his recent paper, “What—or Who—Started the Great Depression,” argues that Hoover’s policies of propping up wages and encouraging work sharing “was the single most those of Hoover, that increased labor’s ability to raise wages above their competitive levels. The Depression would have been much less severe in the absence of Hoover’s program, the Depression would have been much less severe if monetary policy had responded to keep the price level from falling, which raised real wages.
of production and distribution of a given output produced under conditions of free competition and a large measure of laissez-faire.” Mises writes in summation and as a and Say’s Law,” in Hazlitt, ed., The Critics of Keynesian Economics , p. 319: “The policies he advocated were precisely those which almost all governments, including
of most Administration economists, Friedman has, in fact, made his mark in current policy, and indeed reciprocates as a sort of leading unofficial apologist for and unions down to small blacksmith-shop size, in order to arrive at “perfect” competition and what Simons conceived to be the “free market”; (2) a vast scheme of
nothing from the wimps who doubt the need for torture and prison without trial as policy options. This is roughly the way the political factions break down when faced Otherwise, we end up with the current situation in airports in which the official policy assumes that every single passenger is a likely terrorist. Every person is its likelihood, and curbing it as much as humanly possible, and that is the competitive market economy rooted in the private ownership and control of property.
to the irrelevance and sterility of much of macroeconomic theorizing. In terms of policy, the Austrian School looks more and more attractive, given continuing business production and distribution of a given output turned out under conditions of free competition and of a considerable degree of laissez- faire.” The Horror of Marxism
that contradict logic. AEN: How important is this tax issue for French economic policy? SALIN: Extremely. In France, people don t know much about economic theory, They thought the same track was available for economics. They adopted the competitive-positivist approach of Auguste Comte and Saint-Simon. French academics exchange controls, inflation, and worse. At least with the present system, we have competition between currencies. France has a long history of inflating away public
As for Article 101 of the same Treaty, it explicitly restrains regulatory competition “where the Commission finds that a disparity existing between the Bank,” a “European Social Fund,” the highly protectionist “common agricultural policy,” the “common transport policy,” and reinforced European anti-trust
him. Second, the employer was clearly not profit-maximizing and would attract competition from more efficient competitors drawn by the opportunity to produce the firm. It also follows that in a modern, global economy, where any uncompetitive policy threatens firm survival, workplace racism is even less likely. Wage policies
with in Human Action and in many of his other works still dominate the public-policy discourses of our own time. The World When Human Action was Published It is and wage and foreign exchange controls, and Keynesian influenced “full employment” policies with deficit spending and “easy money.” In Human Action , Ludwig von Mises terms of trade among competing buyers and sellers. Without the haggling of market competition there would, of course, be no agreed-upon terms of exchange. Without
a definite limit on the total revenue attainable), and on the other hand by the competition of other producers, which continuously forces each firm to operate with a large majority of them were strictly opposed to the enforcement of presidential policy, it could not be put into action successfully. The general who thinks most of
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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.
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.