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Walk Away: The Rise and Fall of the Home-Ownership Myth

BooksNovember 18, 2010
This elegant and fact-filled book by Doug French examines the background to the case of "strategic default," or walking away from your home, and considers its implications from a variety of different perspectives...

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Money, Bank Credit, and Economic Cycles

BooksMarch 15, 2006
The three years since the publication of the previous English edition of Money, Bank Credit, and Economic Cycles have seen a continuation of the economic recession process set in motion after the 2007 financial crisis. This process has consisted of the inevitable microeconomic readjustment and...

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The Moral Case for the Free Market Economy

BooksJuly 6, 2006
Tibor Machan makes the case for the free market system of economics based on the view of human beings as moral agents with the legal system of a good community as designed to nurture this moral agency.

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The New Despotism

BooksMarch 16, 2010
When the modern political community was being shaped at the end of the 18th century, its founders thought that the consequences of republican or representative institutions in government would be the reduction of political power in individual lives.

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The Causes of the Economic Crisis, and Other Essays Before and After the Great Depression

BooksNovember 6, 2007
Mises presented his business cycle theory in its most elaborate form, applies it to the prevailing conditions, and discusses the policies that governments undertake that make recessions worse.

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The Return to Laisser Faire

BooksJune 5, 2009
Government means, or should mean, the right ordering of all. Modern government has degenerated into tinkering with the wants or rights or liberties of classes or sections or groups, and it is rare, in these days, to hear a political discussion which takes adequate account of the interests of the...

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How to Keep Our Liberty

BooksJuly 17, 2009
"Individualities may form communities, but it is institutions alone that can create a nation." This was a comment by Benjamin Disraeli a century ago when he was beginning the task of building the Conservative Party, a party that still lives a lusty, constructive life...

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Fabianism in the Political Life of Britain - 1919-1931

BooksJuly 17, 2009
British political life to all outward appearance from 1919 to 1931 can be described in simple outline. The Coalition Government headed by Lloyd George had won the war and the ensuing "Coupon Election" gave the Prime Minister a very large and unwieldy majority. Certain social problems lay...

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The De Moneta of Nicholas Oresme and English Mint Documents

BooksFebruary 14, 2009
Nicole Oresme has been called the most brilliant scientist of the 14th century: mathematician, musicologist, physicist, philosopher, and economist. On top of that, he was a Bishop and a theologian. His writings of money bear much in common with Carl Menger. Oresme's treatise on money, De Moneta...

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6. The Problem of Security

Online Text Page from Power and Market: Government and the Economy, Ch. 6. Antimarket Ethics: A Praxeological Critique

One of the most common ethical charges levelled at the free market is that it fails to provide “security.” It is said that the blessings of freedom must be weighed against the competing blessings of security—to be provided, of course, by the State.

2. Implicit Moralizing: The Failures of Welfare Economics

Online Text Page from Power and Market: Government and the Economy, Ch. 7. Conclusion: Economics and Public Policy

As we have reiterated, economics cannot by itself establish ethical judgments, and it can and should be developed in a Wertfrei manner. This is true whether we adopt the modern disjunction between fact and value, or whether we adhere to the classical philosophical tradition that there can be a “science of ethics.” For even if there can be, economics may not by itself establish it.

16. Human Rights and Property Rights

Online Text Page from Power and Market: Government and the Economy, Ch. 6. Antimarket Ethics: A Praxeological Critique

It28 is often asserted by critics of the free-market economy that they are interested in preserving “human rights” rather than property rights.

2. Direct Effects of Intervention on Utility

Online Text Page from Power and Market: Government and the Economy, Ch. 2. Fundamentals of Intervention

A. INTERVENTION AND CONFLICT

The first step in analyzing intervention is to contrast the direct effect on the utilities of the participants, with the effect of a free society. When people are free to act, they will always act in a way that they believe will maximize their utility, i.e., will raise them to the highest possible position on their value scale. Their utility ex ante will be maximized, provided we take care to interpret “utility” in an ordinal rather than a cardinal manner.

7. Alleged Joys of the Society of Status

Online Text Page from Power and Market: Government and the Economy, Ch. 6. Antimarket Ethics: A Praxeological Critique

One common related criticism of the free market and free society (particularly among intellectuals who are conspicuously not craftsmen or peasants) is that, in contrast to the Happy Craftsmen and Happy Peasants of the Middle Ages, it has “alienated” man from his work and from his fellows and has robbed him of his “sense of belonging.” The status society of the Middle Ages is looked back upon as a Golden Age, when everyone was sure of his station in life, when craftsmen made the whole shoe instead of just contributing to part of its production, and when these

5. The Incidence and Effects of Taxation Part III: The Progressive Tax

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

Of all the patterns of tax distribution, the progressive tax has generated the most controversy. In the case of the progressive tax, the conservative economists who oppose it have taken the offensive, for even its advocates must grudgingly admit that the progressive tax lowers incentives and productivity. Hence, the most ardent champions of the progressive tax on “equity” grounds admit that the degree and intensity of progression must be limited by considerations of productivity.

The Return of Stagflation

Mises DailyMarch 12, 2003
Stagflation is a term that originated in the early 1970s to identify the simultaneous occurrence of recession and inflation—a phenomenon that Keynesian theory had previously suggested was impossible. The industrialized world is being rudely reminded that stagflation is indeed possible, and...

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2. Resource-Using Activities: Government Ownership versus Private Ownership

Online Text Page from Power and Market: Government and the Economy, Ch. 5. Binary Intervention: Government Expenditures

The bulk of government activities use resources, redirecting factors of production to government-chosen ends. These activities generally involve the real or supposed supply of services by government to some or all of the populace. Government functions here as an owner and enterpriser.

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.

The Specter of Stagflation

BlogNovember 5, 2007

If mainstream economists and market analysts' predictions (wishes?) come true, and the US Federal Reserve lowers rates several times in the next few months, contrary to popular belief, things in the medium and long term will unequivocally get worse, writes David Saied. The upcoming events...

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