of money. This book is the very core of the Hayekian approach to monetary policy, and the book that drew the world’s attention to this radical thinker for completely abandoning government attempts to reform money. The result would be competitive private currencies that permits the market alone to choose the dominant
Tax competition occurs when a government uses its tax system to try to attract capital, democratic deficit caused by the political class offering a very limited choice of policies that does not reflect the range of the electorate. Unfortunately this makes shared “Social Model,” and in recent years this has become a far more explicit policy objective; as the European Commission (the EU’s bureaucracy) said recently:
The doctrine of “pure and perfect competition“ is a central element both in contemporary economic theory and in the few sellers.” (George Leland Bach, Economics: An Introduction to Analysis and Policy, 6 th ed., Prentice-Hall, Inc., Englewood Cliffs, New Jersey, 1968, p. 337.
economists that what they have been discussing in recent years under the name of “competition“ is not the same thing as what is thus called in ordinary language. But, “competition“ at all, and that its conclusions are of little use as guides to policy. The reason for this seems to me to be that this theory throughout assumes
“A fair, open, and competitive marketplace has long been a cornerstone of the American economy, while by limiting it in reality through government intervention. Biden is right that competition is the cornerstone to a prosperous economy, but the best way to promote 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
In this article, I shall explore two strands of Austrian economics—theories of competition and of entrepreneurship—and their implications for public-choice theory. if an industry is judged to be producing less than the competitive level, a common policy prescription to promote efficiency is to somehow induce the firm(s) to
unlimited corporate power that threatened the very foundations of a free and competitive economic system. Those who hold to this view insist that the interests of a consensus that government regulation of economic activity represents a national policy commitment to elevating the “ethical plane” of competition in order that market influences may more freely serve some vaguely
by top Austrians who explain the Austrian view of property, markets, prices, competition, entrepreneurship, business cycles, and government policy. Contributors include Murray Rothbard, Israel Kirzner, Joseph Salerno, Hans
superseded in the literature by the theories of “monopolistic” or “imperfect” competition. As against the older theory, the latter have the advantage of setting up actions accordingly. Hiram Jones, the small wheat farmer, can set his production policy without wondering what Ezra Smith will do when he discovers what Jones’ policy
You think you understand something like property rights or the nature of competition--you have studied the ideas for years!--and then a challenge comes along that IP is really what the old classical liberals denounced as a “producers’ policy“ like protectionism or industrial subsidies. It beefs up the bottom line of
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.