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Category Archive: 6b) Austrian Economics

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The Censored Generation

2023-03-16

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2023-03-16

Never before have we seen an entire generation of young Americans being censored—and self-censoring—for making innocuous statements. This does not end well. Original Article: "The Censored Generation" This Audio Mises Wire is generously sponsored by Christopher Condon.

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Reparations Are a Statist Cudgel for Bludgeoning Property Owners

2023-03-16

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2023-03-16

San Francisco’s panel on reparations has issued a recommendation that qualified black residents in that city receive $5 million in reparations for the financial effects of slavery and/or racial discrimination. There was never slavery in the city of San Francisco, but the panel nevertheless suggested that city inhabitants must atone for racial discrimination. Such calls for reparations to black people are based on the notion of collective white...

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Why Biden’s Spending Is Unsustainable

2023-03-16

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2023-03-16

It's popular for politicians to claim they will never cut Social Security. But doing nothing now about the program means imposing an even larger hit on seniors in the future.  Original Article: "Why Biden's Spending Is Unsustainable" This Audio Mises Wire is generously sponsored by Christopher Condon.

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The Fear of Mass Unemployment due to Artificial Intelligence and Robotics Is Unfounded

2023-03-16

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2023-03-16

People are arguing over whether artificial intelligence (AI) and robotics will eliminate human employment. People seem to have an all-or-nothing belief that either the use of technology in the workplace will destroy human employment and purpose or it won’t affect it at all. The replacement of human jobs with robotics and AI is known as “technological unemployment.” Although robotics can turn materials into economic goods in a fraction of the time...

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Money Supply Growth Went Negative for the Third Month in a Row, and Is Near a Thirty-Five-Year Low

2023-03-15

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2023-03-15

With negative growth now dipping below –5 percent, money-supply contraction is approaching the biggest declines we've seen in the past thirty-five years. Original Article: "Money Supply Growth Went Negative for the Third Month in a Row, and Is Near a Thirty-Five-Year Low" This Audio Mises Wire is generously sponsored by Christopher Condon.

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Libertarian Law by Democratic Means: Utilitarianism and the Demythologization of Authority

2023-03-15

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2023-03-15

I have previously explained how for Ludwig von Mises, democracy is necessary for the libertarian society because of its usefulness in achieving and maintaining social peace, insofar as social peace is a prerequisite for economic and civil liberty. This time I want to explain an idea that is implicit in Mises’s subjectivist philosophy and that leads him to defend democracy, understood as the consent of the governed, but which may go unnoticed...

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The “Meritocracy” Was Created by and for the Progressive Ruling Class

2023-03-15

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2023-03-15

All of Al Gore's children went to Harvard. Are we really to believe that this is because the Gore kids had the most "merit"? The only real  meritocracy is in the marketplace.  Original Article: "The "Meritocracy" Was Created by and for the Progressive Ruling Class" This Audio Mises Wire is generously sponsored by Christopher Condon.

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Silicon Valley Bank and the Failure of Fractional Reserve Banking

2023-03-15

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2023-03-15

With the apparent failure of Silicon Valley Bank (SVB) potentially causing a crisis in the American and even the global financial system, we will be treated to all manner of explanations, very few of which will accurately state the cause of these troubles: fractional reserve banking. In modern banking there is little separation between warehouse and investment banking. The downside of investment banking is a potential loss of money since no...

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Looming Bank Failures Point to More Price Inflation as Real Wages Fall Again

2023-03-15

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2023-03-15

The federal government’s Bureau of Labor Statistics (BLS) released new price inflation data today, and according to the report, price inflation during the month decelerated slightly, coming in at the lowest year-over-year increase in eighteen months. According to the BLS, Consumer Price Index (CPI) inflation rose 6.0 percent year over year in February before seasonal adjustment. That’s down from January’s year-over-year increase of 6.4 percent, and...

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The Theory and Practice of Conspiracy

2023-03-14

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2023-03-14

Adam Smith published The Wealth of Nations in 1776, at the beginning of the Industrial Revolution. The book was the result of twenty years of observation of human action and identification of the mechanisms and processes that lead to economic efficiency and to our well-being. The book was written at a time when guilds had not yet completely disappeared, even though it was already known that the guild system was a brake on innovation and freedom of...

