does it matter that economic literature shows that inequality is compatible with innovation. In fact, inequality is needed for innovation. Talent disparities are the In a captivating new paper, Daniel Waldenstrom observes that progressive policies are antithetical to income equality in the long-run: The postwar hikes in
Facebook’s market cap. Indeed, antitrust has reasserted itself in economic policy, and under supposedly good intentions. Regulators and lawyers in the field and breaking up companies, antitrust law can lead to lower prices, increased innovation, and overall more efficiency. Above all, claims like these are guided by
the global economy. Now that engine has been derailed by the reckless monetary policies of the Fed and by shortsighted financial innovation. When equity bubbles collapse; everybody pays. Demand for goods and
history, but as a direct result of Washington, DC’s egregious management of public policy. At the same time, the war on terror combined with nationalist hysteria has is associated with the widest-possible division of labor. This is what leads to innovation too. It is not a surprise that 15% of the venture-backed companies that
how the Fed’s fixation on promoting price inflation is a big problem: The Fed’s policies severely undermine the middle class by making goods and services more who promise to help the middle class support this insidious wage-reduction policy. Inflation has very little visibility, but slowly, like negative compound But deflation can be good. It results from greater efficiency, competition, and innovation — the stock-in-trade of American industry. Our standard of living is
base, it’s the consumer who will lose the most. Inefficiency of Efficiency as a Policy Two of the most successful businesses in American history are Standard Oil and through fragmentation, and the cost of this would be greater inefficiency, less innovation, and higher prices for consumers. Small Businesses Can Compete against
, the order itself stems from the same issues that constantly plague government policies : inefficient, ineffective, and entirely dismissive of individual rights. Of motivation for enacting immigration laws is to further genuine compelling foreign policy goals, the laws will be upheld. But when the government’s motivation is to a lack of properly trained American labor . Considering how much technological innovation improves our day-to-day life, it is no exaggeration to suggest that making
the field, which drives down profits and requires that entrepreneurs continually innovate in order to stay ahead. This innovation can take the form of higher quality and better service, but it can also granted a special privilege to operate by the government. The best anti-monopoly policy is one in which the government does not intervene in the affairs of business
most consequential defects of modern GDP is the metric’s inability to account for innovation. Economists have known that there is a ‘quality bias’ in GDP figures: writes, “they overlooked the fact that by design GDP would increase when those policy levers were operated, at least in the short term. The definition of GDP was
at our Austrian Economics Research Conference, Hastings outlined how technological innovation is already making centralized “designed” systems obsolete, and how McMaken Mises Contra Marx by David Gordon 7 Steps Toward a More Sensible Foreign Policy by Patrick Barron Economic Wisdom From Harvard by Hunter Lewis How Central
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.