ourselves of some of the steps that can be taken in the direction of economic policy that better allows private citizens to be free and flourish. Given his In a free market unscrupulous and incompetent practitioners are weeded out by competition and ordinary commercial and tort law. Four: Eliminate standing in court
“good” of Europe. It’s time to take complete control of your domestic and foreign policy, without interference from haughty, busybody world elites, and do what is best energy. Abandon the euro and reinstate the deutschmark . If ever there were a competition for the world’s most foolish currency bloc, the European Monetary Union
all others, if it can be achieved, will actually help a country become more competitive? What have others said on this subject? Insights from Immanuel Kant, Frederic Bastiat, and Henry Hazlitt A policy of currency devaluation can be judged by whether or not it satisfies Immanuel an injustice by pursuing devaluation as a quick and easy means to improve national competitiveness. The source of real competitive advantage is through liberal reform
(one may assume that this advice is aimed at Greece). A more statist, anti-liberal policy than his could hardly be envisioned, which is a sad commentary on the mindset the prescription follows axiomatically, i.e., devalue the currency to restore competitiveness vis-à-vis foreign markets, which will increase aggregate demand and to a stronger one, because a weak currency purportedly makes a nation more competitive in international markets. But this is pure propaganda. A weak currency
What the media calls a “currency war,” whereby nations engage in competitive currency devaluations in order to increase exports, is really “currency that weakening one’s own currency will improve domestically-produced products’ competitiveness in world markets and lead to an export driven recovery. As it accuse their countries’ trading partners of engaging in this “beggar-thy-neighbor” policy and recommend that England and the US respectively enter this so-called
low exchange rate between the drachma and the euro, making Greek products more competitive. Well, there is a semester’s worth of economic fallacies embedded in this so that their goods do not increase in price in foreign currency terms. This policy masks real structural problems. It is not a currency problem. 3. Instituting drachma. In fact, the best alternative for Greece right now is to allow free competition in currencies which would allow the Greek people to trade in whatever
thusly losing its value vis-à-vis other commodities over time, there was no real competition. The German Deutsche mark held its value better, but German trade was a Janet Yellen as Chairman of the Federal Reserve Board is evidence that the US policy of continuing to cheapen the dollar via Quantitative Easing will continue. Her
nations that manipulate their economies in order to achieve some internal policy goal, such as China. The president claimed that such manipulation was unfair employing more people than they would otherwise. The president claimed that his policies were working, that manufacturing jobs were returning to the US and have industry with no apparent short-term consequences. But if US steel were already competitive in terms of price, quality, and service, there would be no need for
new PM can select ministers pledged to sound money, a rational and pro-growth tax policy, free markets, limited government, and a non-interventionist foreign policy. might flow from a lower rate. What is not seen is the effect of international tax competitiveness on the number of businesses that will register their residence in the
The Only International Economic Policy That a Country Needs: “Mind Your Own Business and Set a Good Example.” The own national currencies, and devalue against the euro, supposedly to restore “competitiveness.” Others have called for outright default on their euro-denominated
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.