The Free Market 17, no. 3 (March 1999) The Equal Pay Act of 1963 trampled on the rights of states to regulate their own labor markets, by overturning local laws enacted to protect women from working long hours, working at night, lifting heavy objects, and working during pregnancy. In addition, the 1963 law prohibited employers and employees from
The July 22 Financial Times included an interesting take on the deflation scare. In a letter to the editor, Takashi Ito from Tokyo, Japan writes: “Sir, As people the world over contemplate life with deflation, here is a bit of heartwarming news from Japan. As long as you have a job and keep all of your assets in cash, life in deflation is great.
This kid-friendly site attempts to explain the difference between a free market and socialism. It contrasts the “totalitarian leadership” of a symphony orchestra with flexibility of a leaderless rock-and-roll jam. Parents: don’t try this metaphor at home . It would imply that socialism works most of the time in the right circumstances. A great
[ This article is excerpted from the December issue of The Free Market , and is adapted from the fifth chapter of 2014’s The Fed at One Hundred , edited by David Howden and Joseph Salerno . ] Throughout the existence of the Fed, its officers and intellectual supporters understandably asserted that the government’s movement toward central banking
The Free Market 32, no. 12 (December 2014) Throughout the existence of the Fed, its officers and intellectual supporters understandably asserted that the government’s movement toward central banking was a most beneficial evolution. In a 1948 issue of The Federal Reserve Bulletin , for example, Fed Chairman Thomas B. McCabe asserted that money
Quarterly Journal of Austrian Economics 19, no. 4 (Winter 2016) Whenever a new book on money and the business cycle from an Austrian perspective is published, the hope is that it will be another monumental contribution setting before the reader the best of monetary and business cycle theory. Alas, while Brian P. Simpson’s Money, Banking, and the
Brian Simpson (2017) in responding to my lengthy review of his two volume Money, Banking, and the Business Cycle , provides a welcome opportunity to identify the main distinctions between Simpson’s business cycle theory and Austrian business cycle theory (ABCT). Simpson’s earnest pleas to the contrary, I nevertheless remain unmoved that he
My friend and department Chairman Jeff Herbener has a chapter included in the new book The Economic Theory of Costs: Foundations and New Directions edited by Matt McCaffrey and published by Routledge. Herbener’s chapter is entitled “Time and the Theory of Cost” The abstract reads as follows: Production costs in Neoclassical models account for
Historically, Thanksgiving has been a feast day during which Americans are called upon to thank the Lord for the many blessings he has bestowed upon us. Richard J. Maybury and Gary Galles both explain the economic lessons to glean from the experience of the Pilgrims and both note that the primary reason for God’s blessing them with relative
When President Barack Obama wanted to curtail carbon dioxide emissions, he instructed his economic advisors to construct a way to calculate the emissions’ effect on society. The metric thus adopted by the EPA is called the “social cost of carbon” (SCC). Right from the start we should note an important distinction: Carbon is an element; carbon
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.