One of the most pervasive and dangerous myths of our time is that military spending benefits an economy. This could not be further from the truth. Such spending benefits a thin layer of well-connected and well-paid elites. It diverts scarce resources from meeting the needs and desires of a population and channels them into manufacturing tools of destruction.
In this first installment of a two-part interview, Jeff Deist and Joseph T. Salerno discuss the health and vitality of the Austrian school, the impact of the South Royalton conference, Joe's relationship with and memories of Rothbard, and why so many factions seem to persist within Austrian economics.
Mises Daily Friday by Louis Rouanet:
Largely forgotten in the English-speaking world today, French laissez-faire economist Michel Chevalier was an early opponent of patents, which he dismissed as a type of monopoly and an obstacle to technological and intellectual progress.
With the excitement surrounding yesterday’s release of J.J. Abram’s new Star Wars trailer, it is worth taking a look back to one of the best pieces of economic satire since Frédéric Bastiat’s famed Candlemakers’ Petition.
Writes Xiong Yue:
The translation of the Chinese version of In Defense of Deflation by Prof.Philipp Bagus has been finished.
We often focus on the fact that abolishing cash abolishes the last remnants of financial privacy. But of course, abolishing cash also increases the Fed's ability to manipulate the economy with negative interest rates.
Philipp Bagus, author of The Tragedy of the Euro, has completed a new book In Defense of Deflation, now available at Amazon.
Here's a quick list of tax readings from the Mises Institute.
The quality of economic journalism in the United States is terrible.
A couple of careful readers wrote to inform me that the Louisiana law banning secondhand dealers from engaging in cash transactions, which I implie
