In his justly famous 1942 book Capitalism, Socialism and Democracy, Joseph A. Schumpeter described the dynamics of a market economy as a process of “creative destruction.” In his view, innovation—“the new consumers’ goods, the new methods of production or transportation, the new markets, the new forms of industrial organization that capitalist enterprise creates”—drives this process.
Writes Brian LaSorsa in The American Conservative, on whiskey and Bitcoins:
The Quarterly Journal of Austrian Economics, Volume 16, No. 2, a scholarly refereed journal published by the Mises Institute, is now available online. Summer 2013’s articles:
The latest example of Keynes hagiography is an article by David Chambers and Elroy Dimson in the Journal of Economic Perspectives (volume 27, number 3, Summer 2013, pp. 213–228).
The thesis is that Keynes was an investment genius and innovator who developed methods later used by Warren Buffett and George Soros.
Keynes did make a modest fortune through a combination of writing and investing. But to compare his speculative style with Warren Buffett’s long term investment style is preposterous. Consider these facts:
In the August issue [PDF] of The Free Market, the Mises Institute’s monthly, Daniel McAdams covers the International “non-governmental organizations” scam, Robert Higgs discusses Love vs. the State, and the Mises Institute gains a new archive of Mises’s personal papers. Robert Higgs notes the downside of the “realist” view of politics:
Krugman is not a fan of Robert Murphy, author of the Human Action Study Guide and The Politically Incorrect Guide to the Great Depression and The New Deal. Murphy will also discuss teaching for Mises Academy in the upcoming September issu
The Danger of an All-Powerful Fed or the Danger of a Central Banking: Cochrane and Cochran John H. Cochrane: The Danger of an All-Powerful Federal Reserve: ‘Macroprudential’ policy thinkers want central banks to micromanage the entire financial system. John P. Cochran: Can Fed policy get any worse?
