Archive for March, 2011

Inflation: An Unworkable Fiscal Policy

Thursday, March 31st, 2011 by posted in Uncategorized.

Transcript of remarks before the Conference on the Economics of Mobilization, held at White Sulphur Springs, West Virginia, April 6-8, 1951, under the sponsorship of the University of Chicago Law School. Reprinted from The Commercial and Financial Chronicle, April 26,

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Defining Inflation

Wednesday, March 30th, 2011 by posted in Capitalism, Economics.

On August 16, the U.S. government will debut of a new type of Consumer Price Index (CPI), one which it says will better reflect true inflation. Unlike the existing CPI, the new index will be subject to revisions as more


Money Inflation and Price Inflation

Tuesday, March 29th, 2011 by posted in Capitalism, Economics, History, Politics.
Time Magazine, Sept. 21, 1981

The Reagan administration seemed to have achieved the culmination of its “economic miracle” of the last several years: while the money supply had skyrocketed upward in double digits, the consumer price index remained virtually flat. Money cheap and abundant, stock

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It’s getting complicated

Tuesday, March 29th, 2011 by posted in Economics.

Please, click here to read this article in pdf format:march-29-2011   Unfortunately, the theme we began elaborating on January 28th, has now become “the” theme, particularly since this weekend, with Japan’s nuclear disaster and the anarchy of the Middle East

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Atlas Shrugged — the Movie

Monday, March 28th, 2011 by posted in Capitalism, Education, Philosophy, Politics, Socialism.

A film version of Ayn Rand’s novel, Atlas Shrugged, is going to be released on April 15. Given the size of the novel, this movie is not going to cover it all. Two more parts are planned. For those of us who live


The Poor

Monday, March 28th, 2011 by posted in Capitalism, Economics, Politics, Socialism.

Socialists commonly cite the existence of the poor as a reason for socialism, and they claim that their concern for the poor shows compassion and morality. Since the topic of poverty is a key battleground in the war of socialism

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Subjective Value versus Positivism: An Application of Methodological Issues to the Fukushima Nuclear Disaster

Saturday, March 26th, 2011 by posted in Civil Liberties, Environment, Methodology.

“It is universally deemed one of the tasks of legislation and government to protect the individual from himself.” –Ludwig von Mises, Liberalism:  The Classical Tradition, p. 30 The nuclear disaster in Fukushima, Japan, has become one news topic that my


Notes from Prague

Saturday, March 26th, 2011 by posted in Economics, Education, Philosophy, Politics.

This weekend, I am attending the Prague Conference on Political Economy. It’s being held at the Cevro Institut, which is housed in a beautiful court-yard structure. The Institut’s director, Josef Sima, describes it as a free market college where students can explore


Quebec’s 2011 Budget: More of What’s Not Working

Friday, March 25th, 2011 by posted in Economics, Politics.

Quebec Minister of Finance Raymond Bachand handed in his 2011-2012 budget on March 17th. Bachand was pleased to announce quite a few means to stimulate Quebec’s economy. But as you will see, it is unlikely that the latter will be


The Humanitarian War Fallacy

Thursday, March 24th, 2011 by posted in Civil Liberties, Foreign Policy, History, Law.
Coalition Airstrike, Libya - March 2011

Many of today’s social theorists are utilitarians. Broadly speaking, a utilitarian is someone who believes justice can be arrived at through a cost-benefit analysis. For example, a utilitarian economist would tell you that, before considering a new law, one needs


The State and Altruism

Thursday, March 24th, 2011 by posted in Philosophy, Politics.

Some people may make the argument that the government has “our best interests at heart”. For this reason, the logic goes, we should accept government policy, take what politicians say as true, and, more generally, have faith in our leaders.


Buy American!

Wednesday, March 23rd, 2011 by posted in Capitalism, Economics, Trade.

January 1981 • Volume: 31 • Issue: 1 • The Freeman Every once in a while, I see a car bearing a bumper sticker, “Buy American.” From what I gather, it is a popular sticker in Michigan, especially in cities

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No domino effect

Wednesday, March 23rd, 2011 by posted in Economics.

Please, click here to read this article in pdf format: march-23-2011   Since we last wrote a week ago, nothing of fundamental weight has changed (being this the main reason for our absence). It’s true, unlike last week, the markets

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The Middle Class and the Welfare State

Tuesday, March 22nd, 2011 by posted in Economics, Philosophy, Politics.

Aristotle maintained that the best state we could, as a practical matter at least, hope for was a mixed regime. Usually translated as “polity”, this regime combines elements of elite and majority rule in the distribution of the government’s decision


Collectivism, Climate Change, and Economic Freedom

Tuesday, March 22nd, 2011 by posted in Capitalism, Economics, Environment.

An individual kills someone – for money, out of jealousy, as an act of revenge, or because he doesn’t like his victim’s looks. A chorus of left-“liberals” rushes in to excuse his act, especially if he is poor. He is

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The Importance of Knowing Economics

Monday, March 21st, 2011 by posted in Economics, Education, Politics.

Last week, British Columbia raised the minimum wage in the province. It’s going up from $8 per hour to $8.75 on May 1 and will keep rising in steps until it hits $10.25 in May 2012. Christy Clark, BC’s new premier, justified the

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One Difficulty of Property Rights in Air Pollution

Monday, March 21st, 2011 by posted in Economics, Environment, Law.

Air pollution is one of the most interesting topics in the sphere of property rights. Not only because property rights were often set aside when dealing with problems of air pollution, but because in cases where they were applied they


Still Defending Marx

Sunday, March 20th, 2011 by posted in Economics, History, Politics, Socialism.

Yes, there are still prominent intellectuals to be found willing to put their support of Marxist economics in writing. One of them is Terry Eagleton, an influential British literary critic, who has just published Why Marx was Right. I haven’t read

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Misesian Thoughts on the Libyan Crisis

Saturday, March 19th, 2011 by posted in Foreign Policy, Politics.

Air assaults on Libyan targets have begun, as the US and its allies enforce a UN resolution passed on Thursday. UN Resolution 1973, approved by a 10-0 vote in the Security Council with 5 abstentions, imposes a no-fly zone over Libya. Specifically forbidding Libya’s


Classical Liberalism and Property

Friday, March 18th, 2011 by posted in Capitalism, Economics, History, Socialism.

Human society is an association of persons for cooperative action. As against the isolated action of individuals, cooperative action on the basis of the principle of the division of labor has the advantage of greater productivity. If a number of