“While Rothbard was still busy writing and polishing the manuscript of his magnum opus, Hans Sennholz was already a quality product of Mises’s NYU seminar....And in distinct contrast to Rothbard, who spent nights working or discussing with friends, slept through much of the day, missed deadline after deadline, and tended to be messy and disorderly, Sennholz featured the Teutonic personal virtues of punctuality, orderliness, and reliability.”
[Peter Klein is teaching Austrian Microeconomics, an online course, from July 5 through August 22.]
According to Bloomberg’s survey of economists, 58 percent believe that the FOMC will announce an extension of Operation Twist at the end of its meeting at 12:30 pm today. The majority expect the Fed to extend the maturity of its securities portfolio by substituting the purchase of long-term securities, possibly even more mortgage-backed securities, as its short-term securities mature in order to further depress long-term, especially mortgage, interest rates.&
Here are the lamentations.
“Liberals generally wish to preserve the concept of ‘rights’ for such ‘human’ rights as freedom of speech, while denying the concept to private property. And yet, on the contrary, the concept of ‘rights’ only makes sense as property rights.”
—Murray N. Rothbard, The Ethics of Liberty
[Herbert Butterfield: History, Providence, and Skeptical Politics • By Kenneth B. McIntyre • Intercollegiate Studies Institute, 2011 • Xv + 238 pages]
Yesterday morning my wife and I were planning to celebrate our wedding anniversary with dinner at an upscale restaurant. We had been to the restaurant in the past and were impressed by its atmosphere and the quality of its meal ingredients, preparation, and service. We also checked the menu online and decided our likely menu choices greatly exceeded their respective prices on “our” (i.e., her) value scale. But by late yesterday afternoon, the cost of the meal had risen so much that we no longer c
