Category Archive: 6b) Austrian Economics

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Europe’s Energy Crisis Was Created by Political Intervention

2022-10-20

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2022-10-20

An energy policy that bans investment in some technologies based on ideological views and ignores security of supply is doomed to a strepitous failure. The energy crisis in the European Union was not created by market failures or lack of alternatives. It was created by political nudging and imposition.

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Higher Education in Crisis: The Problem of Ideological Homogeneity

2022-10-19

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2022-10-19

In my second article on the college problem, I discussed the public policy factors that contribute to the rising cost of higher education. But politics makes its way into education through more than public policy, as professors bring their political views into their classrooms and research.

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The French Must Rediscover the Taste for Individual Freedom: An Interview with Professor Pascal Salin

2022-10-19

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2022-10-19

Pascal Salin is an economist, professor emeritus at the University of Paris-Dauphine, and was president of the Mont-Pelerin Society from 1994 to 1996. Among the extensive list of books Professor Salin has published, mention can be made of the following titles: La vérité sur la monnaie (Paris: Odile Jacob, 1990), Libéralisme (Paris: Odile Jacob, 2000), Français, n’ayez pas peur du libéralisme (Paris: Odile Jacob, 2007), Revenir au capitalisme pour...

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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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Alex Jones Got What He Deserved

2022-10-17

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2022-10-17

Reminder: Our online conference “End Inflation and at the Fed,” continues this evening at 7 p.m. (Eastern time) with the third talk of our series. Our speaker will be Kevin Dowd, professor of finance and economics at Durham University, much of whose work revolves Austrian and Public Choice economics.

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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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Die Endzeit individueller Freiheit – ist es soweit?

2022-10-15

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2022-10-15

Schon länger sind Entwicklungen zu beobachten, die eine kaum zu unterschätzende Gefahr für Leben, Freiheit und das Streben nach Glück darstellen, wie etwa eine zunehmende Politisierung aller Lebensbereiche, die Verbreitung kollektivistischer Denkhaltungen oder der Trend zum digitalen gläsernen Menschen.

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“The British people are politically homeless – Part II”

2022-10-14

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2022-10-14

Interview with Godfrey Bloom: Part II of II (click on this link for Part I) Claudio Grass (CG): With everything that’s been going on, it could be argued that very few of Liz Truss’s predecessors had worse luck in their first month in office. The Queen’s death dominated international mainstream media for weeks and it reignited a lot of old debates about Britain’s past and about the monarchy itself. What is your own view on the monarchy? Is it...

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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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“The British people are politically homeless – Part I”

2022-10-13

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2022-10-13

Interview with Godfrey Bloom: Part I of II A lot has been said and written about Britain’s political and economic woes since Brexit, and even more so over the last two years. Overwhelmingly, mainstream media coverage has been negative and many of the nation’s problems have been blamed on Brexit itself. The role of the lockdowns, the forced business closures and especially of the extreme fiscal and monetary interventions during the Covid...

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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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Fiat-Geld und die Corona- und Klima-Politik: Die real existierende Postmoderne

2022-10-12

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2022-10-12

Was haben das unbegrenzte Gelddrucken und das Corona- und Klima-Regime gemeinsam? Offensichtlich ist Ersteres die Voraussetzung für Letztere: Ohne die Möglichkeit für Regierungen, willkürlich Geld aus dem Nichts zu schaffen, könnte es weder die Corona-Lockdowns noch die Wende hin zu ineffizienten und unzuverlässigen Energiequellen geben, weil dann die Menschen die wirtschaftlichen Folgen dieser Politik direkt im Portemonnaie spüren würden.

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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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Crypto and the Environment

2022-10-11

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2022-10-11

An intrusive intervention into the crypto market similar to what the EU has recently provided is not a sure promise of a Pareto efficient result.

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