Mises Wire

Understanding Money Velocity and Prices

Money and Banks


The velocity of money does not have a life of its own. It is not an independent variable and it cannot cause anything, let alone offset the effect of increases in money supply on the prices of goods.

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US Military Propaganda in Film, Sports, and TV: It's Everywhere

Book Reviews


From the darkened cinema to the football field to the airport screening line, the US government inflated the actual threat of terrorism and the necessity of an aggressive military response.

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Using the "Natural Interest Rate" In Setting Monetary Policy Is an Impossible Dream


Much talk about the central bank's policy centers on whether the target interest rate is above or below the "natural rate." Unfortunately, we will never know what the natural rate is. 

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Using Goods vs. Exchanging Them: Menger Explains the Difference

Value and Exchange


In a developed economy, the satisfaction of desires can be obtained not only by goods in use, but also by goods in exchange. 

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Unmasking the Latest Bipartisan (and Dangerous) Climate Bill

World History


Republicans put a free market happy face on the latest environmentalist policy prescriptions in DC, but that does not change the fact that centrally planned climate policy is terrible economics.

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Understanding the "Private" in "Private Security"

Legal System


Ultimately, we are responsible for ensuring our own security and our incentives are aligned with those of third parties with whom we can contract to assist us. In this regard, security is no different than many other desirable things. 

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Understanding Minimum Wage Mandates: Empirical Studies Aren't Enough

Bureaucracy and RegulationLabor and WagesUnemployment


It is only through the increase in capital goods, i.e., through the enhancement and the expansion of the infrastructure, that labor can become more productive and earn a higher hourly wage. 

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US States Are Seizing More Power in the Name of "Deregulating" Housing

Bureaucracy and Regulation


Claiming they are "deregulating" housing, some California politicians want to make it illegal for private homeowners associations to restrict the construction of accessory units. This means more regulation and more centralization of power. 

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