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Category Archive: 6b.) Mises.org

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Edward Chancellor’s Much-Needed (But Not Heeded) Wisdom on Interest Rates

2022-10-18

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2022-10-18

The subject of time and money has hit a boiling point. Just look at Sri Lanka and Iran, where food riots have turned deadly, or, shall we say, currency riots have. People can’t buy food, and “protesters angry at the soaring prices of everyday commodities including food, have burned down homes belonging to 38 politicians as the crisis-hit country plunged further into chaos, with the government ordering troops to ‘shoot on sight,’” reports...

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What Do Supply and Demand Curves Really Tell Us? Not Very Much

2022-10-17

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2022-10-17

It is commonly held that prices of goods and services can produced by means of supply and demand curves. These curves describe the relationship between the prices and the quantity of goods supplied and demanded. Within the framework of supply-demand curves, an increase in the price of a good is associated with a fall in the quantity demanded and an increase in the quantity supplied.

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Fed Socialist Money Manipulation Cancels Individuals’ Better Judgment

2022-10-17

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2022-10-17

When a person is free to work, shop, and invest, he brings to each task his knowledge from doing the other tasks. As he works, he has a sense of what it takes to please customers, because he’s also a customer. As he shops, he has a sense of what workers can do for him, because he’s also a worker. As he invests, he has a sense of who adds value best, because he also works to add value and shops for value.

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Higher Education Woes: Student Loans Help Fuel Higher College Costs

2022-10-16

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2022-10-16

In my previous article on the college problem, I discussed the cultural factors that have contributed to the falling value of a university degree, which I hoped would show that we cannot reduce the decline of higher education to public policy failures. However, bad policy has been a major contributor to the problems plaguing the university system, both at the federal and state levels.

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Does Bank Lending by Itself Set Off Boom and Bust Cycles?

2022-10-16

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2022-10-16

Popular thinking says that banks are the key factor in the expansion of credit. However, is this really the case? For example, take a farmer Joe that produces two kilograms of potatoes. For his own consumption, he requires one kilogram, and lends the rest for one year to a farmer Bob. The unconsumed one kilogram of potatoes that he agrees to lend is his savings.

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Interview with Jakub Bożydar Wiśniewski

2022-10-15

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2022-10-15

In today’s world, dominated as it is by the ephemeral, the superficial, and the inconsequential, it can be hard for a rational, dispassionate observer to make sense of what is going on—politically, socially, economically, and philosophically.

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Thanks to the Fed, You’ll Work More this Year to Keep Last Year’s Standard of Living

2022-10-14

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2022-10-14

According to the establishment survey of employment, released last week by the Bureau of Labor Statistics, total employment increased, month-over-month by 263,000 jobs. The "job market stays strong" reads one CNBC headline, and the new jobs print was hailed as a great achievement of the Biden Administration by MSNBC pundit Steve Benen. 

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Die EZB auf den Spuren der Reichsbank

2022-10-13

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Ein Vortrag von Thorsten Polleit, gehalten beim Friedrich August von Hayek-Club Köln am 22. Uni 2020.

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College as an Economic and Social Problem: Dealing with the Culture

2022-10-13

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2022-10-13

Jeff Deist recently posed the question “Is College Worth It?” My first thought when I opened the article was that he could have reduced the entire piece to a single word: “no.”

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The Turkish Way

2022-10-13

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2022-10-13

The Wall Street Journal reported on September 22 that Turkey’s central bank cut that country’s benchmark interest rate to 12 percent from 13 percent, pushing the Turkish lira lower as much as 0.4 percent against the dollar to a new record low after the decision. One US dollar recently bought 18.3866 lira.

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Allen Mendenhall: Putting Humanness and Ethics Back Into Business Economics

2022-10-12

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2022-10-12

We are living through a particularly bad moment in history for free markets and capitalism. Government, not business, is promoted as the solution to all problems.

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Inflation, High Inflation, Hyperinflation

2022-10-11

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2022-10-11

The word “inflation” is heard and read everywhere these days. However, since different people sometimes have very different understandings of inflation, here is a definition: Inflation is the sustained rise in the prices of goods across the board.

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The Fed’s Real Mandate

2022-10-11

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2022-10-11

The Federal Reserve has a legal dual mandate to minimize unemployment and price inflation. The current “dual” between the two mandates is to reduce price inflation by increasing interest rates to increase unemployment and kill businesses to choke off aggregate demand.

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It’s All about the Benjamins: Why the Dollar Determines US Policies

2022-10-10

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2022-10-10

Imagine a hypothetical libertarian paradise (“Paradise”) that seeks only to live in peace and harmony with the rest of the world. Unfortunately, the rest of the world is not as pacifistic as Paradise; indeed, it has at least a few bad guys, countries controlled by people willing to use violence to get what they want. Worse yet, our Paradise is the only country with sufficient military might to resist the world’s bad guys effectively.

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The Economy Is a Process Not a Factory

2022-10-10

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2022-10-10

[Chapter 4 of Per Bylund's new book How to Think about the Economy: A Primer.] To help us understand what is going on in the economy, what is important is not the types and number of goods that sit on store shelves. It is why and how they got there.

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Die Währungsgeschichte der Deutschen. Ein Trauerspiel in fünf Akten

2022-10-09

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Ein Vortrag von Thorsten Polleit, gehalten am 18. Januar 2020 auf der ef-Jahreskonferenz in Usedom.

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How to Do Economics

2022-10-09

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2022-10-09

Economics is often faulted for being “ideological”—for promoting free markets. This is a misunderstanding. The free market in economics is a model—an analytical tool. It excludes complicating circumstances and influences and allows us to study core economic phenomena on their own so that they are not mistaken for other effects.

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The Fraudulent Social Contract of Bad Money Regimes

2022-10-09

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2022-10-09

Bad money regimes base themselves on a dysfunctional social contract. You, the people, agree to put up with a “moderately good” money in return for us (the regime) providing benefits in terms of employment and economic prosperity which would be unavailable if you (the people) had insisted on a high-quality money.

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Peter Klein: Why Managers Still Matter

2022-10-08

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2022-10-08

Entrepreneurial businesses embrace adaptiveness and change, and continuous innovation enabled by flexible and responsive organizations, empowered at every level. That doesn’t mean there’s no role for managers.

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A Cliché of Socialism: Under Public Ownership, We the People Own it!

2022-10-08

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2022-10-08

Foundation for Economic Education founder and cornerstone Leonard Read always had an ear out for widely accepted but misleading clichés that served to aggrandize government power and limit liberty. In his 1965 “A Cliché of Socialism: Under Public Ownership, We the People Own It!” He focused his attention on the large gap between public ownership of assets and the idea that “we the people” own them.

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