driving public debate. But bridging the gap between private opinion and official policy will require nothing short of a miracle. One need look no further than the state of things, bad economic times will be a forerunner to bad and worse economic policy. The Democrats will give us more spending, regulating, war, and inflation. And are cooperating with all nations of the world, serving the consumer, and finding innovative and better ways to feed, clothe, house, heal, and entertain us. And what
some limited criticism from the mainstream of Fed and Treasury mondustrial policy during the fall 2008 “crisis,” 2009’s failed fiscal stimulus, and the nearly recovery. But Wessel overall presents a picture in which, absent those mondustrial policies, things would have been much worse and the major error in the policies was a occurred because a credit expansion took place during a time when technological innovations associated with the digital revolutions created a strong demand for
said, “The general notion the Fed was propagator of the bubble by monetary policy does not hold up to the evidence. ... Everybody missed it — academia, the see the seeds of collapse in the successive credit booms, aided and abetted by Fed policies.” The Failure of the Mainstream Despite the unprecedented fiscal and and raises investment as consumption and profits fall. Shrinking profits prompts innovation. Lower interest rates promote the discoveries, production, and adoption of
The outrageous talk of dividing Microsoft into three parts would have to end, so innovation and investment in the high-tech sector could proceed apace. But given the now also fails to treat the fundamental source of the problem, which is a monetary policy that has already been too loose. The last time that the money supply was
of constant growth, usually 2 percent, the central bank steps in with its monetary policy instruments to influence the value of money in the markets. While the idea of process that the economy needs to undergo that results in increased productivity, innovation, and efficiency in production due to lowered costs. This
and lay the foundation for a stronger and safer financial system, one that is innovative, creative, competitive, and far less prone to panic and collapse,” enough signatures. Well right, in a perfect world where you wanted to inspire innovation, creativity, competitiveness, and have a financial system that’s panic new financial technology, as well as the oft-repeated failure on the part of policy makers and legislators to draw the appropriate lessons from painful
in these markets. Together with the knowledge obtained through its monetary-policy and payments activities, information gained through its supervisory activities man in preventing things like systemic risk, but he considered all this financial “innovation“ and “engineering” to be a good thing: Credit markets have been evolving
[Testimony before US House Committee on Financial Services Domestic Monetary Policy and Technology Subcommittee, May 8, 2012] I specialize in the economic The surplus (real savings) can be invested in the production of capital goods (and innovation) that allows for greater production in the future. Conversely, one of the
raining, pouring, economic fallacies by the hour, followed by a flood of horrible policy that is driving us ever further into economic depression. The regime in charge same way the post office is run. But notice: the post office has a problem with innovation, pricing, cost accounting, and making ends meet. Its only source of life
debt? More linen paper, stuff which can be printed up without limit. With this innovation, the fiscal restraint on the state came to an end. All the talk about fund both welfare and warfare. We wouldn’t dream of a world empire and debate policy the way we debate art, as merely a matter of preference. There would be
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.