In popular writings on Austrian economics, the terms “praxeology” and “economics” are sometimes used interchangeably, although economics is only one branch of the broader logic of human action. However, in The Ultimate Foundation of Economic Science (1962), Mises did observe that economics is the best developed branch of praxeology, and this has certainly remained true over time. But the question often arises what the other branches of praxeology might be.
My article over at Mises Canada yesterday outlines why there is so much confusion when it comes to banking relations. It´s a product of the laws. In a bank run there are two sets of people - depositors and bankers - who both think they have a legal claim on one sum of money. Laws that allow for fractional-reserve banking ingrain this confusion in law.
Sound Advice for Janet Yellen
Tom Woods discusses the economics of the police state at last week’s Mises Cirlce in Houston.
Many readers might have missed HBO’s short-lived series Luck, which debuted in 2012. It was a project of David Milch, creator of the brilliant Deadwood, another show unfortunately abandoned in its prime. Despite an all-star cast and A-list directing, Luck was cancelled after only one season due to concerns about animal safety.
A link to my interview yesterday with Jay Taylor. The opening and closing have been edited to remove intro music, commercials and reference to the next segment. About 30 minutes.
If you missed it here is Mark Thornton on last week’s Jay Taylor’s show. About 40 minutes.
Dr. Mark Thornton tells us how he believes the effect of current debt based monetary system will result in inflation or deflation.
So much for the use the mainstream economics’s dynamic stochastic general equilibrium models. This post from the Sound Money Institute points out that financial firms pay little attention to mainstream economics except in their attempts to predict the behavior of central banks. They note:
Start with a simple proposition: America does not have a healthcare problem. The services provided are the best on this planet, and people from around the world travel to its hospitals and clinics to seek treatment. If they can afford it, that is.
If there is a problem it is not on the service side but rather with the costs. So, what is the main driver of these increasing costs?
Mises Institute: What were the origins of what is now called the Tea Party movement?
Yuri Maltsev: As we explain in our book, the modern Tea Party movement began with a fundraiser by Ron Paul supporters on December 16th, 2007 (the 234th anniversary of the pre-revolutionary Boston Tea Party) and a backlash against the policies of President George W. Bush. This Tea Party fundraiser was followed by an even bigger one, the unprecedented Ron Paul “money bomb” of November 5th.
