therefore “his ideas vanished from the professional discussion.” Krugman is not...
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