In 1998 Paul Krugman declared “It’s Baaack” in a silly article heralding the return of the Keynesian liquidity trap, a chimera that even Keynes himself never believed in. But recently something very real and truly dreadful has climbed out of the witch’s brew of fiscal and monetary stimulus policies concocted by Ben Bernanke and other mainstream
Almost all contemporary economists, except for Austrian economists, persist in analyzing the performance of the market economy using the model of “perfect competition.” Many of these economists go even further and use this hypothetical fictional construct as a normative standard for judging the performance of real-world market economies. They
In his brilliant article on “The Intellectuals and Socialism,” Friedrich Hayek suggests a strong causal connection between copyright laws and socialism. In discussing the development of the intellectual class, whom he characterizes as “secondhanders in ideas” and inherently inclined to promote socialism, Hayek writes: One of the most important
When I think of all the worries Keynesians seem to find And how they’re in a hurry to complicate their minds By chasing after money with nothing else in view Austrians are different, we see the problem through (sung to “Let’s Live for Today,” with apologies to the Grassroots) In a recent series of blog posts on the meaning of saving, Bob Murphy
It is true that in his popular writings during the 1950s, Mises occasionally acquiesced in using a version of the conventional pre-Keynesian definition of inflation as an increase in the quantity of money that was not offset by an increase in the demand for money resulting in a rise in overall prices or decline in the purchasing power of money.
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.