Category Archive: 6b) Austrian Economics

Filter archive by: Show All Show only Articles Show only Videos

Millions and Billions and Trillions—Oh My!

2023-11-30

by

2023-11-30

Dorothy and her companions in the movie The Wizard of Oz feared lions and tigers and bears as they journeyed through the woods to visit the wizard. But real people living today might fear frighteningly large numbers more than large wild animals. We live today with some very large numbers that contain many zeros and commas, figures so large that the human brain can barely comprehend them. With so many zeros to count, it is often easier to express...

Read More »

From the Invisible Hand to the Invisible Sleight-of-Hand

2023-11-30

by

2023-11-30

Advocates of unbacked paper money claim that theirs is the “civilized” choice, as opposed to gold, or what Keynes called “that barbarous relic.” These inflationists, however, are the ones wrecking civilization as we have known it. Original Article: From the Invisible Hand to the Invisible Sleight-of-Hand

Read More »

Inflationary Expectations Do Not Cause Inflation

2023-11-30

by

2023-11-30

Many economists believe that inflationary expectations cause general increases in prices. For instance, if there is a sharp increase in oil prices, people will form higher inflationary expectations that set in motion general increases in the prices of other goods and services. According to the former Federal Reserve chairman Ben Bernanke, “Undoubtedly, the state of inflation expectations greatly influences actual inflation and thus the central...

Read More »

As the US Treasury Runs Out of Creditors, Its Options Dwindle

2023-11-29

by

2023-11-29

Are the chickens coming home to roost for the US Treasury? As Ryan McMaken noted in a recent Mises Wire article, the United States is in a debt spiral and there’s no easy way out. The problem is multifaceted, but the origin is profligate government spending. While it typically spikes during crises, spending is increasing at an alarming rate even outside of crisis periods. And tax revenues are not keeping up, which means ever-deepening deficits....

Read More »

Time Preference Is the Key Driver of Interest Rates

2023-11-29

by

2023-11-29

Forget the other mainstream explanations for interest. Time preference explains this phenomenon and gives a true picture of why interest exists in the first place. Original Article: Time Preference Is the Key Driver of Interest Rates

Read More »

Should We Embrace the Stateless Roman Political Thought?

2023-11-29

by

2023-11-29

The traditionalist author Álvaro d’Ors emphasized in his work that the political thought of Rome was essentially stateless as it had a personalistic character. In contrast, Greek political thought had a territorial focus, giving rise to the idea of the state. Intellectuals who created and legitimized the idea of the state in modernity drew from Greek political thought. To abolish the state, we need to investigate what both the Greeks and Romans...

Read More »

Statist Ideology and War: Israel versus Hamas

2023-11-29

by

2023-11-29

As this author previously has noted, the ideology of statism is responsible for much of the violence that plagues the world. We see this played out in Israel's aggressive retaliatory attacks in Gaza in response to the October 7 killings by Hamas. Original Article: Statist Ideology and War: Israel versus Hamas

Read More »

Progressive Interventionism Is Ruining American Healthcare

2023-11-29

by

2023-11-29

Two weeks ago, I wrote about the problems with Joe Manchin’s argument that Congress needs to reject the “extremism” in its ranks if it’s ever going to solve the many problems facing Americans. I argued that the opposite is true. That Congress is almost entirely unified behind a specific pace of progressive interventionism where the predictable consequences of previous interventions are perpetually used to justify more intervention. In this cycle,...

Read More »

There’s No Easy Way Out of This Debt Spiral

2023-11-28

by

2023-11-28

The new problem we now face arises from the fact that huge deficits are only manageable so long as interest rates remain very, very low.  Original Article: There's No Easy Way Out of This Debt Spiral

Read More »

The Power of Austrian Causal-Realist Analysis

2023-11-28

by

2023-11-28

For many economists, economic growth is a mystery. By “economic growth,” Shawn Ritenour has principally in mind economic progress in the less developed countries, but his recipe for growth applies universally. Why is growth a mystery? Ritenour explains why in this excellent book: “Indeed, a major reason modern macroeconomics has not solved the mystery is that as a whole—dare I say, in the aggregate—its analytical approach fosters neither asking nor...

