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« What Great Stagnation? | Main | Crony Capitalism and Government Jobs Programs »


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I like it. I'll use it for my undergraduate course in the Fall.

Read it. Well-stated.

Steve Horwitz: "Key contributions to Austrian business cycle and macroeconomic theory include Hayek (1966 [1933]; 1967 [1935]; 1975 [1937]), Mises (1966, ch.20), Horwitz (2000) and Garrison (2001)."

That's called modesty. I mean really...One chapter by Mises and the entire book by Horwitz.:) And the Brooklyn-Alabama-Madrid school down the memory hole, it does not exist. Just read Horwitz and Hayek, two titans of the ABCT.:)

thank u very much for your informative article!

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Movin' Up and Down The Income QuintilesHow much income moitlbiy exists in America? Research consistently affirms that there is substantial upward income moitlbiy in the United States, with the lowest income earners typically showing the strongest results. A Treasury Department study of the 1996–2005 period used IRS income tax data to discern considerable moitlbiy: more than 55% of taxpayers moved to a different income quintile. More than half the people in the lowest fifth of earners moved to a higher quintile over this period (29% to the second, 14% to the third, 10% to the fourth, and 5% to the highest).Moreover, there is a great deal of movement in and out of the top income groups. The Treasury data show that 57% "of households in the top 1% in 2005 were not there nine years earlier." The rich sometimes get richer, but they get poorer as well. The study also reveals that income moitlbiy has increased, not decreased, during the past twenty years. For example, 47.3% of those in the lowest income quintile in 1987 saw their incomes increase by at least 100% by 1996. That number jumped to 53.5% from 1996 to 2005.~From "The Politics of Envy" in The Hoover Digest, by Jeffrey Jones and Daniel Heil (HT: NCPA)

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