Perhaps we should have listened to Friedrich Hayek, when he said that his friend Lord Keynes was not an economist. This description of Keynes by Hayek is extracted from a video interview with Leo Rosten in 1975:
In June 2014, I wrote an article called “Draghi’s Plan does not fix Europe.” In that article, I explained that the structural challenges of the eurozone — high government spending, excessive tax wedge, lack of technology leadership and demographics — were not going to be solved by a round of quantitative easing.
[This talk was delivered at the Ron Paul Institute’s Conference on Breaking Washington’s Addiction to War.]
Murray Rothbard was the creator of the modern libertarian movement and a close friend of both Ron Paul and me. His legacy was a great one, and at the Mises Institute I try every day to live up to his hopes for us.
The dull, tired, whiny Old Gray Lady has another opinion piece about America’s slavish devotion to free market orthodoxy, but this time with a slight twist: it’s economists themselves to blame for the anti-government revolution.
The Socialist Manifesto
By Bhaskar Sunkara
Publisher: Basic Books, April 2019
Following the Austrian Business Cycle Theory (ABCT), the boom-bust cycle emerges in response to a deviation in the market interest rate from the natural interest rate, or the equilibrium interest rate. As a rule it is held, the tampering with the market interest rates by the central bank sets the boom-bust cycle in motion. Would it be possible for the boom-bust cycle to emerge in the free market economy where the central bank does not exist and where gold is money?
The remarkable life of Ron Paul began in Pittsburgh 84 years ago today, in 1935—seven months after Elvis Aaron Presley came into the world. We wish him a very happy birthday, and many more years of health and productivity.
