Mises Wire

The mission of the Mises Institute is to preserve, promote and advance the ideas that can create a better, freer, and more prosperous world.

Mainstream economists have justified the creation of the Federal Reserve because they claim that a growing economy—especially the banking system—needs an “elastic” currency. In other words, the economy “needs” at least some inflation. Austrian economists know better.

The quest for sound money is hardly a recent phenomenon. In 13th century Italy, two different gold monetary units competed with each other in the Medieval Italian economy.

Equal protection laws supposedly protect individual rights by guaranteeing the law protects everyone equally. However, Murray Rothbard noted that these laws often are used to suppress those rights.

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Hayek once remarked, “If socialists understood economics, they wouldn’t be socialists.” Building on this, if socialists understood socialism, they wouldn’t be socialists.

Lower interest rates can help promote economic growth—as long as those rates are determined by the market and not by political edict.

A common objection to anarcho-capitalism is that only the state can offer workable defense services to people through police and the armed forces, as private defense agencies would have an incentive to be at constant war. This objection, however, is not valid.

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Part of Hitler’s plan for Germany was to clear lands to the East with ethnic cleansing so Germans could have their infamous lebensraum. Yet, Ludwig von Mises in his Omnipotent Government also understood that Hitler’s plan for autarky also played a major policy role.