But what happens when government sanctions, and in effect legalizes, counterfeiting, either by itself or by other institutions? Counterfeiting then becomes a grave economic and social problem indeed. For then there is no one to guard our guardians against their depredations of private property.
The downward manipulation of the interest rate drives a wedge between the (real) market interest rate and the societal time-preference rate, and therefore wreaks havoc with the economy's intertemporal production structure.
For socialism is not a system; it is a disease. The "something for nothing" mentality is, in fact, an economic cancer.
Austrian economists are not fooled, because they reject the idea of empirical data in the validation of theory in the social sciences.
"The Fed was set up to inflate, and that is what it does."
Presented as part of the Mises Institute’s Brown Bag Seminar series on April 15, 1997 in Auburn, Alabama.
Presented at the Mises Institute’s Brown Bag Seminar series on 30 October 1996.
Presented as part of the Mises Institute’s Brown Bag Seminar series on 8 May 1996 in Auburn, Alabama.
Freedom, or liberty, is the natural law that the Founders knew put us in the image of God.
In a market economy, whether it is domestic or international in scope, everyone's standard of living can rise at once.
