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fiscal conservative

News

Sen. Rand Paul On $1 Trillion Spending Bill: “Are Democrats Still The Minority Party?”

Sen. Rand Paul (R-KY) is angry yet again at the conniving nature of his own political party. Congressional Republicans unveiled their omnibus spending bill this week, which appropriates over $1 trillion dollars in new spending. This gives a huge political victory to the Democrats, Paul claimed in his Breitbart op/ed published Tuesday. “You’ll see it in the news as an “Omnibus spending bill,” when it should really be called “the Status Quo Protection Act.” President Hillary Clinton would have been proud of this bill,” Paul said. “It tosses out campaign promises as it continues to fund the military industrial complex and the welfare state.” Under the new plan pushed by Republican congressional leaders such as Rep. Paul Ryan (R-WI) and Sen. Mitch McConnell (R-KY), the annual deficit would remain over $500 billion. Paul noted that mainstream media commentators have noted that the spending bill cannot be differentiated from Obama-era budgets, which were the most bloated in all of American history. Keep Reading

Economics

Hayek, Statistics, And Trade-Cycle Theory

Austrian economics is often caricatured and criticized because of its approach, or deliberate lack of an approach, to mathematical models, multivariable calculus, and econometrics. Attacks are leveled against Austrians such as Mises, Rothbard, and Kirzner for their failure or refusal to avail themselves of applied empirical research in their scholarship. The Austrian methodology most frequently targeted is praxeology. It is not the purpose of this short article to refute these attacks or to explore their errors and merits. That has been done ably by others (see, for example, the series of debate-essays available here, here, here, and here). Nor does this article attempt to stand up for the deductive reasoning of praxeology or to defend its claims about a priori truths, a task better suited for a lengthy work of scholarship, not a short article. This piece instead asks one simple question: does Hayek’s early work on trade-cycle theory complicate stereotypes about the methods of Austrian economics or clarify the manner in which Austrians can and do approach economic… Keep Reading

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