On this date in 1913, from the New York Times : POPULARITY OF THE INCOME TAX. The Chamber of Commerce has directed an inquiry into the administrative feature of the income tax after a debate in which it was said that the tax would not affect 99 per cent. of the citizenship. It was suggested that this deprived the bill of general interest, and that
Great chart from Moody’s: Ireland’s banks received bailouts in the billions of euros in 2009 and 2010, including €67.5 billion from the EU, other European countries, and the IMF as part of a larger overall bailout effort. While the lion’s share of these funds have flowed to bondholders outside of Ireland, they have done little to promote real
The Greek government places price controls on many types of fuel, and to the extent that the controls correlate, more or less, to existing supply and demand conditions, they are harmless in an economic sense. But today’s news tells of a smothering smog enveloping Athens as Greeks increasingly choose lumber over heating oil to warm their houses.
On Squawk Box : Host: The question of the morning: Do you want to break out the phrase again, irrational exuberance? Greenspan: [Chuckling] No, I don’t think it’s quite appropriate in this type of environment. In fact the basic way of looking at this degree of exuberance or non-exuberance is to take a look at what we call the equity premium, as
Doing some research the other day, I came across a 1926 article from Harper’s Monthly on the Florida real estate boom and how the journalist covering the story eventually succumbed to the boom mentality. (Sorry, there’s no link.) Here’s a short excerpt (from Gertrude Mathews Shelby, “Florida Frenzy,” Harper’s Monthly , January 1926, p. 177): I
This new paper from Economic Inquiry provides a new meaning to Harry Truman’s famous desire for a one-armed economist: ATTEMA, A. E., BROUWER, W. B.F. and VAN EXEL, J. (2013), YOUR RIGHT ARM FOR A PUBLICATION IN AER?. Economic Inquiry. doi: 10.1111/ecin.12013 Abstract : The time tradeoff (TTO) method is popular in medical decision making for
Earlier this year, the distinguished Harvard biologist, E.O. Wilson wrote of the limitations of mathematics in the sciences in the Wall Street Journal . This native son of Mobile, Alabama—better known elsewhere as the Father of Sociobiology—argued that the ability to formulate conceptual contributions to science does not stipulate mathematical
Picture a mono-racial New York metropolitan area with a fraction of the murders, if you can. Add in unreadable signs and buildings and infrastructure completed in 1960 or later. Then you might have a picture of Seoul, the capital of the Republic of Korea and, quite possibly, the new center of global capitalism. At least, that is my conclusion
The Obama administration announced last week that it is delaying a key portion of the implementation of Obamacare — meaning the financial penalties to small businesses that fail to comply. The dominant news meme seems to be that we should not under any circumstances assume there is any problem with the Affordable Care Act (ACA), that these types
Earlier this year, the distinguished Harvard biologist, E.O. Wilson wrote of the limitations of mathematics in the sciences in the Wall Street Journal . This native son of Mobile, Alabama — better known elsewhere as the Father of Sociobiology — argued that the ability to formulate conceptual contributions to science does not stipulate mathematical
What is the Mises Institute?
The Mises Institute is a non-profit organization that exists to promote teaching and research in the Austrian School of economics, individual freedom, honest history, and international peace, in the tradition of Ludwig von Mises and Murray N. Rothbard.
Non-political, non-partisan, and non-PC, we advocate a radical shift in the intellectual climate, away from statism and toward a private property order. We believe that our foundational ideas are of permanent value, and oppose all efforts at compromise, sellout, and amalgamation of these ideas with fashionable political, cultural, and social doctrines inimical to their spirit.