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  • Bitcoin, Gold, and the Battle for Sound Money
    by Doug French on May 23, 2019 at 2:50 pm

    Here in the U.S. the financial markets are focusing on Fed Chair Jerome Powell’s herky-jerky monetary messages while politically the news is Trump’s two picks for the central bank board have taken themselves out of the running.   Herman ‘9-9-9’ Cain and Stephen Moore […]

  • Envy, Inc.
    by Jeff Deist on May 23, 2019 at 2:50 pm

    Presidential aspirant Kamala Harris promises to compel private companies with more than 100 employees to disclose what they pay employees to the Equal Opportunity Employment Commission. Companies that don't pay women "enough" will pay fines until they demonstrate an acceptable level of gender […]

  • Central Banks' Forecasts Are Basically Garbage
    by Joakim Book on May 23, 2019 at 2:50 pm

    Animals are a curious topic in finance, and we find them all over the place. We describe upward, downward or side-ways moving markets as bull, bear or deer markets. We have investment strategies ( "Dogs of the Dow") and trading behavior ( 'dead cat bouncing ') named after pets. We have "pigs" and […]

  • The Unseen Costs of "Medicare for All"
    by Bradley Thomas on May 23, 2019 at 2:50 pm

    Many of the worst costs that will come with "Medicare for All" won't be calculated in dollars. They'll come in the form of doctor shortages, long wait times, and less access to care. Original Article: "The Unseen Costs of "Medicare for All"". […]

  • Money Supply Growth Inches up From March's...
    by Ryan McMaken on May 23, 2019 at 2:50 pm

    Money supply growth inched up in April, rising slightly above the March growth level, which was at a 12-year (145-month) low. In April, year-over-year growth in the money supply was at 1.99 percent. That was up slightly from March's growth rate of 1.92 percent, but was well down from April 2018's […]

  • Tucker Carlson and AOC Are Wrong About...
    by Tyler Curtis on May 23, 2019 at 2:50 pm

    Alexandria Ocasio-Cortez thinks Christian theology supports her bill on excessive interest. Her position ignores the actual history of Christian views of usury. Original Article: "Tucker Carlson and AOC Are Wrong About Christianity and Usury". […]

  • Elizabeth Warren Shows Us Why Government Must Get...
    by Chris Calton on May 23, 2019 at 2:50 pm

    As candidates in the 2020 Democrat primary race try to outbid each other with grandiose promises to voters, the rising level of student loan debt makes for attractive campaign fodder. Making headlines with a plan aimed at addressing the student loan problem is Elizabeth Warren, whose loan […]

  • Why Turkey's Debt Crisis is a Bigger Risk to the...
    by Claudio Grass on May 23, 2019 at 2:50 pm

    Turkey has been almost constantly in the news over the past year, as troubling headlines about its economy and political situation continue to pile up. In a currency meltdown that escalated last summer, the Turkish lira has plunged by nearly 40%, threatening the Turkish economy as a whole. In […]

  • CJay Engel on the Entrepreneurial Life
    by Hunter Hastings, C.Jay Engel on May 23, 2019 at 2:50 pm

    The entrepreneurial life is good for the individual, the family, society and civilization. Whether your entrepreneurial undertaking is something small or something huge, or somewhere in between, doing something entrepreneurial, utilizing your own resources, benefits others and is therefore heroic. […]

  • The Unseen Costs of "Medicare for All"
    by Bradley Thomas on May 23, 2019 at 2:50 pm

    Listen to the Audio Mises Wire version of this article. Most of the attention on Bernie Sanders’ proposed “Medicare for All” plan has focused on the financial costs of its implementation. This is understandable, given that some estimates project costs to exceed $32 trillion over […]

  • Tucker Carlson and AOC Are Wrong About...
    by Tyler Curtis on May 23, 2019 at 2:50 pm

    Listen to the Audio Mises Wire version of this article. Recently the nominally conservative, but increasingly populist firebrand Tucker Carlson joined self-proclaimed socialists Representative Alexandria Ocasio-Cortez and Senator Bernie Sanders in calling for a federally-imposed 15 percent cap […]

  • The Anti-Capitalistic Mentality
    by Jeff Deist, Andy Duncan on May 23, 2019 at 2:50 pm

    The Human Action Podcast reviews another overlooked classic by Mises: The Anti-Capitalistic Mentality. This book takes no prisoners, showing how envy motivates progressive and conservative intellectuals who fear dynamic capitalism. The real reactionaries, according to Mises? Socialists who want to […]

