The Folly of Rent Control in New York City (Again)
2024-03-21
Tu ne cede malis, sed contra audentior ito
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CNN Is Wrong. Deflation Is a Good Thing
2024-03-20
A recent video by CNN states that lower prices are bad for the United States economy and that consumers must get used to the newer, higher prices. The video goes so far as to say, “We’re never going to pay 2019 prices again.” The video claims that deflation is responsible for a long list of problems including layoffs, high unemployment, and falling incomes. Americans should simply get used to paying more and more each year and be happy about it. Except, deflation is actually good for consumers despite the contentions of inflation-supporting economists.The conclusion that inflation is a good thing is reached by the mishandling of economic terms. While Austrian economics accepts that inflation is the expansion of the money supply, mainstream economics contends that inflation is an increase
What Is Happening to College Sports?
2024-01-06
On Monday night, January 8, the University of Michigan and the University of Washington football teams will vie for the collegiate national championship. While championships always bring excitement to fans and participants alike, this year’s game brings attention to major changes that have occurred in the National Collegiate Athletic Association Division I in the past few years involving both monetary payments and mobility for athletes.
While there is excitement for the game, we are seeing undercurrents that some claim will “destroy college football” as we have known it. The major changes involve athletes being able to gain product endorsements or make money off their likeness (Name, Image, and Likeness, or NIL) as well as being able to transfer one time via the NCAA Transfer Portal with
Resurrecting the Failed Policy of Rent Control
2024-01-03
It certainly isn’t common to find much agreement between the various authors here at the Mises Institute and our favorite metaphorical punching bag: Paul Krugman. But when it comes to the recently resurrected policy corpse of rent control, we have found a common cause.
As Krugman noted back in 2000,
The analysis of rent control is among the best-understood issues in all of economics, and—among economists, anyway—one of the least controversial. In 1992 a poll of the American Economic Association found 93 percent of its members agreeing that “a ceiling on rents reduces the quality and quantity of housing.” Almost every freshman-level textbook contains a case study on rent control, using its known adverse side effects to illustrate the principles of supply and demand. Sky-high rents on
How the American Revolution Turned North American Foreign Trade on Its Head
2023-12-30
[Chapter 1 of Rothbard’s newly edited and released Conceived in Liberty, vol. 5: The New Republic: 1784–1791.]
After peace came in 1783, the new republic faced a two-fold economic adjustment: to peacetime from the artificial production and trade patterns during the war, and to a far different trading picture than had existed before the war. The largest change between the two eras of peace was the shift in trading patterns resulting from independence. Most importantly, while Americans were freed from the shackles of British mercantilism and could trade freely with the rest of the world, the United States was now a foreign country that could no longer freely enjoy a market within the British Empire.
While the bulk of America’s trade remained with the British Empire, the pressure of New World