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  • President's Impact Report — Third Quarter...
    by Mises Institute on October 18, 2019 at 7:15 pm

    Faculty, Associated Scholars, and More In July, the Mises Institute hosted Mises University in Auburn, Alabama.Mises U featured 167 attendees from 94 colleges and universities, 25 countries, and 26 US states.Mises U faculty also featured several first-time members, including Shawn Ritenour […]

  • A Man for Many Seasons
    by Bettina Bien Greaves on October 18, 2019 at 7:00 pm

    Henry Hazlitt, author, journalist, editor, reviewer, economist, has written or edited 18 books and countless articles, columns, editorials, and book reviews. He has gained renown in at least three areas: as a popularizer of sound economic thinking, as a critic of John Maynard Keynes, and as a […]

  • The Late Great State of California
    by Jeffrey Harding on October 18, 2019 at 4:00 pm

    My family moved to California in 1950, part of the post-WWII westward migration. My widowed mother, tired of Boston’s dreary winters, felt the westward pull. My eldest brother, a WWII Navy veteran, had heard good things about San Diego from sailors who had been stationed there during the war. […]

  • The Influence and Origins of FDR
    by Ralph Raico on October 17, 2019 at 7:00 pm

    In the two centuries or so of our history, it has happened that a few of our leaders — a very few — became symbols of some powerful idea, one that left a permanent imprint on the life of our country. Thomas Jefferson is one such symbol. With Jefferson, it is the idea of a free, […]

  • Stimulus Brings Stagnation: The Case of Japan
    by Mihai Macovei on October 17, 2019 at 4:00 pm

    Efforts to stimulate growth end up hampering growth. The Austrian Theory of the Business Cycle (ATBC), pioneered by Ludwig von Mises, explains this seeming paradox. Government reduction of interest rates below the would-be market rate triggers an expansion of fiduciary credit in the context of fiat […]

  • Jeff Snider Explains the Repo Market Flare-Up,...
    by Robert P. Murphy on October 17, 2019 at 2:00 pm

    Jeff Snider is Head of Global Research at Alhambra Investments. He talks with Bob about the recent spike in lending rates in the repo markets, and how the Fed’s attempted solution fails to address the real problem. He then relates the repo problem to the global monetary system, which has […]

  • If People Can't Be Trusted with Market Freedom,...
    by Arkadiusz Sieroń on October 17, 2019 at 11:00 am

    For the sake of argument, let’s follow the lead of behavioral economics and assume for the sake of discussion that people are not rational. Consistency requires we apply this description to all representatives of homo sapiens, including those who make government policy. As the public-choice […]

  • The Fairness of "Unequal" Exchange
    by Jim Fedako on October 16, 2019 at 7:00 pm

    Market exchange is not based on the requirement that both parties appraise the goods about to be exchanged at equal value. Instead, market exchange is based on both parties benefiting from a two-way, unequal valuation of the goods to be exchanged. An example from my youth: During my high school […]

  • Why the State Can't Claim Our "Implied Consent"
    by Andrew Kern on October 16, 2019 at 4:00 pm

    One of the ways states are said to gain the rightful authority to rule is through implied consent. There are no explicit contracts signed with the government which grant it all of the power it exercises. Thus, it is claimed that in some way or another, the citizenry implicitly agrees to follow […]

  • Bernie Sanders is a Bad Economist: Housing Market...
    by Zachary Yost on October 16, 2019 at 11:00 am

    The great 19th-century French economist Frederic Bastiat once argued that “between a good and a bad economist this constitutes the whole difference — the one takes account of the visible effect; the other takes account both of the effects which are seen, and also of those which it […]

  • New Nobel Winners Are Latest Bad Sign for...
    by Peter G. Klein on October 16, 2019 at 10:45 am

    The 2019 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel – colloquially known as the Nobel Prize in Economics – has gone to Abhijit Banerjee, Esther Duflo and Michael Kremer "for their experimental approach to alleviating global poverty." Banerjee, Duflo, and […]

  • What We Can Learn from Indian Tribes on...
    by Ryan McMaken on October 15, 2019 at 7:00 pm

    The Americas are unusual because citizenship is often granted based on birthplace, rather than on the citizenship or place of origin of one's parents. Countries in North and South America have historically tended to more freely grant citizenship due to their relatively low populations, abundant […]

  • Politics Drops Its Pretenses
    by Jeff Deist on October 15, 2019 at 4:30 pm

    Can the increasing politicization of life in America be stopped, or even slowed? To be sure, average Americans do not want this. Most people prefer not to lead overly political lives, beyond perhaps voting once in a while and grumbling about taxes or potholes. Most people prefer to focus on work, […]

