[ Editor’s Note: In this selection from “ Is the Virus of International Macroeconomic Interventionism Infectious? An ABCT Analysis “ in the newest issue of Quarterly Journal of Austrian Economics, the authors analyze how a commodity-money-based economy would be effected by neighboring economies still using fiat money. The authors note that the
This weekend, I had the pleasure of traveling to Grove City College in Grove City, PA to attend the Austrian Student Scholars Conference . I was a mere observer at this event – but what I observed was good scholarship and great fun.The Conference kicked off on Friday night with dinner (Beef Stroganoff) and mingling with the fellow scholars. That
Charles Davi over at The Atlantic recently wrote an article detailing a particular example of “market failure” – the so-called “coordination failure”. Here, I hope to offer a largely Austrian view of this “failure”. In the end, we’ll see that a proper understanding of the problem will eliminate any valid role for government. Davi presents us with
So, Joe Stiglitz is weighing in on the crisis with an article with Vanity Fair . His claims? Five major mistakes were made. #1: Firing the regulator inflation-fighter Paul Volcker in favor of free-marketeer Alan Greenspan #2: Gramm-Leach-Bliley AKA the “Financial Services Modernization” Act #3: “Applying the Leeches” – by which he means poorly
Paul Krugman has a recent post , giving two reasons why the free market cannot cure health care. As should be no surprise to a Mises.org reader, Krugman is quite wrong.Drawing from a classic article by Kenneth Arrow, Krugman gives two main reasons that health care is something that cannot be left to a free market. First, health care expenses are
Continuing in the fight for a 100% reserve banking system (or at least a system closer to that than the one we have), I just sent the following message to the Board of Governors. Naturally, feel free to copy-paste, or send them your own comments here . To the Board of Governors: As you know, recent PPI data shows a marked increase in Final Goods
Apparently, Secretary Geithner is going to China this weekend. In part, he’s going to be there to tell China to stop exporting so much. Which, of course, raises a serious question. If China stops exporting (as much) to the US, where will they get the dollars to lend our government so that we can repair our crumbling roads and bridges? The rather
[ From the Spring 2016 Issue of the Quarterly Journal of Austrian Economics . ] Robert P. Murphy’s Choice: Cooperation, Enterprise, and Human Action seeks to provide the reader with a “modern, condensed treatment” of Ludwig von Mises’s Human Action . Robert P. Murphy is a long-time contributor to Austrian economics, and has been a serious student
Paul Krugman suggests that cutting the minimum wage won’t help employment. My hope here is to uncover his errors. First, Krugman makes the argument for cutting the minimum wage. He states: Here’s how the fallacy [of composition] works: if some subset of the work force accepts lower wages, it can gain jobs. If workers in the widget industry take a
Nota del editor: En esta selección de « Is the Virus of International Macroeconomic Interventionism Infectious? An ABCT Analysis » en el último número del Quarterly Journal of Austrian Economics, los autores analizan cómo una economía basada en el dinero mercancía sería afectada por las economías vecinas que todavía utilizan el dinero fiat. Los
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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.