Mises Daily

Once the economy is deprived of its monetary steroids, the malinvestments will be revealed as wasteful, misplaced capital and labor.

The equality of men — what a noble ideal! It is the inequalities between man and man that are the source of virtually all the evils that have afflicted our society from time immemorial. That all men should be equal — what possible objection could be raised against such a worthy aspiration?

From the first, the Massachusetts oligarchy imposed maximum-wage controls, thereby aggravating a shortage of labor. Slavery filled the gap.

The Mises Academy online class <a href="http://academy.mises.org/courses/anatomy-of-the-fed/">Anatomy of the Fed</a> will cater to both the undergraduate student and the seasoned Wall Street executive.

Devaluation means monetary expansion. The resulting bubble is misinterpreted as the success of devaluation. There ensues a disastrous race to the bottom.

The academic class hated the book. But readers made it a gigantic success in America, quickly buying over half a million copies.

The respective wage rates in Spain and Germany would seem to make Spanish labor much more affordable. So why isn’t it?

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[This article is excerpted from An Austrian Perspe

David Gordon will teach <a href="http://academy.mises.org/courses/political-thought/">Political Thought through the Ages</a>, a 6-week online course at the Mises Academy, starting June 7, 2012.