spending. Because of this, looking at the data alone, without a proper theory of economics, can produce a highly misleading picture. For a year, the government have actually created an illusion. While everyone is celebrating the unexpected economic recovery, which is also unexpectedly robust, it serves us to look beneath pay in a free market. To that extent, they harm the prospects for economicgrowth. If anyone says otherwise, he is ignoring hundreds of years of scholarship and
the last few years of his life. His articles combined libertarian antigovernment economics, decentralist local patriotism, antiwar isolation, and a dissident/reactionary cultural outlook that saw the growth of government as the key to the loss of the Old Republic. He defended
19th-century French economist Frederic Bastiat and then retold by Henry Hazlitt in Economics in One Lesson (1946). In the story, a boy throws a rock through the window, extracted to pay for the goods or services). Government spending doesn’t “spur” economicgrowth; it only diverts resources from more desirable to less desirable uses. Sadly,
and his regime the archetype of political evil. This view does not extend to his economic policies, however. Far from it. They are embraced by governments all around it worked only on paper in the sense that the GDP figures from the era reflect a growth path. Unemployment stayed low because Hitler, though he intervened in labor
The most common misunderstanding about economics is that it is only about money and commerce. The next step is easy: I care This is a confusion sown by economists themselves, who postulate something called “economic man” who possesses a psychological propensity to always behave in ways that believed that they could end the business cycle and inflate just enough to cause growth but not ignite inflation, where antitrust experts knew just how big businesses
bombshell, announcing that the Republicans in Congress concentrate too much on economics to the exclusion of social issues like education. There’s more to life than only to political leaders in a wealthy society, particularly one experiencing an economic boom. During recessions, for example, when people are losing jobs and who make the investments and create the new technologies that spur economicgrowth, that politicians feel free to sneer at economic science and have a grand time
it reflects an inchoate sense that this war is doing nothing to bring us out of economic contraction and into recovery. A Soft Patch? That is precisely true. This you find that the fourth quarter 2002 GDP data paint a grim picture of slow growth, declining household net worth, and continued deterioration of the non-farm everyone to spend the money, and then announce that this amounts to higher economicgrowth. General Economic Meltdown Our time will be recorded as a period of
2000) Fifteen years ago, Murray N. Rothbard wrote a piece on the most prevalent economic errors of that time. What are the great economic errors alive today? 1. Productivity doesn’t cause prices to rise. All other things being equal, economicgrowth actually increases the purchasing power of money (reflected in lower
inhibiting the operations of the market. In those days, politicians waited for economic downturns before wrecking the market. Nowadays, they are glad to intervene spending is up by 30 percent in his first term, which is three times the rate of growth wrought by that bad old big spender Bill Clinton. Since 2001, the government
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.