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- Calculation and Knowledge
- 2001
Mises Daily
Author:
Christopher Mayer
Online Publish Date:
The salutary nature of an economic bust is how it sifts out the misallocations of capital made during the preceding boom. It thereby leaves a stronger mix of businesses better fitted to meet the needs and wants of consumers. The misallocations induced by a credit-inspired boom are built on the sandy foundations of expansive monetary policy and
Mises Daily
Author:
John Basil Utley
Online Publish Date:
Bin Laden’s objective,” I speculated to Hernando de Soto, Peru’s great author of The Other Path and now The Mystery of Capital , “is the expulsion of American interests from the Muslim world.” “No, no,” he replied, “it’s more than that. He wants American interests out of the whole Third World.” In this scenario, the pessimistic concern is not only
Mises Daily
Author:
Steve Piraino
Online Publish Date:
Fuzzy Math . By Paul Krugman. (W.W. Norton and Company, May 2001, 112 pages) $17.00. You are probably familiar with the recently passed Bush tax bill. You may also be familiar with Paul Krugman of Princeton University (formerly of M.I.T.), whose “New Keynesian” musings appear regularly on The New York Times editorial page. Recently, Krugman
Mises Daily
Author:
John P. Cochran
Online Publish Date:
In a recent article in Forbes , titled “ L is for Layoffs ,” Peter Brimelow and Edwin S. Rubenstein highlight Austrian business cycle theory in their explanation of the current economic crisis. The article favorably quotes Roger Garrison in correctly tracing the cause of the unsustainable boom back to the excessive creation of money and credit,
Mises Daily
Author:
Antony G. N. Flew
Online Publish Date:
[This address was given by Professor Flew on the occasion of his being awarded the 2001 Schlarbaum Prize , presented by the Mises Institute, Auburn, Alabama.] I am the first Englishman and the first professional philosopher to receive the Schlarbaum Prize. So it seems appropriate to begin by talking about the greatest English philosopher, John
Mises Daily
Author:
Dan Mahoney
Online Publish Date:
Socialism, a socioeconomic system in which the means of production are publicly rather than privately owned, is a very old idea that has occurred in many guises throughout history. There correspondingly have been many objections to it. Most of these, it is probably safe to say, have focused on issues such as justice for property owners, or on the
Mises Daily
Author:
Frank Shostak
Online Publish Date:
To gain insight into the state of an economy, most people rely on a statistic called Gross Domestic Product (GDP). The GDP framework looks at the value of final goods and services produced during a particular time interval, usually a quarter or a year. This statistic is constructed in accordance with the view that what drives an economy is not the
Mises Daily
Author:
Frank Shostak
Online Publish Date:
The government’s releases of various economic indicators such as GDP, the CPI, and unemployment receive wide coverage in popular media such as TV networks and newspapers. In a measured and authoritative voice, various economists and other experts who are interviewed discuss their views regarding the health of the economy. Thus, a rise in an
Mises Daily
Author:
Gene Callahan
Online Publish Date:
Umberto Eco juxtaposes the following quotes as illustrative of the two poles of theories of interpretation: “What does the fish remind you of?” “Other fish.” “And what do other fish remind you of?” “Other fish.” (Catch-22) Hamlet: Do you see yonder cloud that’s almost in the shape of a camel? Polonius: By th’ mass, and ‘tis like a