  • The Difference Between Ecology and Economics
    by Joakim Book on October 15, 2019 at 4:15 pm

    The words 'economy' and 'ecology' have shared roots, both stemming from the Greek word oikos (οἶκος) for "house". 'Economy' adds the suffix ‘nemein’ (νέμειν), for "manage", creating 'oikonomia' for "household management", or […]

  • How Entrepreneurs Discover Market Opportunities...
    by Raushan Gross on October 15, 2019 at 4:00 pm

    Ludwig von Mises eloquently wrote in Bureaucracy (1944), “...thus the capitalist system of production is an economic democracy in which every penny gives a right to vote. The consumers are the sovereign people. The capitalist, the entrepreneurs, and the farmers are the people’s […]

  • Chris Wilton's Recipe For Success
    by Hunter Hastings on October 15, 2019 at 12:45 pm

    Is there a recipe for entrepreneurial success? Chris Wilton has established a successful and growing catering business, and the recipe he developed has some ingredients that every entrepreneur can utilize. Key Takeaways And Actionable Insights Economists (e.g. Murray Rothbard in Man Economy and […]

  • City Hall Forbids Developer from Giving Consumers...
    by Lee Friday on October 15, 2019 at 11:00 am

    Politicians habitually promise us greater economic prosperity, but their official policies usually contradict their promises. And if you dare to point out this contradiction, you will be ignored, as happened recently in London, Ontario. First, let’s consider the source of economic […]

  • Have Free-Market Economists Conquered the World?
    by David Gordon on October 14, 2019 at 7:15 pm

    [The Economists’ Hour: False Prophets, Free Markets, and the Fracture of Society. By Binyamin Appelbaum. Little, Brown, 2019. 439 pages.] Binyamin Appelbaum is unhappy. He is the main writer on economics for The New York Times, and he thinks that economics has taken a wrong turn. In the first […]

  • Neurosurgery, Health Policy, and the Free Market:...
    by Michel Accad, Anish Koka on October 14, 2019 at 6:30 pm

    Can a graduate of the Harvard Kennedy School hold on to free market principles? Evidently so! We talk health policy and economics with our guest Richard Menger, MD, MPA, a neurosurgeon serving as Chief of Complex Spine Surgery at the University of South Alabama. Dr. Menger completed medical school […]

  • The Mythology of the "Natural Interest Rate"
    by Brendan Brown on October 14, 2019 at 4:00 pm

    Myth : A huge and growing global savings surplus during the first two decades of this century has pressed down the natural rate (some say neutral rate) of interest. Actual very-low and sometimes negative market rates of interest reflect this. Reality : Estimates of the neutral rate according to […]

  • Why "Worker Exploitation" Is a Myth
    by Antony Sammeroff on October 14, 2019 at 11:00 am

    "In order to show that it is a half-truth, we must have recourse to long and dry dissertations."— Frédéric Bastiat It's still a very prevalent view that employers are somehow exploiting the people who work for them when they draw a profit from their business, despite the fact […]

  • Is Protectionism Patriotic?
    by Ryan McMaken on October 14, 2019 at 10:15 am

    The horseshoe theory may rest on a false left-right spectrum, but attacks on economic freedom animate both the Bernie Sanders socialist left and the Trumpite protectionist right. As I noted last week, some conservatives of late have become especially enthusiastic about attacking the freedom of […]

  • Central Banks Are Just Getting Warmed Up
    by Francesco Brunamonti on October 12, 2019 at 7:00 pm

    According to all central banks, one of the main problems they are called to solve is that countries cannot reach their inflation target of (close to but below) 2 percent. Even their religious trust in the long-discredited Phillips curve cannot explain why price inflation is low in many […]

  • The World's Least-Free Countries Reveal Just How...
    by David Gordon on October 12, 2019 at 4:00 pm

    [Socialism Sucks: Two Economists Drink Their Way Through the Unfree World. By Robert Lawson and Benjamin Powell.  Regnery Publishing, 2019. 192 pages.] Robert Lawson and Benjamin Powell are well-known free market economists, and they do not look with favor on a disturbing trend among American […]

  • Patrick Newman on Rothbard and his Critics
    by Jeff Deist, Patrick Newman on October 11, 2019 at 4:45 pm

    The late Murray Rothbard has passionate fans and critics alike—but was he really the intransigent person his detractors portray? Was he prickly and difficult, or actually generous and helpful to students and colleagues? Did his reputation as an economist suffer for venturing into philosophy, […]

  • Shays's Rebellion: The Excuse for a Centralized...
    by George Ford Smith on October 11, 2019 at 4:00 pm

