The Olympics are supposed to be the epitome of fair play and honest competition. Why can’t the International Olympic Committee practice what it preaches?

E.J. Dionne admits here that the Austrian school is winning. The theories of the Austrian school of economics are leading to “gridlock” in Washington DC. Well, that is a good first step. Unfortunately, the column is filled with underhanded attacks on the Austrians and more misguided thinking than I care to report. HT: RW & FL

The Olympic Charter which supposedly guides the spirit of the Games makes the following claim:

The practice of sport is a human right. Every individual must have the possibility of practicing sport, without discrimination of any kind and in the Olympic spirit, which requires mutual understanding with a spirit of friendship, solidarity and fair play.

Ever wonder what a digital bank run looks like? Nearly one million Mt. Gox users are finding out first hand.

The Tokyo-based exchange, popular amongst currency traders, has risen in prominence by offering its customers storage services in a variety of currencies. This effectively makes it act as an online bank. One such “currency” that it allows accounts to be denominated in is bitcoin.

Over at Mises Canada, I’ve started the coverage of the Sochi Olympics.

Countless sporting records will be broken in Sochi over the next two weeks. Surprisingly perhaps, the biggest record was already broken before the games ever begin.

Ludwig von Mises and Joseph Schumpeter are the most famous economists trained by the older Austrian School, although generally Schumpeter has received the lion’s share of attention.1 This is especially true, for example, in the field of entrepreneurship.

[Editor’s Note: The debate over the effects of the Affordable Care Act on incentives to work continues. In this selection from Chapter 11 of Man vs. The Welfare State (1969), Henry Hazlitt discusses some impacts of welfare programs on incentives.] by Henry Hazlitt 

Joe Salerno sits down with Jeff Deist to discuss how Austrian Economics frames the issue of income inequality.