Mises Wire

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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Understanding the Roots and Causes of Inflation

Money and Banking


The gold standard has one tremendous virtue: the quantity of money under the gold standard is independent of the policies of governments and political parties.  It is a form of protection against spendthrift governments.

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Unintended Consequences: Some Problems with National Income Accounting

Value and Exchange


It's not that we need to rid ourselves of the baggage of macrostatistics completely. Rather, we need to 1) critically assess whether they are appropriate, if so, 2) for what role, and finally 3) whether they are consistent as a tool we can use to tell the story we want.

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