Global Economy

When property rights in money are poorly defined, negative external effects develop. The institutional setup of the euro, with its poorly defined property rights, has brought it close to collapse and can be called a tragedy of the commons.

The Grand Bazaar in Istanbul has been a beehive of mutually beneficial exchanges for 550 years. Price tags are rare at the Grand Bazaar. Show any interest in an item at one of the 4,300 shops in the bazaar and the proprietor or store employee will engage you immediately.

[Excerpted from chapter 4 in part 1 of the The Turgot Collection

The underpricing of risk led Icelandic banks to take on liabilities denominated in foreign currency.

If we were all responsible for our own healthcare, education, and sustenance, there would be no immigration debate.

The Mises Circle in Indianapolis. Sponsored by Weaver Popcorn Company. Recorded 14 May 2011.

Iceland became a bullet train heading 100 miles an hour into a future upheld by a paper Valhalla rainbow of massive fiat-money infusions, which could fall away at any time.

Governments and bankers hate gold because its supply cannot be inflated on command.

A recorded mini lecture and video display purported to explain this mysterious phenomenon (mysterious to the Old Lady of Threadneedle Street, anywa

A recorded mini lecture and video display purported to explain this mysterious phenomenon (mysterious to the Old Lady of Threadneedle Street, anyway). I knew that I was going to hear either a self-critical explanation or, more likely, some hogwash. Hogwash won, hands down!