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My letter to the WSJ re: Austrians understand why there is a commodity glut

Saturday, April 25th, 2015 by posted in Economics.

Re: Glut of Capital and Labor Challenge Policy Makers Dear Sirs: The worldwide commodity glut is not a surprise to Austrian school economists. It is a wonderful example of the adverse consequences of monetary repression to drive the interest rate

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Do We Owe the Weekend to Labor Unions?

Thursday, April 23rd, 2015 by posted in Economics.
Yay unions

On Twitter the following graphic caught my eye: There are two problems with this argument, one obvious and one more subtle. The obvious problem is that it commits the post hoc ergo propter hoc fallacy. Rather than spelling out what

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Critiquing a Monetary Reform for Iceland

Wednesday, April 22nd, 2015 by posted in Banking, Economics, Politics, Regulation.

The Prime Minister of Iceland recently commissioned a report by Frosti Sigurjonsson (henceforth referred to as “Mr. S”) to recommend a better money and banking system for Iceland. (I’m sorry, but isn’t Frosti a great first name for someone from

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Happy Mother Earth Day, Citizen!

Wednesday, April 22nd, 2015 by posted in Civil Liberties, Economics, Education, Environment, Philosophy.
Lenin_Poster

I’ll bet you forgot to buy a card and gift, didn’t you? Boy, is your face red! Did you even know it’s International Mother Earth Day today, citizen? Socialist despot Evo Morales and his buddies at the United Nations sure

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SDAE Call for Papers

Tuesday, April 21st, 2015 by posted in Economics.

To all Austrian-minded scholars, The Society for the Development of Austrian Economics has put out a call for papers for their November meeting in New Orleans. See the link below for details. http://www.coordinationproblem.org/2015/03/call-for-papers-2015-sdae-meetings-new-orleans-november-12-23-2015.html

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Noah Smith Is Frank About Macro Models

Sunday, April 19th, 2015 by posted in Economics.
drcoats

Lately some of the orthodox economists have been blogging in defense of standard macro models (even though they typically failed to predict the financial crisis of 2008). What caught my eye, however, was Noah Smith’s casual discussion of the state of

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My letter to the NY Times re: Please, make me unemployed!

Friday, April 17th, 2015 by posted in Economics, Politics, Regulation.

Re: In test for unions and politicians, a nationwide protest on pay Dear Sirs: I find it incredible that anyone, especially the vaunted New York Times, would treat with respect the fallacious concept that pay can be set arbitrarily–and enforced

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FREEDOM How to Understand and Apply the Concept Part 2

Friday, April 17th, 2015 by posted in Capitalism, Economics.
farm_painting_teaser

With very minor modification, principally the addition of the postscript “Free Speech and `Occupy Wall Street,’” this essay is an excerpt from my Capitalism: A Treatise on Economics, specifically, pp. 21-27, which constitute Chapter 1, Part B, Section 2. The

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FREEDOM How to Understand and Apply the Concept Part 1

Thursday, April 16th, 2015 by posted in Capitalism, Economics.
landscape_teaser

With very minor modification, principally the addition of the postscript “Free Speech and `Occupy Wall Street,’” this essay is an excerpt from my Capitalism: A Treatise on Economics, specifically, pp. 21-27, which constitute Chapter 1, Part B, Section 2. The

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The Pet Rock: Value and the Birth of Modernity

Wednesday, April 15th, 2015 by posted in Economics.
kraftpetrock1_teaser

Reprinted from the Freeman The year was 1975, and times were seriously changing. The protests against the Vietnam War had finally ended an egregious slaughter. A president had resigned to avoid impeachment. The postwar economic policies of the ruling class

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Central Banking Refuted In One Blog—–Thanks Ben!

Tuesday, April 14th, 2015 by posted in Banking, Capitalism, Economics.
Federal Reserve teaser

Reprinted from David Stockman’s Contra Corner Blogger Ben’s work is already done. In his very first substantive post as a civilian he gave away all the secrets of the monetary temple. The Bernank actually refuted the case for modern central banking

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A World Without The Welfare State

Monday, April 13th, 2015 by posted in Capitalism, Economics.
welfare_state_teaser

Reprinted from EpicTimes We live in an era in which few can even conceive of a world without the welfare state. Who would care for the old? How would people provide for their medical needs? What would happen to the

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Will the New Banking Proposals in Iceland Save it from Economic Instability?

Monday, April 13th, 2015 by posted in Banking, Capitalism, Economics, Politics.

A recent proposal out of Iceland has been making the waves around economics blogosphere. In it, Frosti Sigurjonsson critiques the current fractional-reserve banking system and proposes instead a system he calls “Sovereign Money”. But what is “sovereign money”, how is

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Out, Out Damn Depression: FDR in 1938

Thursday, April 9th, 2015 by posted in Economics, History.
franklin_roosevelt_teaser

[The Roosevelt Myth (1948)] Reprinted from Mises.org The dark realities of the country had sunk deeply into Roosevelt’s mind now. There were just a year and six months before a Democratic convention would meet to pick his successor. All that

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When Internet Explorer Ruled the World

Wednesday, April 8th, 2015 by posted in Capitalism, Economics.
Internet-Explorer_e

Reprinted from the Freeman Microsoft announced this month that it was finally taking Internet Explorer out behind the woodshed, officially ending its two decade reign as the king (and then later the court jester) of web browsers. The main focus

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CA Drought Fault of Capitalism, If We Ignore Economics and Math

Tuesday, April 7th, 2015 by posted in Economics, Environment.
US Uncut CA Water Restrictions

Once again, the popularity of the Facebook page “US Uncut” should make everybody consider moving to Canada. Regarding Governor Jerry Brown’s mandatory water restrictions in the state of California, the US Uncut page posted the following graphic (and accompanying text)

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The Essence of Keynesian Thinking

Tuesday, April 7th, 2015 by posted in Capitalism, Economics.
Keynes (1)_teaser

This article originally appeared as “Keynesian Thinking” in Newsweek, August 11, 1954. Reprinted from Mises.org Arthur F. Burns, now chairman of the Council of Economic Advisers, is one of the country’s outstanding statisticians. Yet there is in his implied economic

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My recent interview on Power Trading Radio

Friday, April 3rd, 2015 by posted in Banking, Capitalism, Economics, Politics, Regulation, Socialism.

  Banking Expert: Germany Should Leave the European Union April 3rd, 2015 Patrick Barron is a consultant to the banking industry. He teaches Austrian school economics at the University of Iowa and Bank Managemant Simulation for the Graduate School of

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What’s so great about the new Asian Infrastructure Investment Bank?

Thursday, April 2nd, 2015 by posted in Banking, Capitalism, Economics.

Recently a friend sent me the updated Wikipedia link about the newly formed Asian Infrastructure Investment Bank that has been in the news so much, mostly gathering glowing endorsements that this is a great undertaking.   http://en.wikipedia.org/wiki/Asian_Infrastructure_Investment_Bank Asian Infrastructure Investment

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The Objectives of Currency Devaluation

Thursday, April 2nd, 2015 by posted in Banking, Capitalism, Economics.
currency teaser

This article is excerpted from Human Action (1949), chapter 31, “Currency and Credit Manipulation.” In the boom period that ended in 1929, labor unions had succeeded in almost all countries in enforcing wage rates higher than those which the market,

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