Welcome to our new blog series: Enterprise on the Prairie! In this series, we will showcase the efforts of enterprising residents who are creating value in their communities.

Our region has become a…

In 1943, disillusioned by the failure of an international gold standard managed by poorly coordinated central banks, F.A. Hayek wrote “A Commodity Reserve Currency,” in which he detailed the…

In an earlier post, I juxtaposed monetary policy with the dynamics of money creation in the market. Monetary policy at its best is predictable and responsive to changing demand for money and credit.…

“It is impossible to introduce into society a greater change and a greater evil than this: the conversion of the law into an instrument of plunder.”
- Frédéric Bastiat 

The term “plunder” often…

Modern discussion of Hayek and the Great Depression tends to juxtapose Hayek with Keynes since Keynes was Hayek’s chief rival. But Hayek’s conversation with Keynes was not the only notable…

In the discussion of central banking policy guided by either rules or discretion, one must wonder why policy makers are attempting to reinvent the wheel. At their best, central banks attempt to…

North Dakota suffers from a labor force shortage. Currently, there are more than 12,000 open jobs in the state, enough to be North Dakota’s 10th largest city.

The state was previously able to attract…

This is the second entry in a multi-part series on Capitalism Mythbusters.

Malcolm X once said “You can’t have capitalism without racism” (Malcolm X Speaks, 1965). This straightforward quote reveals…

Not all money is the same. This may be obvious, for example, if you compare an American dollar and a Japanese yen. What is not obvious is that not all yen or dollars are the same. We can differentiate…

In my last post, I compared the functions of cryptocurrencies to those of clearinghouses in terms of the ease with which they can help financial institutions clear balances between one another. This…