Mises Daily

"What distinguishes the Austrian School and will lend it everlasting fame is its doctrine of economic action, in contrast to one of economic equilibrium or nonaction."

Think once more and above all of Germany, where time is running out fast — the time, I mean, during which repressed inflation can still be removed before the price-wage spiral gets going, notwithstanding all the controls of the occupation authorities.

The downturn might eventually end, but with ever more regulations imposed on the system, we might find ourselves never again living in a vibrant and prosperous society.

Artificial credit created by a deceptively low rate of interest leads to speculative bubbles.

The reversion in this century to ever-greater statism threatens to plunge us back to the barbarism of the ancient past.

The State is the group within society that claims for itself the exclusive right to rule everyone under a special set of laws that permit it to do to others what everyone else is rightly prohibited from doing, namely aggressing against person and property.

Remove all government impediments to effective entrepreneurial planning: avoid protectionist measures internationally; allow prices and wages to adjust as needed to restore market equilibrium. Not only cut tax rates, as was done in the incomplete reforms of the 1980s and early in this century, but, per Rothbard, drastically reduce the government budget, both taxes and expenditures.

The problem is not really economic but political. And as long as "the leadership of the Party" and "Marxism, Leninism, Mao Ze-dong thought" remain enshrined in the preamble to the Chinese constitution, the solution is likely to remain as elusive as ever.

Market prices turn incomprehensibly complex relationships into very simple ones.

With the great bursting of the real estate bubble in 2008 the federal government is reforming and expanding its regulatory oversight in hopes of le