Mises Daily

It is paramount for a free society to ensure, in the marketplace of ideas, that only good ones, based on sound theory and history, take root.

The Great Depression would have been worse without its only saving grace: all goods were cheaper than before. The major mistake of Hoover and FDR was in thinking that low prices were somehow the cause of the Depression rather than the effect.

Economic calculation encompasses everything that trades against money. There is nothing "objective" about them.

But the Keynesian conclusion is rather obvious: the state, through its compulsory means, has to boost the level of aggregate demand in some way to stop the economy from falling into recession.

Agriculture has been left in the dust, but it won't stay there.

Acting man transfers the valuation of ends he aims at to the means.

The very existence of a centrally planned apparatus changes the real economic data, and so changes what the "correct" number of cars should have been, even if we could agree on the criteria for correctness.

Markets make more people fit rather than triggering a "dog eat dog" fight for survival. Private property prevents the law of the jungle rather than enabling it.

The increase in monetary pumping however sets in motion a new boom-bust cycle. Also, once economic activity starts to recover on its own (as a result of the improvement in the pool of real funding) any "help" from the Fed can only slow down the process of recovery.