Category Archive: 6b) Austrian Economics

Middle of the Road Leads to Socialism: An Online Seminar with Dr. Robert Murphy

This is a special virtual seminar for donors to our fall campaign.  Donate Today! On Friday, October 8, at 2:00 p.m. CDT, Jeff Deist and Bob Murphy will discuss Mises's views on interventionism and their continued relevance today, particularly after the last year and a half of economic intervention resulting from covid tyranny.

Read More »

Why Everyone Should Read These Two Essays by Ludwig von Mises

Like virtually all of the work of Ludwig von Mises, these two essays, his 1958 Liberty and Property and his 1950 Middle-of-the-Road Policy Leads to Socialism are timeless. They are as important now as they have ever been and will increase in relevance as the growth of government continues almost unabated.

Read More »

The Rise and Fall of the Japanese Miracle

In 1943, John Maynard Keynes claimed that central-bank credit expansion performs the "miracle of turning a stone into bread." In its attempt to revive itself after a long recession, the Japanese government and central bank have given the world its last twentieth-century Keynesian experiment. It is an experiment that has failed, and miserably so.

Read More »

Too Much Inflation? Just Raise the Inflation Target!

In late August, Fed chairman Jerome Powell suggested that the Federal Reserve would begin tapering before the end of the year, an admission that price inflation was rising above the 2 percent target. Nonetheless, the Fed took no immediate action in the following month.

Read More »

Is Self-Ownership Necessary?

Isn’t a principle of nonaggression against others another way of stating the self-ownership principle? "Not necessarily," says the insightful philosopher Chandran Kukathas.

Read More »

Why the Federalists Hated the Bill of Rights

The Constitution had been ratified and was going into effect, and the next great question before the country was the spate of amendments which the Federalists had reluctantly agreed to recommend at the state conventions. Would they, as Madison and the other Federalists wanted, be quietly forgotten?

Read More »

US Military Propaganda in Film, Sports, and TV: It’s Everywhere

From the darkened cinema to the football field to the airport screening line, the US government inflated the actual threat of terrorism and the necessity of an aggressive military response. Original Article: "US Military Propaganda in Film, Sports, and TV: It's Everywhere" This Audio Mises Wire is generously sponsored by Christopher Condon. Narrated by Michael Stack.

Read More »

Can Economic Data Explain the Timing and Causes of Recessions?

Most economists are of the view that through the inspection of economic data it is possible to identify early warning signs regarding boom bust cycles. What is the rationale behind this way of thinking?

Read More »

What They Really Mean When They Say “Do the Right Thing”

As a senior in high school, I ran for class president with “Do the right thing” as my campaign slogan. Though I realized years ago how utterly pretentious that message is, I’m often reminded that it’s good politics, which proves the point that politics is poison.

Read More »

The Fed Is Bailing Out the Wealthy as Everyone Else Pays the Price

The Federal reserve says that inequality is a problem. At the same, the Fed also pretends to have nothing to do with it. Last September, for instance, Jerome Powell bemoaned the "relative stagnation of income" for people with lower incomes in the United States, but then claimed the Fed "doesn't have the tools" to address this issue.

Read More »

War Has Declined in the West Because War Isn’t “Worth It” for Rich Countries

The triumph of peace in contemporary societies is expressed as an obvious fact by mainstream intellectuals. Noting the relatively peaceful state of the world is part of a broader narrative to paint a positive picture of humanity. Yet there is a kernel truth to the assertion that quality of life indicators are improving, as explored by Marian Tupy and other optimists. But the game of warfare is more complicated.

Read More »

The Political Alchemy Called Modern Monetary Theory

The new kid on the economics block is something called modern monetary theory. The name is new, but the "theory" is not. Proponents adamantly claim that it is both new and a theory of economics. To make it appear this way, they dress the ideas in unusual-sounding jargon and use rhetorical tricks.

Read More »

Mark Spitznagel Teaches the Economists How to Invest

Bob reviews Mark Spitznagel's latest book, Safe Haven: Investing for Financial Storms, on which he was a consultant. Bob explains that Spitznagel rejects the alleged dichotomy between risk and return, and then gives a numerical example to illustrate the two schools of thought.

Read More »

The Fed Is Helping Facilitate Trailer Park Evictions

The Federal Reserve is helping corporate real estate investors evict poor people from mobile home parks. NPR highlighted the growing number of mobile home part evictions. According to the report, real estate investors continue to buy up mobile home parks across the US. They then raise lot rents and fees, and evict residents who can’t pay.

Read More »

Using the “Natural Interest Rate” In Setting Monetary Policy Is an Impossible Dream

"The ideas of economists and political philosophers, both when they are right and when they are wrong, are more powerful than is commonly understood. Indeed the world is ruled by little else. Practical men, who believe themselves to be quite exempt from any intellectual influence, are usually the slaves of some defunct economist."

Read More »

A Legacy of Corruption in the FDA and Big Pharma

Our healthcare system is broken, a fact nobody would have disputed in precovid days. Regulatory capture is a reality, and the pharmaceutical industry is fraught with examples. Yet we trusted private-public partnerships to find an optimal solution to a global pandemic, assuming a crisis would bring out the best in historically corrupt institutions.

Read More »

Preserving Capital through Bankruptcy

While bankruptcy has a negative connotation in the business world, “Bankruptcy fulfills the crucially important social function of preserving the available stock of capital."

Read More »

What Texas’s Unilateral Immigration Policy Tells Us about Washington

Could Texas usher in a uniquely decentralized approach to immigration? Texas Governor Greg Abbott recently embarked on a unique policy drive to have the state government lead the charge on immigration policy. It’s no secret that talks of immigration evoke powerful emotions on both sides — another indication of the elevated levels of polarization present in the US.

Read More »

How to Cheat with Cost-Benefit Analysis: Double Count the Benefits

Because my economics courses focus on public policy, I often deal with benefit-cost analyses (BCA) in them. While little discussed, the central idea is simply to identify and include all the relevant benefits and costs of a decision, do our best to estimate their values, then choose the option that provides the greatest net benefits. Hardly a radical idea. It can be useful in disciplining our thinking to be more consistent. Benjamin Franklin...

Read More »

The Terrible Economic Ignorance Behind Covid Tradeoffs: My Speech to the Ron Paul Institute

Some of you may know the name Alex Berenson, the former New York Times journalist who comes from a left-liberal background. He has been absolutely fearless and tireless on Twitter over the past eighteen months, documenting the overreach and folly of covid policy—and the mixed reality behind official assurances on everything from social distancing to masks to vaccine efficacy.

Read More »