Read More »

Remembering the Great Henry Hazlitt on His Birthday

2023-11-28

by

2023-11-28

November 28 marks the 1894 birth of one of American history’s most prolific public intellectuals—Henry Hazlitt. According to Llewellyn Rockwell, Hazlitt “was familiar with the work of every important thinker in nearly every field” and “wrote in every important public forum of his day.” His published work as a journalist, literary critic, philosopher, and economist ran to roughly ten million words before his death in 1993, including perhaps the most...

Read More »

October’s Sobering Jobs Report Adds to Mounting Bad Economic News

2023-11-28

by

2023-11-28

Data on employed persons, wages, and other measures point to trouble ahead in an economy already strained by growing bankruptcies, mounting debts, and disappearing savings.  Original Article: October's Sobering Jobs Report Adds to Mounting Bad Economic News

Read More »

Arkansas’ Attack on Chinese-Owned Property Is Reckless and Crony-Driven

2023-11-28

by

2023-11-28

Citing national security concerns, Arkansas ordered Chinese company Syngenta to sell off the 160 acres of farmland it owns in the state. The national security concerns are, as will be demonstrated, bogus; however, there may be more crony motivations for this order as well. An article of mine published in July 2023 by the Libertarian Institute addresses these national security concerns. Walter Block also recently published a piece examining the...

Read More »

The “Climate Emergency”: Fueled by 21st Century Marxism

2023-11-27

by

2023-11-27

The eternal “climate emergency” is upon us. While doomsday is said to be around the corner, the reality is that the only thing rising is the level of government control.  Original Article: The "Climate Emergency": Fueled by 21st Century Marxism

Read More »

After Ukraine, Realpolitik Will Be the New Interventionist Status Quo

2023-11-27

by

2023-11-27

From the onset of the current Israeli-Hamas conflict, the statements from the Joe Biden administration and Congress were crystal clear: America is the indispensable nation, and we’re rich and powerful enough to be able to afford two wars to guarantee the safety of the world. Even with the displeasure over an unstoppable growth in debt and a declining economy, the message to both the domestic and international audiences is DC will get involved...

Read More »

The Federal Reserve is Running Losses. Does This Cost Anyone Anything?

2023-11-27

by

2023-11-27

The new problem we now face arises from the fact that huge deficits are only manageable so long as interest rates remain very, very low.  Original Article: The Federal Reserve is Running Losses. Does This Cost Anyone Anything?

Read More »

Student Loans: The Continuing Crisis That Is Getting Worse

2023-11-27

by

2023-11-27

The leviathan does not rest in pursuing free universities, creeping ahead unchecked by either reason, law, or accounting principles. Why is student assessment of their federal-debt-financed degrees so low? Why are 26 percent of past payments delinquent? More than 50 percent of students agree that they either studied the wrong major or wasted time and money. Less than half have found work in their major field of study. Public dialogue is lured into...

Read More »

Israel Isn’t the Brilliant Friend of Freedom the Beltway Claims It to Be

2023-11-26

by

2023-11-26

While Israel receives praise for being a "democracy" in the undemocratic Middle East, its surveillance policies mirror those of China, which is decidedly not democratic. Original Article: Israel Isn’t the Brilliant Friend of Freedom the Beltway Claims It to Be

Read More »

Killers of the Flower Moon Is about Government Failure

2023-11-25

by

2023-11-25

The newly-released movie "Killers of the Flower Moon" depicts what happens when politically-connected people can use the state to carry out nefarious deeds. Unfortunately, government failure is one lesson that is sure to be lost here. Original Article: Killers of the Flower Moon Is about Government Failure

Read More »

Is Migration a Tool of the Consumptive Class?

2023-11-25

by

2023-11-25

An unfortunate consequence of increased wealth is the growth of the parasitic consumptive class of political and cultural elites. Labor migrations often follow in the wake of damage that elites do. Original Article: Is Migration a Tool of the Consumptive Class?

Read More »