by economists is a historical display, which by itself cannot provide the facts of economics. Ludwig von Mises wrote , “Experience of economic history is always the experience of complex phenomena. It can never convey a situation in which the central bank announces that raising the money supply growth rate while price inflation is low could lift real economicgrowth. Being the
[Excerpted from The Economics of Liberty (1990), edited by Lew Rockwell] Astrologers, palmists, and are no less mystical in trying to predict the direction of interest rates, economicgrowth, and the stock market. Forty years ago, Thomas Dewey was defeated by Harry
The Neo-Cardinalists: the von Neumann-Morgenstern Approach III - Welfare Economics: A Critique Economics and Ethics The Problem of the New Welfare Economics: V - Conclusion Notes Introduction Individual valuation is the keystone of economic theory. For, fundamentally, economics does not deal with things or material political machinery.” The End of Welfare Economics? After twenty years of florid growth, welfare economics is once more confined to an even tighter Unanimity Rule.
magical results: a lower inflation rate with generally rising prices, a higher growth rate although the economy may be weaker, and a higher productivity number, indices the statistician holds in his hands the key to a series of other prominent economic figures. In order to calculate productivity, real output, real input, and
of free markets believe that Ebenezer Scrooge has much to teach us about good economics, I have long found him to be less than inspiring in this respect. Scrooge, business. But let’s not pretend that his views are necessarily the result of sound economic analysis. Saving Good, Consumption Bad? In economics, saving is not “good” is a good thing. Saving and investment are the most critical factors in economicgrowth . This is because saving and capital accumulation are key factors in
fact so many of Brexit’s boosters are — in Johns’s eyes—going against their own economic interests. Johns notes, for example, that Brexit may take a significant toll on British manufacturing, and may be problematic for income growth and tax revenues. Resigned to Brexit as a fact, Johns suggests trying to make
Abstract: New institutional economics (NIE) and Austrian economics (AE) both emphasize the role that institutions play in facilitating or impeding entrepreneurship and hence economicgrowth. In this paper, we discuss the complementarities between AE and NIE for
While the average person thinks economics begins with Adam Smith and his Wealth of Nations , readers of the Mises of the time-preference principle The distorting influence of the inflationary growth of money on prices The negative economic effects of fractional reserve banking That bank deposits form part of the
Many people have no problem with this. After all, doesn’t linguistic unity promote economic efficiency and cultural amity? Maybe so, but I won’t address that issue as demand for their use declines. There are two ways this happens: the natural growth of speech communities, and crowding out by the state. The historical growth of
Practically all schools of contemporary economic thought recognize that value is subjective. Although mainstream economists phenomena that we study—such as prices, resource allocations, and economicgrowth. There are perhaps reasons (or causes) for why we value one thing but not
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.