BEGINNER

Government

MARCH 01, 2013

The institution consisting of individuals tasked with the administration of state affairs.  Government officials manage bureaucracy, arbitrate disputes, administrate and delegate power, as well as create regulation and legislation that define rules for those under the government or for the government themselves.  In order to perform these tasks the government maintains the legal monopoly of force under its jurisdiction.

 

Robert McNamara - Truth and Consequences of Government Power

Robert Levy - Big Government

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Pattern for Revolt

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Should governments regulate and intervene to correct "market failures?"

Steve Horwitz explains the dynamics of interventionism and the issues with regulating and intervening in the free market.

"What regulation and intervention do is prevent markets from discovering new ways of solving existing problems and new ways of solving new problems. When regulation erects barriers to entry or other kinds of limits on market behavior, it cuts short this discovery process, and that leads to inefficiency and waste of resources."

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Hummel and Richman at Forbes.com

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Jeffrey Rogers Hummel, a Freeman contributor and associate professor of economics at San Jose State University, and Freeman editor Sheldon Richman have published a commentary at Forbes.com disputing that the government would benefit greatly from inflation through monetization of its debt.

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TGIF: Government Failure

by Sheldon Richman

OCTOBER 05, 2007 by SHELDON RICHMAN

ONLINE EVENTS

FEE offers live online events for people new to the economic, ethical, and legal principles of a free society.

CURRENT ISSUE

December 2014

Unfortunately, educating people about phenomena that are counterintuitive, not-so-easy to remember, and suggest our individual lack of human control (for starters) can seem like an uphill battle in the war of ideas. So we sally forth into a kind of wilderness, an economic fairyland. We are myth busters in a world where people crave myths more than reality. Why do they so readily embrace untruth? Primarily because the immediate costs of doing so are so low and the psychic benefits are so high.
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