If We Want Prosperity, Prices Should Be Determined by Markets Rather than Politicians

by Dan Mitchell | Nov 7, 2015 | Blogs, Economics, Free Market

The communist economic system was a total disaster, but it wasn’t because of excessive taxation. Communist countries generally didn’t even have tax systems. The real problem was that communism was based on central planning, which is the notion that supposedly wise...

To Protect Liberty, Don’t Let Governments Collect Data

by Dan Mitchell | Jul 20, 2015 | Blogs, Economics

I’ve written before about the tremendous success of Hong Kong. The jurisdiction routinely is ranked as being the world’s freest economy, and its fiscal policy is a role model for spending restraint. One reason Hong Kong has prospered is that it has enjoyed a policy of...

After Reviewing the Federal Reserve’s Lousy Track Record, Thomas Sowell Asks Why such a Deeply Flawed Institution Should Be Allowed to Accumulate more Power

by Dan Mitchell | Feb 9, 2013 | Big Government, Blogs, Economics

When speaking about the difference between the private sector and the government, I sometimes emphasize that mistakes and errors are inevitable, and that the propensity to screw up may be just as prevalent in the private sector as it is in the public sector. I...

So-Called Paycheck Fairness Act Would Allow Government to Second-Guess Private Markets

by Dan Mitchell | Jun 10, 2012 | Big Government, Blogs, Free Market, Regulations

Back in 2010, I cited the superb work of Christina Hoff Summers as she explained that we should let markets determine wages rather than giving that power to a bunch of bean-counting bureaucrats. She wrote that article because leftists at the time were pushing a...

China’s Economic Model Is Superior…if You Think U.S. Living Standards Should Drop by 80 Percent

by Dan Mitchell | Dec 1, 2011 | Blogs, Economics, Free Market

I’m glad that China has taken some steps away from communism. According to Economic Freedom of the World, China was one of 10-worst nations for economic liberty back in 1980 and they’ve since climbed to 92nd place out of 141 nations. I’ve even offered a small bit of...