Includes an introduction by Tho Bishop. Recorded in Tampa, Florida, on February 17, 2024.
Special thanks to Liberty Villages and the Shrader family for sponsoring this event.
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When the economy goes into a recession, most economic commentators believe that the government and the central bank should take steps to counter the rise in unemployment. Some economists believe that lowering unemployment can be achieved without any cost, given that the unemployed workers are idle. According to Paul Krugman, “If you put 100,000 Americans to work right now digging ditches, it is not as if you are taking those 100,000 workers away from other good things they might be doing. You are putting them to work when they would have been doing nothing.”
But how will such a policy be funded? Who pays the unemployed for digging ditches? It seems that Krugman believes that funding can be easily generated by the central bank via money printing.
Now, funding is not about money as such but
2024-01-23
[This speech was delivered at the Mises Institute on the 50th anniversary of the publication of Human Action in 1999. This year, May 16-18, join Dr. Joseph T. Salerno, Dr. Thomas J. DiLorenzo, Dr. Jörg Guido Hülsmann, Dr. Mark Thornton, and more for a conference in honor of the 75th anniversary of Human Action at our campus in Auburn. Space is limited. Register here.]
In a 1949 memo circulated within Yale University Press, the publicity department expressed astonishment at the rapid sales of Ludwig von Mises’s Human Action. How could such a dense tome, expensive by the standards of the day, written by an economist without a prestigious teaching position or any notable reputation at all in the United States, published against the advice of many on Yale’s academic advisory board, sell so
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