Mises Daily

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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It’s the Economics that Got Small

Mises DailyDecember 10, 2014
Sure, economists can use randomized controlled trials to learn more about why some people prefer red to blue, or why we eat junk food instead of vegetables. But this tells us little about the big problems of economics.

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More DC Lies on Debts and Spending

Mises DailyDecember 8, 2014
DC budget spinners are at it again, claiming that deficits are melting away and the national debt is no big deal. In fact, debt and spending are just as out-of-control as ever, and if interest rates go up, we’re in deep trouble...

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What a Reserve Currency Should Look Like

Mises DailyDecember 8, 2014
The US dollar’s days as a global reserve currency are numbered, but there is no high-quality replacement available. If there were an ideal reserve currency for the world, this is what it would look like...

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The New Banner Interview with Murray N. Rothbard

Mises DailyDecember 6, 2014
Michael Oliver witnessed the beginning of the modern anarcho-capitalism movement, meeting Rothbard in the early 1970s. His graduate thesis was on Rothbard's description of a libertarian society and attempted to reconcile Rothbardian thought with the work of Ayn Rand...

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Punishment and Proportionality

Mises DailyDecember 5, 2014
The state now claims to be a party to every crime and claims the right to mete out punishments that have nothing to do with obtaining restitution for the victims. Instead, criminals are "rehabilitated" at taxpayer expense...

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Does Europe Have Demand Deficiency Syndrome?

Mises DailyDecember 5, 2014
Many economists still believe that wealth can be created by simply convincing people to buy more stuff through loose monetary policy. What is really needed, though, is wealth creation, and then there is never a shortage of demand.

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Politicians to Business Owners: Drop Dead

Mises DailyDecember 4, 2014
It's become common for populists to claim that what's good for businesses is bad for workers. It remains unclear, however, where all those workers are supposed to find jobs...

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Getting Interest Rates Right (Is a Job For Markets)

Mises DailyDecember 4, 2014
Interest rates are like prices, and the state should not regulate interest rates any more than it should regulate the price of soda. Regulation will lead to overuse of resources, shortages, and distorted markets.

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