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Mises Wire
The War on Producers and Entrepreneurs Is Based on False Notions of Profits
Since Adam Smith, economic thinkers have failed to understand that profits in a market economy are not extractions of wealth from laborers. In truth, profits lead to higher wages and higher living standards for those workers.
Reflections on the Libertarian Role in Society
As the recent election of Javier Milei in Argentina shows us, there still is a place in the political world for libertarian thinking. Liberty is a goal still worth pursuing.
Fractional Reserve Banking (Part II)
Under free competition, and without government support and enforcement, there will only be limited scope for fractional-reserve banking. Banks could form cartels to prop each other up, but generally cartels on the market don’t work well.
The Decisive Driving Force to Victory for Javier Milei
Javier Milei has begun his presidency by taking action against much of Argentina’s vast welfare state. One hopes it is the beginning to a successful term in office.
The Government Is Making the Economy Appear Better than It Is
By borrowing money and “creating” new jobs, the government is creating the illusion of a strong economy. This does not end well.
Taking Money Back (Part I)
The natural tendency of government, once in charge of money, is to inflate and to destroy the value of the currency. To understand this truth, we must examine the nature of government and of the creation of money.
The Oregon Problem: It’s Not Drugs! It’s the Socialistic Political Culture
As Oregon struggles with the aftermath of drug legalization, some are calling for new criminalization of drugs. The problem, however, isn’t the drugs but rather the socialistic mindset of people in Oregon who refuse to protect property from drug users.
Can Classical Economics Explain the Approaching Fiscal Disaster?
There is a lack of buyers for US Treasury debt. Rating agencies have recently downgraded the US debt, and entitlement benefits’ “trust funds” will go into the red in a few years. The classical economists offer few answers to the depth of this problem.
Why You Should Read Human Action—Very Carefully
Once in a great while, a book appears that both embodies and dramatically extends centuries of accumulated wisdom in a particular discipline, and, at the same time, radically challenges the intellectual and political consensus of the day.