“Maybe Yellen Will Read Too Much Austrian Economics”
James Pethokoukis at The Week suggests that Hillary Clinton will win because the economy is so good. In the other hand, something bad could happen such as this:
Introduction to the Second Edition
In the years that have elapsed since the publication of the first edition, the business cycle has re-emerged in the consciousness of economists. During the 1960s, we were again promised, as in the New Era of the 1920s, the abolition of the business cycle by Keynesian and other sophisticated policies of government. The substantial and marked recession which began around November, 1969, and from which at this writing we have not yet recovered, has been a salutary if harsh reminder that the cycle is still very much alive.
Introduction to the First Edition
The year 1929 stands as the great American trauma. Its shock impact on American thought has been enormous. The reasons for shock seem clear. Generally, depressions last a year or two; prices and credit contract sharply, unsound positions are liquidated, unemployment swells temporarily, and then rapid recovery ensues.
A Big Piece of the Secret “Free Trade” Deal Was Voted Down
But just because the Trans Pacific Partnership deal may be dead for now doesn’t mean it won’t be back in modified form. In any case, as I noted earlier this month in Mises Daily, we need real free trade, not the latest global deal for state-controlled trade and regulation:
The Most-Read Mises Daily Articles and Mises Wire Posts
Over the past two weeks, the top five most-read Mises Daily articles are:
1. The Myth of CEO Pay and ‘Greed’ by Matt Palumbo
2. Fact Checking Paul Krugman’s Claim To Be ‘Right About Everything’ by Andrew Syrios
The Futility of Our Global Monetary Experiment
[Editor’s Note: This article is adapted from David Stockman’s May 1 Interview on Mises Weekends.]
Jeff Deist: The Fed recently announced just this past week that it would not use specific dates for targeting higher Fed funds rate this year and you almost get the sense that poor Janet Yellen is at the end of this Greenspan-Bernanke experiment and there’s not much left for her to do. I mean, what’s our sense of Yellen and her position?
Government Spending on “Innovation”: The True Cost Is Higher Than You Think
University of Sussex Professor Mariana Mazzucato is making headlines with her 2013 book The Entrepreneurial State, which argues that government, not the private sector, ultimately drives technological innovation.
Does Military Defense Require Large States?
Earlier this year, Lithuania reinstituted the military draft, which the Lithuanian state claimed was in response to threats from Russia. Ukraine has also recently reinstituted the draft, with mixed political results, and for similarly stated reasons.
Regardless of how one gauges the magnitude of Russian aggression, the problem faced by small states like Lithuania is an important one.
The Difference Between Democracy in the Market and Democracy in Politics
Mark Brandly writes in “How to Win an Election”:
Choosing between two candidates is analogous going to Walmart and being presented with two shopping carts already filled with items. Everyone will leave the store with the same cart of goods. Each cart contains products that a person may want and products that one wouldn’t choose to have, but the voter is not able to take anything out of either cart.
