Economics Nobel Prize winner Jean Tirole still clings to the old neoclassical model “perfect competition” and monopoly, writes Frank Shostak. This audio Mises Daily is narrated by Robert
Entrepreneurs need very specific information about their products, markets, customers, and profits. Government macroeconomic data, however, does nothing to assist entrepreneurs to obtain this important information, but only helps justify economic intervention, writes Frank Shostak. This audio Mises Daily is narrated by Keith
Every person has different goals for himself, which means everyone will value differently the means to attain those ends. No central planner can know these goals and values, writes Frank Shostak. This audio Mises Daily is narrated by Dianna
In countries such as Turkey and Argentina a tighter stance implemented by central banks has set in motion an economic bust. In Turkey the central bank has raised the one week repo rate to 10 percent from 4.5 percent while in Argentina the 3-month Treasury bill rate climbed to 25.89 percent from 16 percent in early January. In Argentina an increase
Some key US economic data shows visible weakening. The National Association of Home Builders/Wells Fargo sentiment index slumped to 46 in February from 56 in January. The New York Federal Reserve Bank’s Empire State general business conditions index fell to 4.48 in February from 12.51 the month before. Also, the yearly rate of growth of housing
After settling at 3.9 percent in July 2011 the yearly rate of growth of the consumer price index (CPI) fell to 1.6 percent by January this year. Also, the yearly rate of growth of the consumer price index less food and energy displays a visible downtrend falling from 2.3 percent in April 2012 to 1.6 percent in January. On account of a visible
According to commentators, sanctions imposed by the US and the European Union are pushing Russia toward a recession. However, we hold that some key Russian economic data have been displaying a weakening prior to the annexation of the Crimea to Russia. This raises the likelihood that sanctions might not be the key factor for an emerging recession.
In his Financial Times article “ The curse of weak global demand, ” Martin Wolf writes that today’s most important economic illness is chronic demand deficiency syndrome. Wolf argues that despite massive monetary pumping by the central banks of the US and the EMU, and the policy of lowering interest rates to around zero, both the US and the EMU,
Volume 2, No. 2 (Summer 1999) In his article “Entrepreneurship and Economic Growth,” Professor Holcombe (1998) argues that Kirznerian entrepreneurial alertness enables market actors to spot previously unnoticed profit opportunities. Entrepreneurs then act upon these opportunities. As a result, the economy becomes more productive because now more
Volume 3, No. 4 (Winter 2000) According to mainstream economics, the validity of various definitions of money can be ascertained by means of a statistical test. What determines whether money M1, M2, and the other Ms are valid definitions is how well they correlate with national income. Most economists hold that, since the early 1980s, correlations
What is the Mises Institute?
The Mises Institute is a non-profit organization that exists to promote teaching and research in the Austrian School of economics, individual freedom, honest history, and international peace, in the tradition of Ludwig von Mises and Murray N. Rothbard.
Non-political, non-partisan, and non-PC, we advocate a radical shift in the intellectual climate, away from statism and toward a private property order. We believe that our foundational ideas are of permanent value, and oppose all efforts at compromise, sellout, and amalgamation of these ideas with fashionable political, cultural, and social doctrines inimical to their spirit.