In the comments section of this post , a reader asks: Quick question: In the second half, when the professor discusses the flaw in GDP that it captures only the final goods and does not count intermediary steps (production to or towards that final good), is not…
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Consumption is not in fact the main source of spending, but GDP leads people to think it is. I recently spoke to Prof. Jeff Herbener about this issue. And here’s the resource page I refer to in the video.

I’ve been noting lately that “conservative” treatments of the Constitution, to which well-meaning Americans turn because they (correctly) distrust the left-wing version, have their own problems: apologias for executive power, an entirely conventional belief in nationalism as an unquestionable value (e.g., “Union forever!”), a bizarre…
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Paul Craig Roberts has an e-book out called The Failure of Laissez Faire Capitalism and the Economic Dissolution of the West . I have not read it, so take what I say with a grain of salt. But someone sent me a clip from an interview in which Roberts says libertarians are out to lunch for trying to…
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You guys know I don’t spend my time on institutional feuds among libertarians. I defend myself when attacked, but otherwise I’m too busy to bother. But the Cato Institute has now joined the Heritage Foundation in telling Americans they’re not allowed to nullify unconstitutional laws…
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The Mises Institute’s Mark Thornton has an article today on how Colorado and Washington have in effect nullified federal drug laws by decriminalizing marijuana, and kindly recommends my book on the subject to his readers. He goes on to discuss the related issue of jury nullification: J.D. Tuccille has  pointed out  that there has been a…
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A group called Parents for Liberty is starting a network to connect families that genuinely can’t homeschool their children with parents who are willing to take on an extra child to supplement their income. Check it out . Speaking of homeschooling, I’ll be making a pretty big announcement…
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Not in terms of gold it isn’t. See these graphs .

The Raven That Refused to Sing, from the new album by Steven Wilson . If you don’t quite follow the video, here’s what it’s about . This is sad music, so if you’re looking for something that will put a spring in your step, check out my previous music post .

I missed Twitter’s seventh birthday yesterday. I can’t quite make up my mind about it. I have no idea if I am using it right or maximizing its impact for me. Probably not. Follow me @ThomasEWoods , and I welcome your advice.