In an interesting turn, the public schools of New York have become the beneficiaries of fashionable philanthropy dollars. Reports the NYTimes “New money or old, donors have been enthusiastic enough to write seven- and eight-figure checks.
Thosten Polleit wrote recently for Mises.org against the neccesity of US trade surpluses reversing accompanied by a decline in the dollar:
Anyone who has followed the literature of economics knows that articles in the professional journals tend to take a standard form. If the article is purely theoretical, the setup will be something like: introduction, literature, model, and policy implications. If the article is empirical, it will go something like: introduction, literature, model, data, econometric estimates, and policy implications.
Because it tells a story. Today, the yield curve inverted. Long-term maturities are now paying a lower interest rate than short-term maturities. In a quote from the USA Today article, the last sentence, er, stands out:
We want honest government, writes Vedran Vuk, but a politician cannot help one person without first stealing from someone else.
An anonymous developer wants to build on the site of a small, ocean-side, mobile home town in Palm Beach County, Florida, so he offers each resident a million dollars for his home.
The New York Times ran a feature on the aftermath of Japan’s housing bubble.
The Mises Institute played a central role in one of the top ten “tech moments of 2005” as chosen by Wired. See the third item “Katrina, blogged.” It was Mises.org that provided the server that DirectNIC used to display its live feed in the first week after Katrina.
This paper will attempt to illustrate Böhm-Bawerk’s arguments through a simple, general equilibrium model in which the capital good is distinct from the consumption good. We will see that the standard one-good model of neoclassical growth theory obscures the subtleties in Böhm-Bawerk’s critique. Only in a model with multiple goods can one fully appreciate the “Austrian” approach to capital and interest theory.
