Mises Daily Articles

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The Myth of the Unchanging Value of Gold

Gold StandardMonetary Theory

02/12/2024Mises Daily Articles
Many economics textbooks claim that a function of money is to measure the value of goods. In fact, the value an individual attaches to a given sum of money or to any kind of good (including gold) is based on a subjective judgment and is without physical dimensions.
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The Promise of Human Action

Praxeology

01/23/2024Mises Daily Articles
Indeed, if we look at the failure of the welfare state, the persistence of the business cycle, runaway inflation, and out-of-control debt, we'll see that each is addressed and predicted in ' Human Action .'
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The Real Meaning of Inflation and Deflation

BiographiesHistory of the Austrian School of EconomicsMonetary TheoryPraxeology

01/02/2024Mises Daily Articles
If one looks at the catastrophic consequences of the great paper-money inflations, one must admit that the cost of making and holding gold is the minor evil. It would be futile to retort that these catastrophes were brought about because the regime merely used fiat money improperly.
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The Christmas Truce of World War I

Book ReviewsFree MarketsWar and Foreign PolicyWorld History

12/25/2023Mises Daily Articles
Never forget the Christmas truce of World War I, when troops refused to be pawns of empire for one blessed day.
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The Myth of the Failure of Capitalism

Free MarketsHistory of the Austrian School of EconomicsInterventionism

12/09/2023Mises Daily Articles
Socialism and interventionism have not yet succeeded in completely eliminating capitalism. If they had, we would, after centuries of gains in prosperity, rediscover the meaning of hunger on a massive scale.
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Socialism vs. Economic Freedom

Free MarketsOther Schools of Thought

12/05/2023Mises Daily Articles
The meaning of economic freedom is this: that the individual is in a position to choose the way in which he wants to integrate himself into the totality of society.
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100 Years Ago Today: The End of German Hyperinflation

Booms and BustsWorld History

11/15/2023Mises Daily Articles
One lesson learned should be that fiat paper money won’t work.
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How the Business Cycle Happens

Booms and BustsU.S. EconomyU.S. HistoryBusiness Cycles

08/15/2023Mises Daily Articles
Study of business cycles must be based upon a satisfactory cycle theory. Gazing at sheaves of statistics without "pre-judgment" is futile.
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The Marxian Doctrine of "Ideology"

Free MarketsOther Schools of Thought

07/29/2023Mises Daily Articles
To Marx, each individual's thinking is all determined not by his personal self-interest but by the interest of the class to which he supposedly belongs.
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Mercantilism: A Lesson for Our Times?

Free MarketsInterventionismOther Schools of ThoughtPolitical Theory

07/15/2023Mises Daily Articles
Inflation did not benefit the poor; wages lagged behind the rise in prices during inflations, especially behind agricultural prices.
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