  • New Deal and Cold War: The Link of State...
    by Murray N. Rothbard on May 23, 2019 at 2:50 pm

    [This article is excerpted from chapter 9 of The Betrayal of the American Right.] One of the most brilliant and forceful attacks on Cold War foreign policy in this era came from the pen of the veteran conservative and free-market publicist Garet Garrett. In his pamphlet "The Rise of Empire," […]

  • The Balance-of-Payments Myth
    by Frank Shostak on May 23, 2019 at 2:50 pm

    In March, the US trade account balance stood at a deficit of $ 50 billion against a deficit of $49.28 billion in February and a deficit of $47.4 billion in March last year. Most commentators consider the trade account balance as the single most important piece of information regarding the health of […]

  • Tariffs Are Attacks on Property Rights and Freedom
    by Per Bylund on May 23, 2019 at 2:50 pm

    Rothbard wrote in the Libertarian Forum (v. 1, p. 184) that “… libertarians, if they have any personal philosophy beyond freedom from coercion, are supposed to be at the very least individualists.” Indeed, libertarianism holds high the rights and responsibilities of the sovereign […]

  • 3 Modern Arguments for Tariffs, Debunked
    by Robert P. Murphy on May 23, 2019 at 2:50 pm

    [Adapted from "Some Subtler Arguments for Tariffs," published December 2003.] Many proponents of tariffs recognize the absurdity of tariffs as a general rule. However, they feel that there are certain, special cases in which tariffs are justified, and indeed vital to a nation's survival. In  […]

  • Why the Elites Look Down on Manual Labor
    by José Niño on May 23, 2019 at 2:50 pm

    Since the $15 minimum wage has become a major policy proposal in America, many politicians feel that certain forms of work are undignified. This became a controversial talking point when Congresswoman Alexandria Ocasio-Cortez declared that New Yorkers deserve “dignified jobs” after […]

  • How Central-Bank Interest-Rate Policy Is...
    by Justin Murray on May 23, 2019 at 2:50 pm

    Broadly speaking, banks operate under the concept of maturity transformation. Banks take short-term – less than one year – financing vehicles, such as customer deposits, and use that to finance long-term – more than one year – returns. These returns range from the most […]

  • The Meaning of Competition
    by Friedrich A. Hayek on May 23, 2019 at 2:50 pm

    Competition is a process of the formation of opinion: by spreading information, it creates that unity and coherence of the economic system which we presuppose when we think of it as one market. Excerpted from Individualism and Economic Order (1948), this essay reproduces the substance of the […]

  • The Regulatory-Industrial Complex
    by Llewellyn H. Rockwell Jr. on May 23, 2019 at 2:50 pm

    Socialists want socialism for everyone else, but capitalism for themselves, while capitalists want capitalism for everyone else, but socialism for themselves. Neither Ted Kennedy nor Jane Fonda practices a vow of poverty, nor are they taking any homeless into their mansions, while too many big […]

  • The Broken Window
    by Henry Hazlitt on May 23, 2019 at 2:50 pm

    The broken-window fallacy, under a hundred disguises, is the most persistent in the history of economics.  Excerpted from Economics in One Lesson, pp. 11-13. […]

  • Single-Payer Healthcare Is the Worst Kind of...
    by Ryan McMaken on May 23, 2019 at 2:50 pm

    In the United States, thanks largely to Bernie Sanders, the term "single-payer health care" has become more or less synonymous with the phrase "universal healthcare." This stems partially from the fact that "single-payer" is the term most often used to refer to foreign systems of universal […]

  • Do We Really Have a Decade Left to Solve Climate...
    by Robert P. Murphy on May 23, 2019 at 2:50 pm

    Wise alecks on social media noted with amusement how Beto O’Rourke recently claimed humans had only ten years to act on climate change, thus one-upping Alexandria Ocasio-Cortez who had previously gone out on a limb by putting the deadline at twelve years. […]

  • The Lesson
    by Henry Hazlitt on May 23, 2019 at 2:50 pm

    The whole of economics can be reduced to a single lesson, and that lesson can be reduced to a single sentence: The art of economics consists in 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 […]

  • The Gateway Drug Myth
    by Chris Calton on May 23, 2019 at 2:50 pm

    The Time magazine article creating "the gateway drug" myth in the 1970s provided no citations for its claims, except ambiguous references to unnamed “experts.” The evidence remains elusive forty years later. Original Article: "The Gateway Drug Myth". […]

