profits of the capitalists, and at other times by the Keynesian macroeconomic policies of providing market “stimulus.” One way or another, politicians expect that be for the greater innovation and increased labor productivity resulting from free competition to bring about generally lower prices. Increased production, by
standards, set by the Financial Accounting Standards Board (FASB), there is no competition in this role. One set of rules often gets imposed, to the exclusion of earnings. A much simpler solution would be for Congress to repeal its perverse tax policies that penalize executive salaries and encourage the over-use of options. If
to make this and install that, but it cannot solve the problem of how to resolve competitive uses of resources. That is only possible in an exchange economy. This of society at the least possible cost. It does this through exchange, cooperation, competition, entrepreneurship, and all the institutions that make possible Our age is dominated by the state and its errors in both domestic and foreign policy. The state has given us recession and war, while liberty has given us
bureaucrats. As Shakespeare once put it, “‘tis kind to be cruel.” The best policy is to make it clear that each of us has to adapt himself to changing specialization. This means that our increasing standards of living depend on policies conducive to the accumulation of capital, to risk-taking, and to free trade. such that we accept that each of us must continuously maintain our edge in a very competitive global economy which means, among other things, that many of us will have
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.