Tag: economic growth
The “Miracle” of Kirznerian Entrepreneurship

I learned a lot about miracles recently thanks to a penetrating sermon by pastor Mark McNees of Element3 Church, a “progressive” non-denominational church in Tallahassee. And it prompted a lot of thinking about markets and entrepreneurship, particularly entrepreneurship as conceived by Austrian economists, most notably Israel Kirzner. (Kirzner is required reading in my social...
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Health Spending Chews Through a Weak Economy

The federal government’s second estimate of fourth quarter Gross Domestic Product (GDP), published Friday by the U.S. Department of Commerce, confirmed what we pointed out from the initial estimate released on January 30: Health spending is chewing up more and more of the weakening economic recovery. GDP growth was actually revised down from the...
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Consumption Spending Is 70 Percent of GDP—So What?

It must be a condition of employment that a journalist who writes about the current recession include in his article the statement, “consumption makes up more than two-thirds of the economy” or “consumption spending accounts for 70 percent of GDP.” This seemingly simple, factual statement, however, is nearly always intended to carry some explanatory...
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Macroeconomic Policy, European-Style

Last Spring President Obama tried to talk German Chancellor Angela Merkel into continuing massive deficit spending to support the sagging economy. Quitting now, Obama argued, would cut the recovery short and risk major economic problems. A more sluggish German economy would slow world recovery, including recovery in the U.S. Merkel’s response was that narrowing...
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Black Maverick Reviewed in Reason

The first review has already appeared of my new book, Black Maverick: T.R.M. Howard’s Fight for Civil Rights and Economic Power. I hope that this is the beginning of a trend. In the latest issue of Reason, Damon Root writes the following: No single individual brought down the South’s Jim Crow regime, but there...
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