Mises Wire

The Illusion of the Keynesian Multiplier

Money and BanksMoney and Banking

Blog6 hours ago

Not only will easy money policy not lift production, it will impoverish us be inflating away real wealth.

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There Is No Neutral Tax: Lessons from the the Amazon HQ2 "Subsidy"

Taxes and Spending

Blog06/14/2019

The tax-incentive deal Amazon had with New York was not a "subsidy" — in fact, Amazon pays enormous amounts of net taxes.

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The Real Meaning of Deflation

Money and BanksMoney and Banking

Blog05/25/2019

Deflation is not a matter of animal spirits or consumer expectations. It is the result of earlier creation of money "out of thin air" by central banks and commerical banks. Deflation is the natural result.

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The Balance-of-Payments Myth

Protectionism and Free Trade

Blog05/20/2019

It is not "the US" that imports Japanese or Chinese electrical appliances, but an individual from the US, or a group of Americans. They import these appliances because they believe that a profit can be made. And governments ought not interfere in these transactions.

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The Subsistence Fund Is the Heart of Economic Growth

Money and BanksMoney and Banking

Blog05/11/2019

The "subsistence fund" — created by real savings — is the foundation of true economic growth. But it can be eroded and destroyed by creating money "out of thin air."

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The Neutral Interest Rate: The Fed's Impossible Goal

Blog04/13/2019

A "neutral" interest rate cannot be observed through any statistical test or public policy. But central bankers are sure they can find it and use it to endlessly tinker with the economy.

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The Problem with Modern Monetary Theory

Money and BanksMoney and Banking

Blog03/19/2019

MMT basically holds that governments have control of unlimited amounts of real wealth — thanks to money-printing power. But if this were really true, countries like the USSR and North Korea could simply create money until they became wealthy nations.

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The Grandson of "I, Pencil"

Blog02/21/2019

Steven Kates has composed a modern version of Leonard Read’s classic essay “I, Pencil.”

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