Tools as a Form of Charity Both fact and logic seem to me to support the view that savings invested in privately owned economic tools of production amount to an act of charity. And further, I believe it to be — as a type — the greatest economic charity of all. By economic tools of production I mean, of course, things with exchange value — trucks,
In 1944 Professor Hayek emphasised that sustainable employment depends on an appropriate distribution of labour among the different lines of production. This distribution must change as circumstances change. Sustain able employment thus depends on appropriate changes in relative real wage-rates. If established producers—both unions and
Quarterly Journal of Austrian Economics 20, no. 2 (Summer 2017) ABSTRACT: The article responds to the main points raised by Howden (2016) in his comment on Machaj (2015). Most of them appear not to argue against the model developed in my paper, but argue in favor of most likely scenarios to happen in empirical reality and therefore most probable
Immigration is a highly contentious topic in modern societies, with almost all of the different regimes across the OECD showing failures on some measure. As populist responses increase to rising levels of immigration, a policy solution must exist that assuages the concerns of those who have gripes with the current system in order to maintain
In the past, a few brave iconoclasts have taken exception to the treatment Ebenezer Scrooge of A Christmas Carol has received from his critics. While a fictional character created by Charles Dickens, Scrooge has become, in the minds of many, a representative of the imagined miserly financiers who serve as caricatures of capitalists everywhere.
In the 1970’s we heard the earth was going to get so crowded we’d be falling off. Now the panickers have flipped to population decline. They were wrong in the 70’s, so are they wrong again? Is a declining population catastrophic? Countries from Germany to Japan are investing in mass immigration or pro-birth policies on the assumption that they
#LondonIsOpen is what you are likely to see branded on bus shelters and underground stations if you were to visit London. The slogan represents a major campaign launched by the Mayor of London, Sadiq Khan to show that London is united and open to business, and to the world, following the decision of the people of the United Kingdom to leave the
With the ending of Democratic Party dominance of politics in many state capitols, right-to-work (RTW) laws, which ban conditioning employment on the payment of union dues, are on a roll. Kentucky, Missouri, and West Virginia have recently adopted them, raising the total to 28 states. Unions have demonized RTW laws as unfair. However, it is hard
The economic outlook in the United States right now is remarkably positive according to many indicators; unemployment is at it’s lowest since the dot-com bubble, the stock market is at record highs, and inflation is relatively mild. Wages, however, seem to be bucking the trend. Growth in nominal wage rates has remained modest despite a tight labor
As Houston continues to deal with the devastation of Hurricane Harvey, Florida stands prepared for the impact of Irma. It is during times of crisis like this, when government feels the greatest need to control, that sound economics is most needed. This is why laws on “price gouging,” no matter their intent, bring tragic consequences . This is also
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.