most robust economies in the world.” A comparison of China’s 9.2 percent real GDP growth in 2011 with the paltry 1.2 percent growth rate for U.S. real GDP in the same is utter nonsense and one of the most deeply entrenched myths in both academic economics and media commentary. Basic economic theory demonstrates that “economicgrowth,” which is nothing but an increase
from giving the entire movement for monetary freedom, if not free market economics more generally, a bad name. Moronic cult? Clownish? Now these are great Benjamin Friedman in the 1970s. In Selgin’s case he would have the Fed target zero growth in aggregate demand, thereby maintaining the circular flow of money spending But binding a central bank to a “productivity norm” is a second best solution to economic instability for Selgin. His preferred policy is something called “free
engaged in an “enterprise that steadily adds to our knowledge.” The truth is that economics is a “primitive science,” akin to medical science at the end of the “they don’t know how to make a poor country rich or bring back the magic of economicgrowth when it seems to have gone away.” Oh yeah, and one more thing about members of
cognizant of the rapidly accumulating failures of their discipline in explaining economic reality, Galbraith is increasingly perceived as a misunderstood thinker during World War II, where he apparently performed the miracle of “squar[ing] the growth-inflation circle by pushing production far above economists’ measures of
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.