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Pundits: Only a Crazy Person Would Doubt the Fed!

Friday, February 13th, 2015 by posted in Capitalism, Economics.
RandPaul

Senator Rand Paul’s recent speeches against the Fed have elicited scorn from the financial and economic blogosphere. Our technocratic wonks assure us that central banks are quite trustworthy, and only a crank or charlatan would want more accountability for the

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What Economic Elites Don’t Want You to Know about Crashes

Thursday, February 12th, 2015 by posted in Banking, Capitalism, Economics.
Brooklyn-Bridge-New-York-1905-1920_t

Reprinted from the Freeman James Grant. The Forgotten Depression: 1921: The Crash That Cured Itself. Simon & Schuster, 2014. 273 pages. The Great Recession drags on everywhere except for Wall Street, Washington, DC, and Ben Bernanke’s consciousness. “By stabilizing the

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3 Myths about “Tax Reform”

Wednesday, February 11th, 2015 by posted in Capitalism, Economics.
IRS-tax-form-teaser

Reprinted from The Freeman Conservative pundits are supposed to be hard-nosed and economically savvy, but when it comes to tax reform they can be as emotional and misguided as progressives. The question of tax reform may be a moral issue,

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John Bugas: G-Man, Ford Executive, Misesian?

Wednesday, February 11th, 2015 by posted in Capitalism, Economics.
JSBugas

John Bugas and Consumer Sovereignty The economist Ludwig von Mises made the notion of “consumer sovereignty” a key plank in his economic analysis and defense of the market economy. John Bugas, a colorful character who rounded up “public enemies” for

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On The Fallacy of “We Make Too Much”

Tuesday, February 10th, 2015 by posted in Capitalism, Economics.
fred_reed

Murray Rothbard had a saying about economics: “It is no crime to be ignorant of economics, which is, after all, a specialized discipline and one that most people consider to be a ‘dismal science.’ But it is totally irresponsible to

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Why Private-Sector Services Seem to Be More Expensive

Tuesday, February 10th, 2015 by posted in Capitalism, Economics.
Auto-Mechanic-Garage-te

Reprinted from Mises.org Imagine you are a promising car mechanic who wants to open a new car repair shop. You would like to provide basic services to low-income citizens at affordable prices. You would charge a bare minimum for your

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Government Spending and Regime Uncertainty

Monday, February 9th, 2015 by posted in Capitalism, Politics, Regulation.
power-plant-c-sxc

Reprinted from The Independent Institute In 1997, my article “Regime Uncertainty” appeared in The Independent Review. In the article, I sought to explain and elaborate on an idea that I believed, and continue to believe, helps substantially in understanding why

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Let There Be Money

Thursday, February 5th, 2015 by posted in Banking, Capitalism, Economics.
bitcoin pile teaser

Reprinted from The Freeman For more than a century, skeptics of government power have rightly focused on the damage caused by interventions in money. As the market’s classic commodity moneys have been displaced by unbacked State-issued paper, libertarians — particularly

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The Lamps Are Going Out

Wednesday, February 4th, 2015 by posted in Capitalism, Politique, Regulation.
english_t

Reprinted from Taki’s Magazine Last night the streetlights in my pleasant little English market town were switched off at midnight. In fact they’ve been switching them off at midnight for two months, but I have not been here to notice it. However, in

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Property Rights as Social Justice Part III

Tuesday, February 3rd, 2015 by posted in Capitalism, Economics, Law, Philosophy.
fence-and-snowy-field-in-Knox-Farm-State-Park-East-Aurora-NY

Given the essentiality of peace and prosperity to the quality of human life, the significance of private property can hardly be ignored. Its greatest significance in the eyes of commentators, however, seems rooted in the impetus it gives to the

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“Left-Over” Women and Gender Inequality in China

Tuesday, February 3rd, 2015 by posted in Capitalism, Economics, Regulation.
shanghai

Whoever has read The Pride and Prejudice must remember Mrs. Bennet, whose major concern is to marry off her daughters. When her second daughter Elizabeth told her that she is going to be with Mr. Darcy, her reaction is that

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The Complexity of Economic Growth

Tuesday, February 3rd, 2015 by posted in Capitalism, Economics.
little-house-on-the-prairie

What is economic growth? Economists talk incessantly about it. Whether in newspapers or textbooks, the dismal science appears predicated on the idea of increasing growth. Politicians love pointing to economic growth that occurs under their watch, and shrinkage under the

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Fractional-reserve car rentals?

Tuesday, February 3rd, 2015 by posted in Capitalism, Economics.

I recently got into a discussion with Philipp Bagus about what the real market test for fractional-reserve banking would be. One potential market test to at least test for the potential viability of the banking model would be to see

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Bitcoin: Currency Canary in the Coal Mine?

Tuesday, February 3rd, 2015 by posted in Banking, Capitalism, Economics.
bitcoin dollars teaser

Reprinted from Casey Research “Without Drugs, What’s the Point of Bitcoin?” wonders the Atlantic. I answer author of the piece, Matt Schiavenza, with two words: central banks. It’s no coincidence “Satoshi Nakamoto” created Bitcoin in 2009 as the financial world

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In Defense of Uber’s Surge Pricing

Friday, January 30th, 2015 by posted in Capitalism, Economics, Regulation.
uber_pic

Reprinted from the Freeman The smartphone-coordinated ride-sharing company Uber has come under fire for charging “outrageous” prices during peak demand times. I will defend the general principle of “surge pricing,” which performs the vital social function of drawing forth supply

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Carl Menger: Pioneer of “Empirical Theory” Part 2

Thursday, January 29th, 2015 by posted in Banking, Capitalism, Economics, History.
Elephants-and-Figures-in-a-Courtyard-Fort-Agra

[This article is excerpted from chapter 4 of Mises: The Last Knight of Liberalism. Reprinted from Mises.org] The Austrian School and the Gossen School With just two books, Menger had put economic and social thought on completely new foundations. Principlespioneered

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Carl Menger: Pioneer of “Empirical Theory” Part 1

Wednesday, January 28th, 2015 by posted in Banking, Capitalism, Economics, History.
st-johns-market

[This article is excerpted from chapter 4 of Mises: The Last Knight of Liberalism. Reprinted from Mises.org] Introduction The problems and ideas that moved Ludwig von Mises in his early years were addressed by the work of four great economic

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A Graphical Introduction to the Austrian Business Cycle Theory

Tuesday, January 27th, 2015 by posted in Banking, Capitalism, Economics, Regulation, Uncategorized.
Bear_Stearns_in_CanaryWharf_London

A Graphical Introduction to the Austrian Business Cycle Theory By: Gaurav Mehra Twitter: @GMehra_ Email: gmehra@alumni.uwo.ca   For a pdf version of this article: Intro to ABCT – Final   Business cycles, simply put, are the fluctuations of economic growth

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All Hail the Tumbling Price of Gas

Monday, January 26th, 2015 by posted in Capitalism, Economics, Environment.
gas-prices-fluctuate1

Reprinted from the Freeman American consumers begin the new year with a beautiful gift: low gas prices. These days, you pay twice or three times as much for fancy bottled water from the convenience store as you pay for gasoline,

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China’s Unsustainable Growth

Friday, January 23rd, 2015 by posted in Banking, Capitalism, Economics.
central-bank-china-1

In November 2014, China’s central bank declared it will lower the interest by 0.4%. The modification is not large enough to imply a change of policy direction, however; it is still an effort to sour on the financial market and

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