Category Archive: 6b) Austrian Economics

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How the Business Cycle Happens

2023-08-15

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2023-08-15

Study of business cycles must be based upon a satisfactory cycle theory. Gazing at sheaves of statistics without "pre-judgment" is futile. A cycle takes place in the economic world, and therefore a usable cycle theory must be integrated with general economic theory. And yet, remarkably, such integration, even attempted integration, is the exception, not the rule. Economics, in the last two decades, has fissured badly into a host of...

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The Taxpayers Bailed Out Yellow Trucking. It Went Bankrupt Anyway.

2023-08-15

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2023-08-15

The Trump administration doled out $700 million in CARES “loans” to trucking firm Yellow. Now Yellow has gone bankrupt, and the taxpayers may foot the bill. Original Article: "The Taxpayers Bailed Out Yellow Trucking. It Went Bankrupt Anyway."

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Golf Merger Is Opposed by Congress. This Is Misguided

2023-08-15

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2023-08-15

The PGA Tour and the Saudi-owned LIV Golf are seeking to move past their cutthroat competition and merge together, but United States regulators are stepping in and framing the potential merger as a threat to US sovereignty and an expansion of Saudi Arabian influence, citing the Saudi regime’s brutality and alleged involvement in the 9/11 attacks. In questioning representatives of the two companies, Senator Richard Blumenthal stated, “Today’s...

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Censorship through the Centuries: Free Speech Suppression by the Government and the Mainstream Media

2023-08-15

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2023-08-15

While Americans believe the First Amendment protects their speech, the US government and mainstream media have joined together to suppress speech that does not coincide with government policies. Original Article: "Censorship through the Centuries: Free Speech Suppression by the Government and the Mainstream Media"

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Family Flourishing and State Denigration

2023-08-15

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2023-08-15

There is little doubt that the institution of the family in the West is in crisis. Birth rates have been declining in the USA, and most Western countries have fertility rates below replacement level. Abortions number over five hundred thousand per year, most of which are concentrated among low-income individuals. Famously, around half of all marriages in the USA end in divorce. Rather than ignoring these problems, it is important for all on the...

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The European Energy Crisis May Be Back Soon

2023-08-15

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2023-08-15

European natural gas prices soared almost 40 percent on the risk of a global liquefied natural gas shortage. European wholesale power prices remain below the record highs of the energy crisis but have steadily climbed as the volatility in the international commodity spectrum underscores the fragility of the European energy system. Unfortunately, the European Union bureaucrats declared the end of the energy crisis as if it were the result of...

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Taking Back the Meaning of “Inflation”

2023-08-14

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2023-08-14

By corrupting the meaning of inflation, mainstream economists have given a false picture of what happens when monetary authorities expand the money supply. Mises and Rothbard understood. Original Article: "Taking Back the Meaning of "Inflation""

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IMPARABLE. MILEI ARRASA EN ARGENTINA, DEBACLE PERONISTA

2023-08-14

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#milei #mileipresidente #peronismo #argentina #economia #inflación #crisis Te animo a suscribirte a mi canal y te invito a seguirme en mis redes sociales: ☑ Twitter - https://twitter.com/dlacalle ☑ Instagram - https://www.instagram.com/lacalledanie ☑ Facebook - https://www.facebook.com/dlacalle ☑ Página web - https://www.dlacalle.com ☑ Mis libros en Amazon - https://www.amazon.es/Daniel-Lacalle/e/B00P2I78OG ¡Un saludo!

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Eurodollars as a Fractional Reserve Market

2023-08-14

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2023-08-14

Austrian economics properly understands the ability of commercial banks to create money by mismatching their depositor liabilities with their issuing of money substitutes (i.e., the creation of credit). One possible place for further exploration is the role that nonbank or foreign financial institutions play in the creation of credit and the broader implications on business-cycle creation. Let us take the dollar as an example. Say Deutsche Bank...

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The Dead End of Catholic Nationalism

2023-08-14

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2023-08-14

The Christian nationalist state is one in which civil rulers—for a time—regard the Church as a convenient ally. Once this comes to an end, however, the "Christian" state transforms into a state hostile to those it was once designed to protect. Original Article: "The Dead End of Catholic Nationalism"

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Thatcher’s New Style of Government

2023-08-14

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2023-08-14

Recent news reports mention the possible bankruptcy of the privately owned company Thames Water (TW) in the United Kingdom, with a history of very high debt repayments, high dividend payouts to shareholders, mismanagement, and underinvestment of capital spending. TW supplies water and wastewater services to the southeast of England, including London. The problem for TW is that almost half of their debt is floating rate, in which the interest rate...

