One of my pet peeves with Paul Krugman is his constant rewriting of history, a rewriting that just happens to coincide with left-wing political talking points. For example, we hear that the Great Depression occurred because Herbert Hoover was a staunch believer in laissez-faire and took the advice of Treasury Secretary Andrew Mellon, who called
With the latest news that the U.S. economy officially has been shrinking, it is time to admit the obvious: We are in a recession. Consumer spending is down, along with business investment. The only people making money these days are those who contract with the Pentagon. Some are claiming that the attacks of September 11 triggered this latest
In February, 2001, I saw the end of the credit-filled boom , as the stock market went bust, and predicted recessionary times, which soon followed. It seems, however, that Washington, D.C., is one great big toga party, and if it is true that Blutarsky of “Animal House” became Senator Blutarsky (as the film’s credits tell us at the end), perhaps
In a recent column, Paul Krugman tries to explain the “Bush bust.” Instead of clear, cogent economic theory, we are fed a mass of contradictory ideas, a bit of political partisanship, and explanations that simply make no sense. When one attempts to apply economic theory in order to explain certain events, one is reminded of Carl Menger’s dictum:
As a long-time critic of the part-time economist and full-time political partisan Paul Krugman, I would be remiss if I did not give him at least some credit for being able to point out the obvious: Bernard Madoff’s Ponzi scheme really is a prototype for the modern US economy. Yes, Krugman is right, but, alas, I am also required to add that a
The lead story of the March 9, 2009, edition of Newsweek says it all: “Stop Saving Now!” Writer Daniel Gross declares, For our $14 trillion economy to recover and thrive, hoarders must open their wallets and become consumers, and businesses must once again be willing to roll the dice. Nobody is advocating a return to the debt-fueled days of
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.