A microeconomics principles class presents professors with the opportunity to at least briefly explain the economic calculation problem. Almost every text spends a page or two on the production function — the relationship between inputs and outputs by a firm.
Here is the relevant data and graphs from one such text.
Often the worst of Washington is a bipartisan affair, but late last night a solid Democratic voting block stopped legislation that would allow terminally ill patients the ability to seek help from non-FDA approved treatments.
Part One: The Essential von Mises
In the world of politics and ideology, we are often presented with but two alternatives, and then are exhorted to make our choice within that loaded framework. In the 1930s, we were told by the Left that we must choose between Communism and Fascism: that these were the only alternatives open to us.
1. The Austrian School
Ludwig von Mises (1881–1973) was born on September 29, 1881, in the city of Lemberg (present day Ukraine), then part of the Austro-Hungarian Empire, where his father, Arthur Edler von Mises, a distinguished construction engineer working for the Austrian railroads, was stationed. Growing up in Vienna, Mises entered the University of Vienna at the turn of the century to study for his graduate degree in law and economics. He died October 10, 1973, in New York City.
Consensus remains euphorically optimistic about the eurozone.
However, the first data of 2018 are worrisome. While consensus expects a strong 2018 for Europe, the advanced data begins to question the optimistic expectations:
On March 9, 2018, Florida Governor Rick Scott signed Marjory Stoneman Douglas High School Public Safety Act into law.
At the Mises Institute’s upcoming Austrian Economics Research Conference (AERC), there will be a panel commemorating the 30th anniversary of the second debate over socialist calculation. This second debate began with Israel Kirzner’s 1988 Review of Austrian Economics article that analyzed the original debate between Mises, Hayek, and the market socialists, in order to draw lessons for modern Austrians.
Why do individuals on a weight-loss campaign often loudly announce this fact to social media friends, and how does this curious phenomenon shed light on Columbus, Indiana’s world-class architecture collection?
Beautiful Augsburg, city of bronzed doors and glory of the German Renaissance, occupies an unusual and mostly unknown position in the history of capitalism as the ‘birthplace of the modern’ in both in free-market theories and self-made magnates. The gable-roofed imperial city did not seem, at first, destined for such: up through the middle of the high Renaissance it was out-ranked in economic importance by the great Italian city-states; by Vienna and Nuremburg, the Swiss cities of St. Gallen and Berne, to say nothing of the Hanseatic League cities.
