Prior to Mises there had been nothing written on the theory of monopoly price. Mises felt there could be some limited times of monopoly on the free market, e.g. diamond mines, but Rothbard felt that there could not be monopolies. Both theories developed out of Menger’s original thoughts.
Blaming OPEC has been in political fashion for over three decades, writes Chris Westley.
People apparently are not supposed to fret that gas is relatively more expensive, writes Robert Murphy, because in an absolute sense, it is still cheaper than other commodities. Well, this leaves out a rather important fact.
On a recent visit to San Jose State University, I sat in on a Money & Banking lecture by Jeffrey Rogers Hummel.
Ultimately, the power of the Austrian Theory of the business cycle is not whether some economists of the Austrian School rolled the dice on some day trades and made money, writes William Anderson.
The newest argument against Wal-Mart is that it is failing to follow the Ford Motor Co. example of increasing wages so that employees can afford the products they are producing.
Robert Murphy concedes that it is theoretically possible that an expanded global marketplace could make one country less wealthy on net. However, there are other considerations.
Most everyone assumes that capital exploits labor, writes Vlad Menshikov. But this point of view is completely wrong.
Price stability is a misleading and an inherently contradictory concept. When such a construct as the price index becomes the guiding post for central banks, they will tend to produce and reinforce the very instabilities they proclaim to fight.
Well meaning or not, the boycott of Taco Bell by misguided activists, in the name of helping labor, is deeply ignorant and very destructive, writes Daniel D'Amico.
