Mises Wire

Rationality in the Real World Isn't What Economists Think It Is

Blog12/02/2019

The world doesn't follow predictable patterns based on averages of long-term probability. Ordinary people apparently know this better than statisticians do.

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Exports: Currency Devaluation Won't Grow the Economy

Money and Banking

Blog12/02/2019

When governments devalue the currency to push more exports, the country is getting rich in terms of foreign currency, but it is getting poor in terms of real wealth.

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The Boom Is Worse than the Bust

Booms and BustsFree MarketsInterventionismMonetary Theory

11/30/2019Mises Daily Articles
The boom produces impoverishment. But still more disastrous are its moral ravages. It makes people despondent and dispirited. The more optimistic they were under the illusory prosperity of the boom, the greater is their despair and their feeling of frustration.
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Central Bankers Have Declared War on Your Savings

Blog11/30/2019

Negative rates, higher taxes, and inflation – the statists are employing every measure to gain access to the fruits of your labor.

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Some Fundamental Differences between Ludwig von Mises and Nassim Taleb

Philosophy and Methodology

Blog11/30/2019

Taleb maintains he’s a statistically-oriented orthodox economist. But I don’t think he understands what people mean by “orthodoxy.”

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Word, Action, and Entrepreneurship

EntrepreneurshipHistory of the Austrian School of Economics

11/29/2019Articles of Interest
An essential aspect of the Mengerian-Misesian tradition — the emphasis that it puts on the entrepreneurial character of all human action, that is, its inherent entanglement with the problems of scarcity and uncertainty.
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Social Justice Is Nothing like Real Justice

Legal System

Blog11/29/2019

Since no specific victim and no specific crime has been identified, this is no case of reparation as exists under real justice. It is simply a transfer of wealth from one group to another based on some sort of general "exploitation." 

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John Rawls's Unfortunate Notions of the Nation-State

Philosophy and Methodology

Blog11/29/2019

John Rawls claimed "justice" demands governments use their power to benefit the least well off in a given society. But then he arbitrarily restricts the scope of these programs to particular nation-states. This betrays a fundamental problem with his idea of inequality.

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