  • The Gateway Drug Myth
    by Chris Calton on May 23, 2019 at 2:50 pm

    Listen to the Audio Mises Wire version of this article. Since Joe Biden’s recent announcement that he’s throwing his hat in the 2020 presidential ring, his abysmal stance on the War on Drugs has been the source of a great deal of criticism, even from those inclined to support him. Four […]

  • The Individual in Society
    by Ludwig von Mises on May 23, 2019 at 2:50 pm

    Those who are asking for more government interference are asking ultimately for more compulsion and less freedom. Excerpted from Economic Freedom and Interventionism. […]

  • Schumpeter vs. Kirzner on Entrepreneurs
    by Samuel Bostaph on May 23, 2019 at 2:50 pm

    [This is a selection from "Driving the Market Process: 'Alertness' Versus Innovation and 'Creative Destruction'" in the Quarterly Journal of Austrian Economics. The full article is here.] Joseph Schumpeter’s theory of entrepreneurship significantly differs from that of Israel Kirzner. This is […]

  • The Elite Under Capitalism
    by Ludwig von Mises on May 23, 2019 at 2:50 pm

    In a free society there is no other means to avoid the evils resulting from one's fellows' bad judgment than to induce them to alter their ways of life voluntarily. Where there is freedom, this is the task incumbent upon the elite. Originally published in The Freeman, January 1962. […]

  • In the Footsteps of Donabedian: The US News and...
    by Michel Accad, Anish Koka on May 23, 2019 at 2:50 pm

    Quality ratings of hospitals and physicians: help or hindrance? Surely, the general public demands and is entitled to an assessment of hospital quality based on sound methodology. And ratings coming from the private sector are far more likely to be unbiased and to adjust to an ever changing […]

  • Can the Fed Keep This Long Cycle Going?
    by Brendan Brown on May 23, 2019 at 2:50 pm

    Our current super-long economic cycle is a monetary curse. Under sound money it would not exist, and under the pre-1914 gold standard, it never occurred. The present business cycle expansion in the US — the longest ever — comes in the wake of three recent super-cycle expansions: […]

  • Losing Income Tax Privacy Is a Real Danger
    by Ron Paul on May 23, 2019 at 2:50 pm

    Last week the New York Times published some of President Trump’s 1980s and 1990s tax returns information. The information detailed President Trump’s financial difficulties during that time. While you would not know it from reading some media reports, this is old news. In fact, President […]

  • Fed Nominee Judy Shelton Wants Sound Money —...
    by Joseph T. Salerno on May 23, 2019 at 2:50 pm

    Bloomberg reported this week that the Trump Administration is considering Judy Shelton for one of the two vacant positions on the Federal Reserve Board of Governors. The good news is that Ms. Shelton is not a technically trained academic economist, indoctrinated in the prevailing orthodoxy. She […]

  • Juan de Mariana on Creating Money Out of Thin Air
    by Juan de Mariana on May 23, 2019 at 2:50 pm

    [A Selection From: "On the Coinage" by Juan de Mariana Translated by Hazzard Bagg for the Quarterly Journal of Austrian Economics 21, no. 2 (Summer 2018).] In ancient times they used to exchange things without using money: a goat for a sheep, a cow for some grain. Then they figured out that it […]

  • Why Plea Deals Are a Gross Miscarriage of Justice
    by Robert P. Murphy on May 23, 2019 at 2:50 pm

    Bob goes solo to explain why the common practice of “offering a plea deal” is a horrible practice, which gives us little reason to trust that those convicted are actually guilty of the crimes to which they confess. For more information, see BobMurphyShow.com. The Bob Murphy Show is also […]

  • French Incomes Place Below Some of America's...
    by Ryan McMaken on May 23, 2019 at 2:50 pm

    With the rise of the Yellow Vest Movement in France — which began last October and continues today — French activists and writers have begun to re-evaluate the state of French income and poverty. Since the movement began, articles with titles such as " Revealed: The shocking scale of […]

  • Central Banks’ Crusade Against Risk
    by Thorsten Polleit on May 23, 2019 at 2:50 pm

    Since the latest the crisis in 2008/2009, central banks around the world have been doing their best to expel risks from financial markets. By lowering interest rates, fixing them at extremely low levels, or issuing more credit and money, monetary policymakers make sure that ailing borrowers are […]

  • Hazlitt Predicted <em>Economics in Two...
    by Jorge Besada on May 23, 2019 at 2:50 pm

    Mr. Quiggin’s recent book, Economics in Two Lessons, is the latest intellectual salvo fired by a member of the mainstream economics establishment towards the legendary unabashed defenders of capitalism like Ludwig von Mises, 1974 Nobel Laureate in Economics F.A. Hayek, and of course, Henry […]

