Dr. Robert P. Murphy is a senior fellow at the Mises Institute and a professor of economics at Texas Tech University. 71 Republic’s Mason Mohon sat down with Dr. Murphy to discuss economics and anarcho-capitalism. You can find Dr. Murphy on Twitter @BobMurphyEcon.
It’s no secret that Josh Hawley is not a friend of liberty. From his disastrous minimum wage hike plan to wishing for the death of Facebook, he has quickly cemented his place as one of Congress’ most authoritarian members (and that really says something). But on Tuesday, Hawley took another dangerous step away from freedom; the first-term senator now hopes to ban tech companies’ use of psychology to help bring in revenue.
At 6 AM on July 4, 2019, the Washington Post published an Op-Ed by Representative Justin Amash of Michigans 3rd Congressional District in which he announced his departure from the Republican Party.
After the mid-1800s, oil and its byproducts became a virtual necessity for manufacturing and transportation. American and foreign oil industries have caused wars, economic depression, and environmental disaster. The top four richest companies on the planet are either oil or car companies. In fact, oil and gas alone (not including their various byproducts) comprise around two to three percent of the world economy. It’s involved in most of the manufacturing of other goods, such as plastics, metals, transportation, and other machinery. This is on a worldwide scale, with most oil and natural gas coming from undeveloped nations. But in the first world, our economies are about split between oil money and “babysitting money”.
In the past couple of years, a number of politicians have pushed hard for a minimum wage increase. Notable supporters include Elizabeth Warren and Bernie Sanders. Just this week, Connecticut agreed to incrementally up its minimum to $15 an hour in the next four years. Advocates of the idea claim that it will improve the quality of life for many, especially the working poor. However, they miss the fact (or don’t care) that their plan would functionally cut wages for millions of working-class Americans.