"Last Knight" Live Blog 12 -- Ransom

BlogOctober 8, 2007
The Verein fur Socialpolitik or Association for Social Policy is a central character in the early chapters of the Hulsmann Mises biography. An important thing intellectual history can do is put contextual substance back into sterile formulations of abstract principles which lack much of...

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6. The Incidence and Effects of Taxation Part IV: The "Single Tax" on Ground Rent

Online Text Page from Power and Market: Government and the Economy, Ch. 4. Binary Intervention: Taxation

We have refuted elsewhere the various arguments that form part of the Henry Georgist edifice: the idea that “society” owns the land originally and that every new baby has a “right” to an aliquot part; the moral argument that an increase in the value of ground land is an “unearned increment” due to external causes; and the doctrine that “speculation” in sites wickedly withholds productive land from use.

12. Money Warehouses

Online Text Page from What Has Government Done to Our Money?, Ch. II. Money in a Free Society

Suppose, then, that the free market has established gold as money (forgetting again about silver for the sake of simplicity). Even in the convenient shape of coins, gold is often cumbersome and awkward to carry and use directly in exchange. For larger transactions, it is awkward and expensive to transport several hundred pounds of gold. But the free market, ever ready to satisfy social needs, comes to the rescue.

"Last Knight" Live Blog 17 -- Greg Ransom

BlogNovember 15, 2007

Reflection -- what's the point of it? Well, it works. But trying to get an economist to do it is like trying to get a child to check his figures -- or a bad employee to check his work. A kid thinks, checking my figures just means doing my figures again, so why do that? A bad employee thinks...

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Heterogeneous Capital: 12 November, 2012: No-More-Armistices Day, Football As Opiate, the Hair's Breadth Spectrum of "Serious" Opinion, and the Transatlantic Trail of Tears

BlogNovember 12, 2012

Anthony Gregory has a good piece on Veterans/Armistice Day.

At the end of the Korean War, President Eisenhower signed a bill in 1954 that changed the name of the national holiday to Veteran’s Day. Perhaps


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2. The Treatment of "Irrationality" in the Social Sciences

Online Text Page from Money, Method, and the Market Process, Ch. Method


One of the manifestations of the present-day “revolt against reason” is the tendency to find fault with the social sciences for being purely rational. Life and reality, say the critics, are irrational; it is quite wrong to deal with them as if they were rational and open to interpretation by reasoning.

17. Gold versus Paper

Online Text Page from Economic Freedom and Interventionism, Ch. II. Interventionism

Most people take it for granted that the world will never return to the gold standard. The gold standard, they say, is as obsolete as the horse and buggy. The system of government-issued fiat money provides the treasury with the funds required for an open-handed spending policy that benefits everybody; it forces prices and wages up and the rate of interest down and thereby creates prosperity. It is a system that is here to stay.

"Free Speech" Doesn't Mean "Trespass"

Mises DailyAugust 27, 2003
Is there an organization more un-American than the American Civil Liberties Union (ACLU)? The organization's name contains all the right words. But no matter what its title, the ACLU is the most anti-private property organization in America (other than the judicial branch of the federal government...

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12. Fiat Money and Gresham's Law

Online Text Page from What Has Government Done to Our Money?, Ch. III. Government Meddling With Money

With fiat money established and gold outlawed, the way is clear for full-scale, government-run inflation. Only one very broad check remains: the ultimate threat of hyper-inflation, the crack-up of the currency. Hyper-inflation occurs when the public realizes that the government is bent on inflation, and decides to evade the inflationary tax on its resources by spending money as fast as possible while it still retains some value. Until hyper-inflation sets in, however, government can now manage the currency and the inflation undisturbed. New difficulties arise, however.

"Time and Money: The Universals of Macroeconomic Theorizing"

BooksJuly 20, 2005
Professor Roger Garrison is a leader in the field of Austrian macroeconomics, and has had a burning passion for his whole career to present Austrian business cycle theory in terms that mainstream economists can understand and identify. This book represents the culmination of his efforts in that...

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10. "Resistances"

Online Text Page from Epistemological Problems of Economics, Ch. 4. On the Development of the Subjective Theory of Value

The economist is often prone to look to mechanics as a model for his own work. Instead of treating the problems posed by his science with the means appropriate to them, he fetches a metaphor from mechanics, which he puts in place of a solution. In this way the idea arose that the laws of catallactics hold true only ideally, i.e., on the assumption that men act in a vacuum, as it were. But, of course, in life everything happens quite differently.

1. The "Doctrinairism" of the Liberals

Online Text Page from Liberalism: In the Classical Tradition, Ch. 4. Liberalism and the Political Parties

Classical liberalism has been reproached with being too obstinate and not ready enough to compromise. It was because of its inflexibility that it was defeated in its struggle with the nascent anticapitalist parties of all kinds. If it had realized, as these other parties did, the importance of compromise and concession to popular slogans in winning the favor of the masses, it would have been able to preserve at least some of its influence.

V. Comments on the "Balance of Payments" Doctrine

Online Text Page from The Causes of the Economic Crisis, and Other Essays Before and After the Great Depression, Ch. 1. Stabilization of the Monetary Unit — From the Viewpoint of Theory (1923)

1. Refined Quantity Theory of Money

The generally accepted doctrine maintains that the establishment of sound relationships among currencies is possible only with a “favorable balance of payments.” According to this view, a country with an “unfavorable balance of payments” cannot maintain the stability of its monetary value. In this case, the deterioration in the rate of exchange is considered structural and it is thought it may be effectively counteracted only by eliminating the structural defects.

1. The Delimitation of the "Economic"

Online Text Page from Epistemological Problems of Economics, Ch. 4. On the Development of the Subjective Theory of Value

Investigations concerning the money prices of goods and services constituted the historical starting point of the reflections that led to the development of economic theory. What first opened the way to success in these inquiries was the observation that money plays "merely" an intermediary role and that through its interposition goods and services are, in the last analysis, exchanged against goods and services.

6. Liberalism as the "Party of Capital"

Online Text Page from Liberalism: In the Classical Tradition, Ch. 4. Liberalism and the Political Parties

Thus, it is easily seen that liberalism cannot be put into the same class with the parties of special interests without denying its very nature. It is something radically different from them all. They are out for battle and extol violence; liberalism, on the contrary, desires peace and the ascendancy of ideas. It is for this reason that all parties, however badly disunited they may otherwise be, form a united front against liberalism.

Liberty Quotes: Peace and Prosperity

BooksMay 26, 2010
A collection of historical, philosophical, political and legal quotations, assembled by Christopher Kalabus.

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12. The Agony of the Welfare State

Online Text Page from Economic Freedom and Interventionism, Ch. II. Interventionism

For about a hundred years the Communists and interventionists of all shades have been indefatigable in predicting the impending final collapse of capitalism. While their prophecies have not come true, the world today has to face the agony of the much glorified policies of the Welfare State.

12. Tolerance

Online Text Page from Liberalism: In the Classical Tradition, Ch. 1. The Foundations of Liberal Policy

Liberalism limits its concern entirely and exclusively to earthly life and earthly endeavor. The kingdom of religion, on the other hand, is not of this world. Thus, liberalism and religion could both exist side by side without their spheres' touching. That they should have reached the point of collision was not the fault of liberalism. It did not transgress its proper sphere; it did not intrude into the domain of religious faith or of metaphysical doctrine.

Efficiency and Externalities in an Open-Ended Universe

BooksNovember 6, 2007
Roy Cordato shows that there is no standard by which we can judge efficiency apart from the market standard, and no way to adjudicate property rights apart from exchange relationships.

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