  • In the US, Rich States Spend Less on Welfare
    by Ryan McMaken on May 23, 2019 at 2:50 pm

    As I've noted in the past , when it comes to government spending on social welfare programs, the United States is hardly the free-market, libertarian "paradise" many social democrats suppose it to be. When we look at social spending as a percentage of GDP, the US is similar to Switzerland, and […]

  • The Problem with Aggregate "Calculations" of the...
    by Gor Mkrtchian on May 23, 2019 at 2:50 pm

    Economists on both sides of the immigration debate use statistics showing that immigrants have X net effect on tax contribution/consumption and Y net monetary effect on the private economy. A fatal problem when using these statistics to argue for or against immigration is that, beyond the monetary […]

  • How College Profs Push Students to Socialism
    by Chris Calton on May 23, 2019 at 2:50 pm

    The true aim of these “scholar activists,” as many academics have begun calling themselves, is to propagate socialism by redefining capitalism to encompass every evil of human history. Which means they're mostly attacking straw men. Original Article: "How College Profs Push Students to […]

  • Per Bylund on Subjective Value
    by Hunter Hastings, Per Bylund on May 23, 2019 at 2:50 pm

    Per Bylund talks to Hunter Hastings about the value-centric model for successful entrepreneurship, and we provide an infographic to help you apply the model to your own business. Show Notes Subjective value is an important subject in economics — and even more so in entrepreneurship, where it […]

  • Social Security's Winners and Losers
    by Gary Galles on May 23, 2019 at 2:50 pm

    The latest annual Social Security trustees report recently came out. One of its “lowlights” was the program’s massive unfunded liabilities (currently a $42.1 trillion cumulative shortfall under intermediate population and economic growth assumptions), reiterating what has long […]

  • The Case Against the Market Economy
    by Ludwig von Mises on May 23, 2019 at 2:50 pm

    [Human Action (1949)] The objections which the various schools of Sozialpolitik raise against the market economy are based on very bad economics. They repeat again and again all the errors that the economists long ago exploded. They blame the market economy for the consequences of the very […]

  • The Social Security Black Hole Has Arrived
    by Andrew Moran on May 23, 2019 at 2:50 pm

    The fiscal black hole surrounding Social Security and Medicare had been talked about long before mankind got its first glimpse of the interstellar phenomenon. Like the particles and electromagnetic radiation absorbed in the galactic monster’s path, the American people face an event horizon, […]

  • America's Defense Budget Is Bigger Than You Think
    by William D. Hartung on May 23, 2019 at 2:50 pm

    In its latest budget request, the Trump administration is asking for a near-record $750 billion for the Pentagon and related defense activities, an astonishing figure by any measure. If passed by Congress, it will, in fact, be one of the largest military budgets in American history, topping […]

  • Lew Rockwell on the College Cheating Faux...
    by Robert P. Murphy, Llewellyn H. Rockwell Jr. on May 23, 2019 at 2:50 pm

    Bob brings on Mises Institute founder Lew Rockwell to primarily discuss Lew’s article in defense of Lori Loughlin (“Free Lori Loughlin and All Political Prisoners”). Why is the FBI involved in a college admission scandal in the first place? And why is Lori Loughlin’s […]

  • Can a Commodity-Money Economy Co-Exist with a...
    by Walter Block, Lucas M. Engelhardt, Jeffrey M. Herbener on May 23, 2019 at 2:50 pm

    [Editor's Note: In this selection from "Is the Virus of International Macroeconomic Interventionism Infectious? An ABCT Analysis" in the newest issue of Quarterly Journal of Austrian Economics, the authors analyze how a commodity-money-based economy would be effected by neighboring economies still […]

  • The EU Is "the Embodiment of Bureaucratic Hubris"
    by Markus Krall, Claudio Grass on May 23, 2019 at 2:50 pm

    When it comes to identifying and evaluating the key vulnerabilities and inherent risks of the banking and financial system, there are few who have the insights and practical experience that is required to truly understand the scale of the issue and its investing implications. This is precisely why […]

  • The Subsistence Fund Is the Heart of Economic...
    by Frank Shostak on May 23, 2019 at 2:50 pm

    What characterizes the modern economy is its complex structure of production that seemingly generates an endless amount, and an endless variety, of goods. It seems that the production structure has, as it were, a self-generating mechanism. Careful examination, however, shows that without a key […]

 

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