The historic contribution of Mises was represented not so much by the magisterial works that he produced in 1912, or 1922, in 1933, or 1940 — as by his courageous, lonely vigil during the arid decades of the 1940s, 50s and 60s.
It is not co-ownership per se that causes moral hazards. They are caused by the uninvited and unwanted co-ownership that springs from interventionism.
In 1918, the Soviet Union became the first country to promise universal “cradle-to-grave” healthcare coverage, to be accomplished through the complete socialization of medicine. The disastrous results speak for themselves.
That deflation is always and everywhere a bad thing is now an almost universal article of faith among mainstream economists and financial commentators.
While Menger shared his contemporaries’ preference for abstract reasoning, he was primarily interested in explaining the real-world actions of real people.
The markets are not a struggle between rich and poor, strong and weak. On the contrary, they help humans work together to benefit everyone.
Rarely does the media mention some important facts about the "Founding Fathers": that they were lawbreakers and "criminals" according to British law.
This fall, we talked briefly with Audrey Redford, who was a Summer Fellow at the Mises Institute this year.
With European powers broke and economically ailing by 1916, World War One would have ended much sooner had the Federal Reserve and its cronies not stepped in to help England and France keep the bloodshed going. Meanwhile, US economic intervention led to a huge post-war bust in America.
It may seem unusual that an economist would talk about culture.
