The Free Market 31, no. 1 (January 2013) In the beginning of The General Theory , John Maynard Keynes says that his ideas will no doubt be rejected because they are so novel and revolutionary. Toward the end of the same book, he seems to have forgotten this, because now he says he is reviving the same centuries-old ideas that he had once
This is yet another illustration of why the US economy is in such deep trouble. A federal judge found that Apple had violated anti-trust laws in its e-book arrangements with publishers. This was actually an attempt by publishers to regain control over their e-book pricing from retailers, Amazon in particular, and ended when publishers signed
In the July 26, 2013 edition of the Bank Credit Analyst, editor Jim Grant notes that when Ben Bernanke was beginning the second round of “quantitative easing,” he described it in February 2011 Congressional testimony as equivalent to an interest rate cut. In recent Congressional testimony explaining what might be ( or might not be) a forthcoming
Rogoff was previously chief economist at the International Monetary Fund and now teaches at Harvard. He is a Republican. Democrats criticized his 1985 paper recommending that the Fed keep inflation low and not try to influence employment. They also didn’t like it when he told Harvard Magazine, after the Crash of 2008: “We borrowed too much, we
The latest example of Keynes hagiography is an article by David Chambers and Elroy Dimson in the Journal of Economic Perspectives (volume 27, number 3, Summer 2013, pp. 213–228). The thesis is that Keynes was an investment genius and innovator who developed methods later used by Warren Buffett and George Soros. Keynes did make a modest fortune
The Mises Store is now accepting Bitcoins for all the books , apparel , and Mises busts you’ve been meaning to buy. Now’s your chance. Using Bitcoins will be even easier with the many changes coming to the bookstore in the
The Quarterly Journal of Austrian Economics , Volume 16, No. 2, a scholarly refereed journal published by the Mises Institute, is now available online . Summer 2013’s articles: From Monetary Nationalism to Monetary Imperialism: Fractional Reserve Banking and Inter-Government Cooperation by Nikolay Gertchev Monetary Nationalism and International
Writes Brian LaSorsa in The American Conservative, on whiskey and Bitcoins : It really isn’t until we reach the Misesian ideals of minimal government that we begin to see worthwhile considerations of private currencies. Austrian economist Murray Rothbard explains , “Many people—many economists—usually devoted to the free market stop short at
Bloomberg View (the editorial page) has an article today entitled: “When Market Incentives Undermine Morality” by economists Daniel Friedman and Daniel McNeill, authors of Morals and Markets: The Dangerous Balance, of which the piece is an excerpt. The article claims to offer an example of how “markets” can “degrade” our “moral behavior.” The
Not very often, but occasionally he hit on something of importance. For example, he said in the Communist Manifesto that: “The cheap prices of its commodities are the heavy artillery with which [ the profit system]...compels all nations, on pain of extinction, to adopt the [ profit]... mode of production.” President Obama evidently missed that
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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.
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