    [A review of Shays's Rebellion: The American Revolution's Final Battle by Leonard L. Richards, 2003] During the Revolutionary War, the individual states and Congress had issued fiduciary notes to finance US military operations. Fiduciary notes were paper money the government promised to redeem in […]

  • Walter Block and William Barnett on Problems With...
    by Robert P. Murphy, Walter Block, William Barnett II on October 10, 2019 at 11:15 pm

    In a 2006 journal article, “On Hayekian Triangles,” Walter Block and William Barnett list 14 separate objections to the popular device used (in various forms) by Hayek, Rothbard, and Roger Garrison to illustrate how artificially low interest rates lead to an unsustainable boom. […]

  • The Conservative Attack on Market Freedom
    by Ryan McMaken on October 10, 2019 at 7:15 pm

    I haven't run an empirical study on the number of articles published, but it sure seems like conservatives are writing more articles than usual condemning economic freedom, and the people who advocate for it. This would make some sense in the Age of Trump when the the president has pushed the […]

  • Wilhelm Roepke, RIP
    by Ludwig von Mises on October 10, 2019 at 7:00 pm

    [From the papers donated to the Mises Institute by Bettina Bien Greaves. Appeared in National Review XVIII, no. 10 (March 8, 1966): 200.] Wilhelm Roepke belonged to the generation of Germans that grew up in the time of the First World War and the fantastic inflation of the years following it. He […]

  • The Hidden Costs of a Universal Basic Income
    by Arkadiusz Sieroń on October 10, 2019 at 4:00 pm

    The universal basic income (UBI) is gaining popularity as the alternative to the current welfare system. The idea is to give each citizen the same amount of money, no matter if he or she works or not. Therefore, unlike traditional welfare systems, the UBI has no means test, nor willingness-to-work […]

  • Paleolithic People Were Not Primitive Communists
    by Allen Gindler on October 10, 2019 at 11:00 am

    The resurrection of socialist ideas at the turn of the 21st century is a fairly evident phenomenon among part of the population of Western countries. Proponents of socialism have employed various "proofs" showing the supposed advantages and naturality of the collective way of existence. There is a […]

  • The End of Socialism and the Calculation Debate...
    by Murray N. Rothbard on October 9, 2019 at 7:00 pm

    The Review of Austrian Economics 5, no. 2 1991 At the root of the dazzling revolutionary implosion and collapse of socialism and central planning in the "socialist bloc" is what everyone concedes to be a disastrous economic failure. The peoples and the intellectuals of Eastern Europe and the […]

  • The Return of Hyperinflation in Zimbabwe
    by Pavel Mordasov on October 9, 2019 at 4:00 pm

    It has been over a decade since Zimbabwe was ravaged by one of history's worst experiences in hyperinflation, reaching 79,600,000,000 percent as prices doubled approximately every 24.7 hours in November of 2008. Today under new leadership, it seems as though the government of Zimbabwe has failed […]

  • Tough Questions for Conservatives
    by Robert P. Murphy on October 9, 2019 at 12:45 pm

    Bob Murphy asks a series of tough (but fair, he hopes) questions for conservatives, ranging from tariffs to impeachment to drug prohibition. For more information, see BobMurphyShow.com. The Bob Murphy Show is also available on iTunes, Stitcher, Spotify, and via RSS. […]

  • A Fact About Profits That's Almost Totally Ignored
    by George Reisman on October 9, 2019 at 11:45 am

    Profits are sales minus costs. The costs reflect expenditures of money made in the past, sometimes, as in the case of depreciation on buildings, decades in the past. In contrast, the sales reflect money spent in the present, or at least in the current year. To the extent that the quantity of money […]

  • Reduced Sentences in Exchange for Lies: A...
    by Chris Calton on October 9, 2019 at 11:00 am

    In 1992, Mark Young was sentenced to life in prison for trafficking marijuana. His conviction came from the testimonies of two other convicted marijuana dealers who turned on Young in order to get their own sentences reduced. The two informants, Ernest Montgomery and Claude Atkinson, depicted Young […]

  • Taking a Stand for "the People" Usually Means...
    by Ryan McMaken on October 8, 2019 at 5:30 pm

    Anti-market pundits and politicians have long claimed that unregulated markets are damaging to communities, and therefore must be regulated, restrained, and made to fit our policy preferences. “Market capitalism is a tool, like a staple gun or a toaster,” conservative talk show host […]

  • Not-So-Modern Monetary Theory
    by Arkadiusz Sieroń on October 8, 2019 at 4:00 pm

    According to some columnists, modern monetary theory (MMT) is the most powerful economic alternative to neoliberal orthodoxy. Is this really the case? The key idea of ​​MMT is that the government that controls the issuance of its currency cannot go bankrupt because it can always issue […]

