The “fiscal multiplier” is one of the basic building blocks of Keynesian economics and the centerpiece of modern macroeconomic analysis of the effects of fiscal policy. Contrary to the impression given by Paul Krugman and other proponents of fiscal stimulus, however, there is no clear consensus among economists regarding the size of the multipliers that are used to estimate the amount of additional income created by an additional dollar of government spending (or tax cuts).

Woods is truly our movement’s best orator. His closing words at 18:51 are particularly stirring.

[The John Bartel Lecture, presented at the 2012 Mises Institute Supporters Summit: “The Truth About War: A Revisionist Approach.” You can watch a video of this lecture here.]

In his book, Anatomy of the State, Murray Rothbard wrote,

So says Peter Klein.

Gary North on how Rockefeller-financed Federal spooks established the mainstream academic narrative on American involvement in the World Wars.  If you’re short on time, he gets down to brass tacks at 11:33.

Matthew Yglesias makes the same mistake as Brad DeLong, thinking that Bastiat’s argument against breaking windows applies only in conditions of “full employment.” Bastiat “doesn’t counter any Keynesian or monetarist points about the viability of stimulus during a recession induced by nominal shocks, it involves assuming that no such recessi

HOLMAN W. JENKINS, JR. of the Wall Street Journal channels David M. Brown at Mises Daily:

Hug a Price Gouger

“The public doesn’t want to hear it, but the public also doesn’t like empty shelves.”

In a recent Mises Daily, “A Golden Opportunity,” Patrick Barron and Godfrey Bloom make the case for Germany to withdraw from the monetary union combined with a strong argument that “a golden Deutsche Mark is possible and desirable.” This recommendation may be a step in the right direction, but it leaves Germany with a central bank and a discretionary monetary policy: “The Bundesbank would be responsible for monetary policy just as it was before Germany joined the EMU.” They conclude,

The Louis E. Carabini Distinguished Lecture:  Reflections on the Loss of Liberty, at the 2012 Mises Institute Supporters Summit, on October 26.

Volume 15, no. 3 of the Quarterly Journal of Austrian Economics was made available online last week. Articles are:

William N. Butos, “Monetary Orders and Institutions: A Hayekian Perspective,”

Jan Pruša and Pavel Ryska, “Efficiency Wages and Involuntary Unemployment Revisited,”