The Verein für Socialpolitik is currently the largest association of German-speaking economists in the world. It was founded in 1873 by economists of the German historical school and was chaired for many years by their leader Gustav Schmoller, who was a bitter opponent of Carl Menger and the nascent Austrian school. Well times have certainly changed.
Summer’s over at the Mises Institute, but we had lots of great graduate and undergraduate students here this year for Mises University, Rothbard Graduate Seminar, and the Summer Fellows program. It’s not too early to think about which 2015 programs you’ll apply for. 
At Mises U 2014. Credit: Matt Battaglioli
Jason Ditz writes at Antiwar.com:
Lehman Brothers filed for Chapter 11 bankruptcy protection six years ago this month. The event has become famous as the spark that ignited the global financial crisis. Since that date, millions have lost their jobs and livelihoods, and countless others have seen their futures evaporate before their eyes, sometimes permanently.
After closing at 3.03 percent in December 2013, the yield on the 10-year US T-Note has been trending down, closing at 2.34 percent by August this year. Many commentators are puzzled by this, given the optimistic forecasts for economic activity by Fed policy makers.
According to mainstream thinking, the central bank is the key factor in determining interest rates. By setting short-term interest rates, the central bank, it is argued, through expectations about the future course of its interest rate policy, influences the entire interest rate structure.
The King of Prussia, Frederick II (“the Great”), confessed that he had seized the province of Silesia from the Empress Maria Theresa in 1740 because, as a newcomer to the throne, he had to make a name for himself. This caused a war with Austria that developed into a worldwide war (in North America, the French and Indian War), and went on to 1763. Of course, many tens of thousands died in that series of wars.
One of Ludwig von Mises’ most insightful parts of Human Action is his discussion on the reason to hold a cash balance. By using his construct of the “evenly rotating economy”, Mises shows that the only reason why an individual would not hold cash is because he is fully certain of his future monetary expenditures.
The Economist ran a good article last week about the enormous difficulty of being an entrepreneur. In particular, the piece emphasizes the importance of doing away with the mythology of entrepreneurship as a life of romance, adventure, and the heroic pursuit of greatness.
As a follow-up to his recent Mises Daily article on the topic, Mateusz Machaj and Tom Woods discuss the Taylor Rule, its history, and its errors.Also here.
