Here’s a back-of-the-envelope calculation on how much the mandate to require ethanol in motor fuel costs consumers, and benefits farmers.
This article notes that in 2000 about 5% of the corn crop went to the production of ethanol, and by 2013, 40% of the corn crop was devoted to ethanol production. The increased demand for corn resulted in a doubling of the per bushel price of corn.
“So let us not talk falsely now, the hour is getting late.” (Bob Dylan, All Along the Watchtower, 1967)
The Fed’s FOMC has affirmed that it may raise interest rates as some point in the future if conditions warrant. In other words, the Fed has said nothing at all. In its press release from today, the Commitee noted:
We’re eight episodes into the new Netflix series Marco Polo before we see the titular character’s first serious moral crisis over matters of state. While preparing to lay siege to their enemy’s capital city, the Mongolian troops, whom Marco Polo serves, begin butchering alive captured enemy troops so their fat can be rendered into boiling oil to be used as a weapon.
Marco is horrified. “They are our captives,” he protests “This is sin.” The quaint excuse he is given is still commonly heard today: “This is war.”
Afterword by Peter G. Klein
Austrian economists are justifiably proud of the rich heritage handed down by Carl Menger, Eugen von Böhm-Bawerk, Ludwig von Mises, Murray Rothbard, and their contemporaries, and Austrians are keenly interested in the origin and development of their ideas. An appreciation for history has led some modern economists, mistakenly, to see the Austrian tradition as static, rigid, and backward-looking, focused on the achievements of the past rather than discoveries and new developments.
13. Prospects for Interdisciplinary Engagement with International Relations by J. Patrick Rhamey, Jr.
Throughout* his career, Dr. Salerno has sought to expand the influence of Misesian scholarship, not only through his own research, but also classroom engagement, graduate student mentorship, and the education of the general public. His impressive body of work represents a true educator whose interest is fundamentally the advancement of human knowledge.
Last month, Fortune magazine’s cover story considered how we are now living in the age of unicorns, given that at least 80 start-ups have achieved this status. This is an increase from the 39 unicorns that existed as recently as November 2013. Note that Google never achieve unicorn status before it went public in 2004.
12. Economic Policy and Entrepreneurship: Alertness or Judgment? by Matthew McCaffrey
A* serious interest in the entrepreneur is often considered a defining characteristic of the Austrian school. This attention is evident in its prehistory, in the writings of Richard Cantillon, Jean-Baptiste Say, and others (Hébert 1985; Hébert and Link 1988), and also in Carl Menger’s foundational Principles of Economics (1871).
I was deeply honored — and completely surprised — to have this handsomely produced Festschrift presented to me at the Austrian Economics Research Conference yesterday. I was ecstatic to see that the chapters were not fluff pieces but substantive contributions to Austrian economic theory and political economy inspired by my work. Thanks to my Mises summer fellows who participated in the project.
