Mises Wire

An Austrian Critique of Robert Mundell's "Impossible Trinity"

Protectionism and Free TradeMonetary TheoryOther Schools of Thought

Blog04/27/2021

The impossibility theorem, developed by Nobel-winning economist Robert Mundell, paints a false tradeoff between the free movement of capital, fixed exchange rates, and effective monetary policy. Under a gold standard, all three are a possibility.

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Are Monarchies Better for Economic Growth? Here's What the Empirical Evidence Says.

World History

Blog04/23/2021

The evidence suggests that monarchies—especially small ones—are more peaceful, stable, and protective of private property than their republican neighbors. 

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A Jobless Recovery Is Coming to Europe

Global Economy

Blog04/21/2021

The destruction of the free market, competition, and innovation may seem appealing to some now, but the likely outcome of poor employment, negative real wage growth, and stagnation should be a real cause of concern.

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America’s "Great Men" and the Constitutional Convention

U.S. History

Blog04/14/2021

The nationalists in favor of a new constitution in 1787 sent their richest, most schooled,  and most "distinguished" men. Fortunately for them, ceteris paribus, the more distinguished any given gathering, the more statist and reactionary it will likely be. 

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A $15 Minimum Wage Would Be a Huge Blow to the Small Business Economy

Bureaucracy and Regulation

Blog03/17/2021

Wage hike advocates effectively seek to force entrepreneurs to raise the costs of production after many of them have barely survived what became a catastrophic 2020 due to the coronavirus pandemic.

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Antal Fekete, Gold, and Central Banks

Monetary PolicyMoney and Banks

Blog03/09/2021

Fekete was one of the few old Europeans to recognize the central role of money: on the positive side as a means of amicable division of labor, on the negative side as a casualty and lever of political intervention.

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Aggregated Data Hides the Damage Done by Minimum Wage Hikes

Bureaucracy and Regulation

Blog03/05/2021

Much of the harm is disguised by focusing on forecasts of higher aggregate income for the poor. Individuals, on the other hand, are another story. 

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American Households Made Economic Gains before Covid, but This Progress Can Be Lost

U.S. EconomyU.S. History

Blog02/26/2021

Before 2020, there were growing signs of increasing economic prosperity for a wide variety of income groups in America. Whether or not this prosperity survives covid lockdowns and ever higher levels of government regulations remains to be seen.

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