The Free Market 3, no. 1 (January 1986) The press touted it as yet another chapter in the deeply and having only the public interest at heart, steps in and corrects the failure, its sage regulations gently but firmly bending private actions to the common were actually increased. But, in any case, was the peak hour congestion a case of marketfailure? Whenever economists see a shortage, they are trained to look
The Free Market 12, no. 7 (July 1994) Federal bureaucrats think they, not the financial markets should direct investment spending. They want to rebuild “infrastructure,” boom in New York that eventually caused eight banks to fail. Due to the failure of these banks, the state’s guaranty fund failed. A special tax was levied to
was fixed exchange rates based on fiat money and international coordination. Markets are fluid and changing. The government fixed exchange rate is bound to be some fixed exchange rates by international agreement has a long, rich history of failure, once again illustrating that government power is no match for the relentless and merciless forces of the market. All of which does not bode well for China’s ability to maintain its own fixed
The Free Market 16, no. 4 (April 1998) The Clinton administration, applying its theory that give us pause to think about economic principles. The most basic one is that free markets create order from seeming chaos. There is no central authority on the They do so using entrepreneurial talent, and no one can foresee the success or failure of their enterprises before they are actually tried out. The result is an
The Free Market 26, no. 7 (July/August 2008) A quick scan of any newspaper suggests that massive run-up in gas prices in recent months will lead to an economic downturn, market forces are quietly adjusting so as to soften the blow and solve the problems now. The market, though, is a process by which information about successes and failures will be revealed. “The market” is not an outcome, nor is it an end unto
The Free Market 24, no. 12 (2004) The democracy of the market is not the democracy that Plato spoke of in his Republic (c. 370 BC) as “a Germany and Japan as post–World War II successes, but he remains silent on our failures like North Korea, Vietnam, Bosnia, Somalia, Haiti (this gamely tagged as
The Free Market 21, no. 4 (April 2003) The New York Times recently ran a three-part series be dangers of collision, if for no other reason than that of possible computer failure. Safety and danger exist in different degrees and at any given time further to counter-productive government intervention and bureaucratic bungling, a free market achieves greater safety in the individual instance in a way that is consistent
The Free Market 23, no. ( 2003) A growing recognition of the superiority of markets over And yet the designed “market“ is responsible for a whole range of recent economic failures, such as electricity shortages and blackouts, and will cause more if the
The Free Market 26, no. 11 (November 2005) [ William Peterson is the winner of the 2005 Gary capitalists and entrepreneurs focus so hard on prices, competition, technology, marketing, productivity, etc.—as ordered by you and other sovereign consumers. Hear calculation.” In 1920 he brilliantly saw its absence as the key in the certain failure of socialism, a thesis he expanded in his 1922 book Socialism . Witness then
The Free Market 20, no. 7 (August 2002) During a recent debate with Harry Jaffa on the topic I argued that just the opposite is true: September 11 was a spectacular failure of the FBI, CIA, INS, FAA, Department of Defense, and indeed the entire from arming themselves to protect the passengers and crew. More important, such failures are inherent , and regardless of how many new bureaucracies may be formed,
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.