In their new book, Phishing for Phools, Nobel-prize winning economists George Akerlof and Robert Shiller use a behavioral economics approach to criticize the “manipulation and deception” that can exist between businesses and consumers.

According to Shiller,

Last week, the Bank of Canada announced it would stay at 0.5 percent for its target overnight rate (the equivalent of the Federal Funds Rate in the US). 

The Fed announced today that, as expected, it will not change the target Federal Funds Rate. This follow’s last month’s rate change when the Fed increased its target rate from 0-0.25 up to 0.25-0.50, which was the first increase in seven years.

Today’s lack of action thus leaves the target rate near what are historic lows:

The economic causes and consequences of immigration are among the most important issues facing the world today. Both pro- and anti-immigration advocates are digging in their heels, and both sides look increasingly unlikely to relent. Despite the bleak outlook, however, there is still hope for a peaceful and charitable discussion of the economics of immigration.

The  exhortations of our rulers and their crony fractional-reserve banksters to renounce our irrational desire to hoard cash and embrace a brave new cashless world appear to be falling on deaf ears, at least in Europe.  In 2015 there were 1.08 trillion euros ($1.17 trillion) of bank notes in circulation, up 6.5 percent from 2014.

Today’s Mises Daily outlines some of Mises’s ideas about the economics of immigration. As always, Mises is thoughtful and perceptive, and continues to offer fresh insight decades after his death.

In writing and teaching about the economics of innovation, I draw a contrast between engineering value and economic value.

Brazil is undergoing what is considered its worst economic crisis in seventy years, and there is usually no agreement when it comes to the causes of this situation. President Rousseff and the Labor Party say that it was the corollary of the “International Crisis,” a ghost of the 2008 depression created in their minds. The reality, however, is different.

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