raised by the Wall Street Journal , in “A Tale of Two Recoveries”: Did Keynesian policies do more harm than good? The Journal , sounding much like Robert Higgs, 1981–November 1982 and subsequent recovery. Their conclusion is that the different policy circumstances significantly explain the drastically different recovery paths: is conducive to entrepreneurship and prudent risk taking. Policies that impede competition and impose excessive tax burdens — or that in any way simply add to
when people discuss economic problems. Relevant to today’s misguided monetary policies in U. S., Europe, and Japan: If low growth is due to excessive taxation and at best, create short-run illusions in some cases. But, by focusing on monetary policy, one diverts attention from the true problems. As the illusions created by rule and set of constraints than having to compete with others. However, even if competition between private money producers was not accepted, it could be possible to
direction, but it leaves Germany with a central bank and a discretionary monetary policy: “The Bundesbank would be responsible for monetary policy just as it was the case for gold.” But he wouldn’t close down the central bank: he would legalize competition in currencies, repeal legal-tender laws, and eliminate all taxes on
ever-greater government intervention into the economy. The period, an expansion of policy built on an intellectual foundation of Marxism, socialism, corporatism, and a century-long infatuation with state-dominated economic development; market competition continues to be hindered by a wretched excess of top-down controls, and
deflation. Highlights: Rather than assisting a post-recession recovery, these policies – plus other market-harming government interventions, regulations, and in the entire period since the end of World War II in 1945. And A free, competitive market economy is always rewarding successful entrepreneurs with profits less expensive goods to earn consumer business. Thus, the normal trend in a free, competitive market is a world of gently falling prices as innovative businessmen
Reserve Accountability and Transparency Act and its aimed reform: a rules based policy rather than current Fed discretionary policy which is counter-productive, if is just bad policy that could have been worse. The best long-term outcome is open competition in currencies that have the potential to reduce central bank influence
raised by the Wall Street Journal , in “A Tale of Two Recoveries”: Did Keynesian policies do more harm than good? The Journal , sounding much like Robert Higgs, 1981–November 1982 and subsequent recovery. Their conclusion is that the different policy circumstances significantly explain the drastically different recovery paths: is conducive to entrepreneurship and prudent risk taking. Policies that impede competition and impose excessive tax burdens — or that in any way simply add to
the Fed might argue that the Great Moderation is more indicative of current Fed policy. However, there is still much debate over how large a role monetary policy of the Great Moderation was an apparent improvement in policy compared to the policies that brought us the stagflation of the 1970s, but with significant caveats . run solution is institutional reform that would support a bottom up movement to competition in currencies and eventually a market determined sound money . HT to Alex
Yesterday’s Wall Street Journal had a nice short summary of how bad housing policy over several administrations misdirected greed (self interest or prudence) by the affordable housing cabal that channeled self interest, which normal market competition guides into patterns of behavior which benefits market participants and
Robert Higgs introduced the concept of “regime uncertainty”, government policies and actions that threaten property rights, in his outstanding paper, Regime plans to propose rules, which every business survey says are contributing to the policy uncertainty that is harming growth and hiring.” Echoing Higgs, the Journal is conducive to entrepreneurship and prudent risk taking. Policies that impede competition and impose excessive tax burdens—or that in any way simply add to costs,
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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.