  • Peter Klein on Pricing
    by Hunter Hastings, Peter G. Klein on October 8, 2019 at 2:00 pm

    Pricing is fundamental to business success — to generating transactions, to cash flow and to profitable operations. There’s a lot of uncertainty for entrepreneurs in the pricing process, and economics is a good source of clarity. In fact, Peter Klein tells us that economics used to be […]

  • China Should Still Be Celebrating the End of...
    by José Niño on October 8, 2019 at 11:00 am

    The 70th anniversary of the proclamation of the Chinese People’s Republic on October 1, 2019, left the world in awe as China celebrated one of the most transformational moments in its over 3,000 years of history. After showing off its high-tech military arsenal during the anniversary […]

  • Was Keynes a Liberal?
    by Ralph Raico on October 7, 2019 at 7:00 pm

    [from The Independent Review, v. 13, n. 2, Fall 2008, pp. 165–188.]   Keynes and Neomercantilism It is now common practice to rank John Maynard Keynes as one of modern history's outstanding liberals, perhaps the most recent "great" in the tradition of John Locke, Adam Smith, and Thomas […]

  • Nicolas Cachanosky on Improving Austrian Business...
    by Robert P. Murphy on October 7, 2019 at 6:45 pm

    Economist Nicolas Cachanosky specializes in the overlap between capital theory in traditional economics and the capitalization of cash flows in finance. He explains the relevance of these concepts to understanding the business cycle. Then, Nicolas and Bob have a friendly disagreement over […]

  • Homicides in the US Fall for Second Year as...
    by Ryan McMaken on October 7, 2019 at 4:45 pm

    As 2018 came to an end, politicians and media pundits insisted that " gun violence " was growing and hitting crisis levels . While a homicide rate of anything greater than zero is an measure of very-real human misery, it nonetheless turns out that fewer people were murdered in 2018 than in the […]

  • Economic Growth Does Not Cause Price Inflation
    by Frank Shostak on October 7, 2019 at 4:00 pm

    Some commentators are of the view that whenever the economy gains strength it should be the role of the Federal Reserve to step in at some stage and introduce a tighter stance in order to prevent a general increase in the prices of goods getting out of control. However why should economic growth be […]

  • Matt Bankert Makes His Case for the Top Ten...
    by Robert P. Murphy on October 5, 2019 at 7:30 pm

    Online rock artist and music blogger Matthew Bankert walks Bob Murphy through his picks for the Top Ten Libertarian Rock Bands. For more information, see BobMurphyShow.com. The Bob Murphy Show is also available on iTunes, Stitcher, Spotify, and via RSS. […]

  • A Biography of Henry Hazlitt
    by Llewellyn H. Rockwell Jr. on October 5, 2019 at 7:00 pm

    The art of economics consists of looking not merely at the immediate but at the longer effects of any act or policy; it consists in tracing the consequences of that policy not merely for one group but for all groups. If you want to know where American supporters of free markets learned […]

  • The Economics of Prison Gangs
    by Jacob Maichel on October 5, 2019 at 4:00 pm

    Why do prisoners join prison gangs? The answer lies in the fact that, like everyone else, prisoners respond to changes in costs and benefits. If a course of action becomes relatively more costly, people will do less of it — ceteris paribus — and vice versa. Subjective preferences help […]

  • Desocialization of Taxes: A Taxation System...
    by Rafael Acevedo on October 4, 2019 at 7:15 pm

    Presented during the "Comparative Economics" session at the Libertarian Scholars Conference on 28 September 2019, at The King's College in New York City. […]

  • Price Fixing in Ancient Rome
    by Robert L. Scheuttinger, Eamonn F. Butler on October 3, 2019 at 7:00 pm

    [This article is excerpted from the book Forty Centuries of Wage and Price Controls: How Not to Fight Inflation, chapter 2: "The Roman Republic and Empire."] As might be expected, the Roman Republic was not to be spared a good many ventures into control of the economy by the government. One of the […]

  • Selected Abstracts from the 2019 Austrian...
    by QJAE Editors on October 3, 2019 at 5:45 pm

    Quarterly Journal of Austrian Economics 22, no. 2 (Summer 2019) full issue.   ABSTRACTS INCLUDE: "Entrepreneurship, Uncertainty, and Judgment: A Model for Understanding the Uncertainty Borne by Entrepreneurs," by Per Bylund "The Perceived Phantom Opportunity: Bridging the Gap between […]

 

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Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat.

Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. Excepteur sint occaecat cupidatat non proident, sunt in culpa qui officia deserunt mollit anim id est laborum

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