What is money? This is a question for the ages. Humanity has risen into complex society and experienced tremendous economic development and high cultural achievement through the use of money. It has foundered or even been destroyed when money has been undermined. Ignorance of the nature of money should therefore be the central economic issue for
In the Austrian school’s theory of the business cycle, the “boom”—even though it sounds good—is the cause of the business cycle and all its attendant problems. The “bust”—even though it sounds bad—is the recovery where all the problems of the business cycle are put right. The Austrian view is shared by many economy and stock market professionals
“ Millions Wasted on Jobs Creation “ (BBC): “According to the NAO report, published on Tuesday, more than half the new jobs that have resulted from the current system would have been created anyway. At least a quarter of the jobs created had the knock-on effect of displacing other jobs in the disadvantaged areas in question, the report
Father James Sadowsky is not a well-known figure of the libertarian movement. But he is a pioneer. One of a small band of enlightened people who were meeting regularly in Murray Rothbard’s apartment in Manhattan in the early sixties, to discuss revolutionary ideas which today can be shared with hundreds of thousands of people through the Internet.
Despite the impressive rally in tech stocks and virtually no reporting on the gold market, Nasdaq has a long way to catch up with precious metals. This is a two-year chart of the two markets. The media barely mentioned that the gold index (XAU) hit a 52-week high this past week.
Daily Commentary By Rockefeller Treasury Services http://www.rts-forex.com So why is the Fed doing it? To assert leadership and to tell the people that someone in Washington is minding the store. The current administration has been weak on economics and finance. It has misrepresented or lied about a lot of things, including budgets and tax cuts;
It seems that the US government has once again been misleading its subjects. It turns out that marijuana may pose fewer long term risks than many legal products and certainly fewer than the risks posed by government itself (e.g. Iraq) LOS ANGELES (Reuters) - Smoking marijuana will certainly affect perception, but it does not cause permanent brain
Dear Jude Wanniski: Thanks for sending out the Wall Street Journal editorial by Professor Phelps. Some good points to be sure, but he presents an incorrect view of the Austrian school’s theory of the business cycle. The Austrian theory is not an overinvestment (i.e. “too much”) theory, it is a malinvestment (i.e. “wrong ones”). Naturally, his
Here is my letter to the editor concerning Bob McTeer’s piece, June 4, 2003 . By the way, I had already critiqued him in Monetary Hawks and Doves (Mises.org, Sept 30, 2002) Dear Editor, Wall Street Journal : When the great 19 th century economist Frederic Bastiat is quoted in the Journal it is encouraging. When John Maynard Keynes is endorsed
How Henry Hazlitt lost his job at The Nation (he criticized the New Deal!).
What is the Mises Institute?
The Mises Institute is a non-profit organization that exists to promote teaching and research in the Austrian School of economics, individual freedom, honest history, and international peace, in the tradition of Ludwig von Mises and Murray N. Rothbard.
Non-political, non-partisan, and non-PC, we advocate a radical shift in the intellectual climate, away from statism and toward a private property order. We believe that our foundational ideas are of permanent value, and oppose all efforts at compromise, sellout, and amalgamation of these ideas with fashionable political, cultural, and social doctrines inimical to their spirit.