[ Editor’s Note: Due to a vaguely remembered booze-filled night that resulted in a row with the wife, a future court appearance, and — worst of all — a lost bet, this page has been loaned out to a man of very little reputation but very large aspiration to write for his beloved, hometown New York Times . I am certain my readers will understand that
“The notion that inflation is everywhere and always a monetary phenomenon is no longer a controversial proposition.” – Alan Greenspan, January 3, 2004 Caroline Baum recently noted that the Fed just doesn’t get the credit it deserves for the effect it has on overall economic conditions at any point in time. [1] And, as I often do (because Ms.
“Any discussion about the Social Security trust fund would have to include the discomforting fact that there is no Social Security trust fund.” – Caroline Baum [1] Bloomberg columnist Caroline Baum has been writing about financial markets for over twenty years. My discovery of her column made the life of a Wall Street professional of an “Austrian”
Let’s look at the problem of immigration from another angle. There exists a market demand for low-skilled cheap labor. Part of this demand is being met by outsourcing of jobs overseas. The rest is met by vast numbers of immigrants coming to this country. Illegal immigration is the market supplying a demand. A demand is being met and satisfied.
After fifteen years of economic transformation we can conclude that the transitional period in post-Communist countries has ended, but unfortunately the economic (and not only economic) systems of some are far from Western-style capitalism. They are better called “post-communist capitalism,” far different from the classic understanding of the
Nomenclature and in particular, catchy phrases and slogans, are integral to the institution and leadership of political action and violence as well as simplifying or condensing the rationale for such action into neat and all encompassing phraseology. Take for example, “from each according to ability, to each according to need.” This trite phrase
The Mongolian state on May 12th imposed what it has termed a “windfall profits” tax on mining carried out in that country. The law constitutes a 68% tax on profits from mineral sales when the copper and gold price are above US$1.18 a pound and US$500 per ounce respectively. This tax is so punitive that its imposition is tantamount to
It’s not just the Transportation Security Administration, of course. All sorts of government-mandated delays waste our time. But since the TSA is charged with preventing another 9-11 situation, we Americans seem to tolerate it. The lives supposedly saved make it all worthwhile. Note that, before 9-11, the first 75 years of US commercial air travel
Last week we were inundated with news stories about the verdict rendered in the case of two Enron executives, Kenneth Lay and Jeffrey Skilling, who were found guilty on multiple charges, which included various counts of fraud and insider trading. No doubt there are many, particularly the thousands of Enron employees whose pensions and retirement
Introduction Wal-Mart’s Critics Wal-Mart’s Response Wealth Productivity Prices Poverty Wal-Mart’s Critics on Wealth Capital Jobs Wages Healthcare Benefits Executive Wages Conclusions About the Critics A Proper Wal-Mart Response Recommended Reading Wal-Mart is one of the great shining examples of what a market economy can achieve. If I were to give
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.