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Mainstream economists claim that they can use econometric models to emulate human action and, thus, create an economic laboratory. These models, however, cannot tell us about cause-and-effect, which is vital to understanding praxeology and economic behavior.
Original article: https://mises.org/mises-wire/can-econometric-models-fulfill-role-economic-laboratory
Original article: https://mises.org/power-market/jamaicas-beaches-and-property-rights
Long a constitutional monarchy with ties to Great Britain, many in Jamaica are looking to end the old relationship and become a republic. But is this movement simply a reaction to anti-colonialism, and what kind of constitution would the new republic create? So far, no answers.
Original article: https://mises.org/mises-wire/will-jamaica-become-republic
What do we mean by equality? F.A. Hayek believed that equality under law and the socialist belief of material equality were opposed to each other. Furthermore, he held liberty to be necessary for civilization itself to flourish.
Original article: https://mises.org/mises-wire/equality-under-hayekian-rule-law
A relic of the Cold War, the US embargo and travel restrictions to Cuba violate American freedoms and they accomplish nothing to end Cuba's communist regime or win freedom for Cubans. Yet, this failed policy has persisted for nearly 65 years with no end in sight.
Original article: https://mises.org/mises-wire/us-travel-restrictions-cuba-violate-freedoms-americans-and-cubans
On Friday 1st August the US Bureau of Labor Statistics put out their job report data for August. It included revisions to their estimates for the jobs created in May and June which stated there were 258,000 fewer jobs than they had previously estimated. This news was not received well by the White House. President Trump fired the head of the bureau, Erika McEntarfer, calling the numbers ‘phony, rigged, a scam’ and spreading conspiracy theories that McEntarfer had fudged the data. We speak to economist Michael Strain from the American Enterprise Institute, to understand why the revisions happened and the potential consequences of throwing doubt on one of the US’s most important statistical agencies. If you’ve seen a number in the news you think we should take a look at, email the team: moreorless@bbc.co.uk
Presenter: Lizzy McNeill Producer: Lizzy McNeill Series Producer: Tom Colls Production Co-ordinator: Rosie Strawbridge Sound mix: Neil Churchill Editor: Sam Bonham