Mises Daily

The American Revolution Was Not a Party

Mises DailyDecember 18, 2014
Some are now debating over whether or not the Ferguson riots are in the tradition of the Boston Tea Party. While the Tea Party itself may seem relatively innocent, the violence of the revolution itself was not nearly so innocent.

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The War on Drugs Was Born 100 Years Ago

Mises DailyDecember 17, 2014
The Harrison Narcotics Act of 1914, a bill with racist origins designed to increase the tax burden on non-whites in the United States, was passed 100 years ago today. It has since given birth to an immense police state apparatus.

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Should Economics Emulate Natural Sciences?

Mises DailyDecember 16, 2014
The laws of physics can never be absolutely established. For some other law may prove more elegant or capable of explaining a wider range of facts. Hypotheses must be constantly tested. Economics is not like this.

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New Austrian Scholars and the Future

Mises DailyDecember 16, 2014
"The Mises fellowship has been the single most important influence in my development as a scholar," writes Matt McCaffrey in his discussion on being an Austrian economist in academia today. "No other program could have given me the resources I needed to start my career."...

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James Grant Explains "The Forgotten Depression"

Mises DailyDecember 15, 2014
In his new book The Forgotten Depression, James Grant, investor and founder of Grant's Interest Rate Observer, explores the Depression of 1921, a "forgotten" economic bust when the government failed to intervene, thus allowing the economy to cure itself...

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Thinkers Who Challenged the State

Mises DailyDecember 13, 2014
While we are told today that an anarchist society is unachievable, the ancients believed such a society to be achievable but undesirable. The world would have to wait for later theorists like Bastiat and Oppenheimer, who explained the true costs of the state.

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Government Save Us From "Overpriced" Chinese Food

Mises DailyDecember 12, 2014
If a customer consents to paying a certain price at the time of purchase, he cannot later claim that he was overcharged. The fact that he was charged the right amount is clear in the fact that he consented to the purchase in the first place.

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The Many Errors of David Ricardo

Mises DailyDecember 12, 2014
Knowing that money or gold cannot be used to provide a fixed measure of value, David Ricardo turned to the value of labor instead. But his labor theory of value has led to many errors including Marxism, land taxes, and much more.

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Cryptocurrencies and a Wider Regression Theorem

Mises DailyDecember 11, 2014
If cryptocurrencies like bitcoin are being used as money, and if Carl Menger correctly tells us that money must have some kind of antecedent value, then as economists it becomes our job to discover what exactly is that antecedent value. A fresh reading of Menger's Regression Theorem provides...

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How the Fed Grows Government

Mises DailyDecember 10, 2014
Ludwig von Mises understood that the unpopularity of taxes tended to limit the extent that governments could spend. But, if governments are freed from needing to raise taxes for revenue, as central banks allow them to do, they are unleashed.

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