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Jeff Grogg: Building The New Production Structure Of Entrepreneurial Capitalism

2023-03-14

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2023-03-14

It’s time to re-imagine how entrepreneurs bring their innovative value propositions to market at the appropriate scale to meet the important needs of millions of people. The new way of thinking is for entrepreneurs to focus all their energy on designing, refining and strengthening the value proposition, and then plugging in to a network of resources assembled by others so that customers enjoy the full realization of the value experience the...

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A Permanent Wartime Economy

2023-03-14

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2023-03-14

Resources are scarce even when money is not. Original Article: "A Permanent Wartime Economy" This Audio Mises Wire is generously sponsored by Christopher Condon.

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Our Economic Illiteracy

2023-03-14

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2023-03-14

“Economics,” wrote Henry Hazlitt, “is haunted by more fallacies than any other study known to man.” True. No epoch is immune to the scourge of economic illiteracy. Yet, we find ourselves in a moment of especially unprecedented economic ignorance. We’ve come a long way since the days of Hazlitt’s editorializing in the New York Times. In the 1930s, believe it or not, the Times held the line on economic orthodoxy in the face of emergent quackery. Fast...

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A Bank Crisis Was Predictable. Was the Fed Lying or Blind?

2023-03-14

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2023-03-14

Welcome to Whose Economy Is It, Anyway?, where the rules are made up and the dollars don’t matter. Or at least that seems to be the view of the Yellen regime. As Doug French noted last week, Silicon Valley Bank (SVB) was the canary in the coal mine. Over the weekend, Signature Bank became the third-largest bank failure in modern history, just weeks after both firms were given a stamp of approval by KPMG, one of the Big Four auditing firms. While...

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Yes, the Latest Bank Bailout Is Really a Bailout, and You Are Paying for It.

2023-03-13

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2023-03-13

Silicon Valley Bank (SVB) failed on Friday and was shut down by regulators. It was the second-largest failure in US history and the first since the global financial crisis. Almost immediately, the calls for bailouts started to come in. (Since Friday, First Republic Bank has failed, and many other banks are facing collapse.) In fact, on March 9, even before SVB failed, billionaire investor Bill Ackman took to Twitter to insist a federal “bailout...

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Are Large Hospitals the Problem with US Healthcare?

2023-03-13

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2023-03-13

Two "distinguished" healthcare analysts have examined the medical system in the USA and conclude that the REAL problem is . . . large hospitals. Dale Steinreich applies economic analysis to their claims. Original Article: "Are Large Hospitals the Problem with US Healthcare?" This Audio Mises Wire is generously sponsored by Christopher Condon.

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How Easy Money Killed Silicon Valley Bank

2023-03-13

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2023-03-13

The second-largest collapse of a bank in recent history after Lehman Brothers could have been prevented. Now the impact is too large, and the contagion risk is difficult to measure. The demise of the Silicon Valley Bank (SVB) is a classic bank run driven by a liquidity event, but the important lesson for everyone is that the enormity of the unrealized losses and the financial hole in the bank’s accounts would not have existed if not for ultra-loose...

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The Phillips Curve Is an Economic Fable

2023-03-13

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2023-03-13

Keynesians and other economists believe the central bank can influence economic growth via monetary policy but that it may bring inflation. Thus, if the goal is faster economic growth and lower unemployment, then the economy may pay the price with a higher inflation rate. There is supposedly a tradeoff between inflation and unemployment, described by the Phillips curve: the lower the unemployment rate, the higher the rate of inflation; conversely,...

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We Are All Counterfeiters Now

2023-03-13

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2023-03-13

Get beyond the PhDs running the Federal Reserve or the way people treat the Fed with deference. In the end, it is nothing but a legal counterfeiting ring. Original Article: "We Are All Counterfeiters Now" This Audio Mises Wire is generously sponsored by Christopher Condon.

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Government Is as Government Does

2023-03-13

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2023-03-13

People say government is corrupt. If it were corrupt, it would be acting in ways contrary and detrimental to its purpose, and it would be possible to right the course. In truth, government acts in ways that befit its nature. Today’s governments are states ruling by legal coercion. There is another, unacknowledged “government” that works to govern our behavior peacefully, and it’s usually called the free market. But to states, the market—whether...

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