Dateline: Auburn, Alabama: The Economist tries here to summarize the battle that is going on in modern macroeconomics including Ron Paul, the Austrians, the Free Bankers, Paul Krugman, Keynes and one of my undergraduate professors Scott Sumner. It needs some extensive Austrian analysis and commentary.
The history of mankind is the history of ideas. For it is ideas, theories and doctrines that guide human action, determine the ultimate ends men aim at, and the choice of the means employed for the attainment of these ends. The sensational events which stir the emotions and catch the interest of superficial observers are merely the consummation of ideological changes. There are no such things as abrupt sweeping transformations of human affairs.
Michael Feroli, chief U.S. economist at JPMorgan Chase (michael.e.feroli@jpmorgan.com), stated that Ron Paul’s idea of returning to the gold standard would result in the exact opposite of what, in reality, it would result in. He implies that under a gold standard, financial markets would be volatile and would be based on manipulation of the money supply by gold producers.
Austrian Economist and Anarcho-Capitalist Social Theorist
Hoppe in Bucharestby on December 18, 2011
Professor Hoppe spoke at the Bucharest Academy of Economic Studies on November 9, 2011. The four videos (two lectures with Q & A, one interview, and one seminar with discussion) are below:
If you’re on the road at all this holiday season, be on the lookout for a few things. First, look for enormous amounts of unused and/or decaying productive capacity. You’ll see plenty along the way from Memphis to Birmingham, but I suspect this isn’t the only route along which you’ll see lots of crumbling buildings and rusting cars. Second, be on the lookout for boxes and piles of unused junk–tchotchkes of Christmases past in particular.
Political Scientist and MSNBC contributor Mellissa Harris-Perry has called for renewed faith in Democracy. According to Harris-Perry, recent events have damaged public confidence in the democratic process.
Here is a fascinating letter from Murray Rothbard to F. A. Harper regarding the setting up of a libertarian institute. No wonder Murray liked the Mises Institute so much! I can’t help but think that if he were still alive today he would be an eminent scholar in residence, writing an article every day for Mises Daily and LRC.
Happiness, thy name is coffee.