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No Hay Nada MÁS CAPITALISTA que Un PROGRE

2023-08-13

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Te animo a suscribirte a mi canal y te invito a seguirme en mis redes sociales: ☑ Twitter - https://twitter.com/dlacalle ☑ Instagram - https://www.instagram.com/lacalledanie ☑ Facebook - https://www.facebook.com/dlacalle ☑ Página web - https://www.dlacalle.com ☑ Mis libros en Amazon - https://www.amazon.es/Daniel-Lacalle/e/B00P2I78OG ¡Un saludo!

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“Greed” Didn’t Kill the Pac-12. Entrepreneurial Failure Did

2023-08-13

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2023-08-13

The fall of the Pac-12 is an unfortunate end to a proud collegiate institution. But its death isn’t the fault of uncurable greed but of the conference’s own inability to be competitive in the game. Original Article: ""Greed" Didn't Kill the Pac-12. Entrepreneurial Failure Did"

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Is Secondhand Smoke Bad, or Is It a Public Good? It’s Complicated

2023-08-12

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2023-08-12

The usual answer is that secondhand smoke is bad. But if value is subjective, perhaps secondhand smoke also can be seen as a public good. Original Article: "Is Secondhand Smoke Bad, or Is It a Public Good? It’s Complicated"

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How People Determine the Value of a Good

2023-08-12

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2023-08-12

In contrast to the imaginary way that mainstream economists present value, Austrian economists properly use ordinal rankings to determine value. Original Article: "How People Determine the Value of a Good"

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The Taxpayers Bailed Out Yellow Trucking. It Went Bankrupt Anyway.

2023-08-12

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2023-08-12

After ninety-nine years in business, Yellow, one of the nation’s biggest trucking companies, shut down. The company has more than twelve thousand trucks and employed thirty thousand, with twenty-two thousand of those jobs held by Teamsters. If you are a taxpayer, you know all this, your government being a 29.6 percent shareholder of Yellow and all. The Trump administration’s Coronavirus, Aid, Relief, and Economic Security (CARES) Act dished out...

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Update on Toilet Paper

2023-08-12

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2023-08-12

In this episode, Mark updates his early March 2023 episode (Mises.org/Minor11) on the high price of toilet paper. He shows how economic changes, so far, in 2023 seem to have vindicated his forecast of lower toilet paper and paper towel prices. It also demonstrates how the market process works on a minor scale, even when large determinants like Amazon, Covid, and the US home construction industry get tangled up with politicians and bureaucrats....

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AI Lacks the Entrepreneurial Intelligence to Plan an Economy

2023-08-12

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2023-08-12

Can computers plan a socialist economy? The idea is not new; it first appeared in the debate over economic calculation, which began in 1920 with Ludwig von Mises’s first article on the topic and continued until 1949. This was a time when computers had recently emerged. Computers were not widespread, but their possibilities were evident. Oskar Lange considered the market economy to be a “crude and soon to be obsolete computing machine.” More...

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The Bombing of Hiroshima: The Crime and the Cover-Up

2023-08-12

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2023-08-12

How do you cover up an atomic bomb? The same way you cover up anything else: you don’t allow people to know what really happened. Of course, the magnitude and power of a mushroom cloud are plainly unmistakable. However, the effects of that bomb can be concealed and obfuscated from the general population. For over a year after the nuclear destruction of Hiroshima and Nagasaki, the full extent of the bomb’s killing power was kept secret from the...

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France’s Unrest Has Deep Roots. Proposed Immigration Restrictions Will Make Things Worse

2023-08-11

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2023-08-11

Ambrogio Lorenzetti’s frescoes adorning the Palazzo Pubblico in Siena, Italy, tell a timeless tale of governance. They portray a city flourishing under just laws and crumbling under misrule. The latter side of this allegory rings alarmingly relevant today as the recent riots in France paint a destructive urban tableau, mirroring the narrative of government failure. The situation has deteriorated so drastically that widespread use of force is now...

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