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Hayek, Statistics, and Trade-Cycle Theory

Friday, November 21st, 2014 by posted in Economics.
hayek

Austrian economics is often caricatured and criticized because of its approach, or deliberate lack of an approach, to mathematical models, multivariable calculus, and econometrics. Attacks are leveled against Austrians such as Mises, Rothbard, and Kirzner for their failure or refusal

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Gordon Tullock, Student of Society

Friday, November 21st, 2014 by posted in Economics, History.
tullock

Reprinted from the Freeman Gordon Tullock stood transfixed by an anthill outside the Center for Public Choice in Virginia. When another scholar asked him what he was doing, Tullock replied brusquely: “Research.” It must have indeed been research, because Tullock

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Changing the World: Technology Versus Politics

Thursday, November 20th, 2014 by posted in Capitalism, Civil Liberties, Economics.
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Reprinted from Casey Research We were all supposed to go vote on Tuesday. It’s our civic duty, we’re told. If you want change, your vote is more important than anyone else’s. What a crock. Technology has replaced politics as the

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The Socialist Wind from the South

Wednesday, November 19th, 2014 by posted in Economics, Foreign Policy.
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Reprinted from Le Quebecois Libre As everybody knows, the United States is a mean country where dog-eat-dog capitalism reigns, where the poor die of hunger in the streets or of illnesses at the doors of hospitals whose treatments they cannot

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Planning begins for a euro-free Europe

Wednesday, November 19th, 2014 by posted in Economics, Trade.

From today’s Open Europe news summary: In an interview with RTL, Dutch Finance Minister Jeroen Dijsselbloem admitted that the Dutch government looked at what would happen if plans to save the euro “didn’t succeed”. His predecessor Jan Kees de Jager added separately

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The Skyscraper Curse in Alberta

Tuesday, November 18th, 2014 by posted in Economics.
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The Skyscraper Index shows a correlation between the construction of large, record-setting buildings and economic busts. Of course, correlation is not causation, but it’s interesting to note how accurate this index is. Created by economist Andrew Lawrence in 1999, the

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Education and the Racist Road to Barbarism

Tuesday, November 18th, 2014 by posted in Capitalism, Economics, Environment, History.
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A Demonstration of the Objective Superiority of Western Civilization and Slap in the Face of Cultural Relativism and Political Correctness CONTENTS Introduction The Nature of Western Civilization The Universalizability of Western Civilization The Standard for Judging a Civilization: the Objective

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A Response: Defending Anarcho-Capitalism

Monday, November 17th, 2014 by posted in Capitalism, Economics, Philosophy, Politics.
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In a 1901 letter to novelist John Galsworthy, Polish author Joseph Conrad described “skepticism” as “the tonic of minds, the tonic of life, the agent of truth – the way of art and salvation.” Men hardly write letters anymore. Post

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Hey Austrians, Where Is the Inflation?

Monday, November 17th, 2014 by posted in Banking, Capitalism, Economics.
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Reprinted from Liberty.me Hey Austrians, Where Is the Inflation? Of all the criticisms that Austrian economists receive, this complaint is the most reasonable and legitimate of all. Many Austrian economists (so I’m told) have predicted that when Ben “The Bubble”

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NGDP Is a Concept Constructed By Economists

Sunday, November 16th, 2014 by posted in Economics.
Wheat harvest

Long-time readers know that I am not a fan of the Market Monetarist approach to monetary policy, in which central banks are supposed to target a steadily growing level for nominal Gross Domestic Product (NGDP). However, in this post I

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Food Banks and the Basic Income Model

Thursday, November 13th, 2014 by posted in Economics, Socialism.
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Did you know that nearly a million Canadians are now using food banks each month? According to HungerCount, there has been a 25% increase in food bank usage since the Financial Crisis six years ago. HungerCount Reports are considered to

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Will Foreign Loans Make Us Rich?

Thursday, November 13th, 2014 by posted in Capitalism, Economics, Trade.
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[Reprinted from Will Dollars Save the World? (1947)] One of a number of posters created by the Economic Cooperation Administration, an agency of the US government, to sell the Marshall Plan in Europe. Note the pivotal position of the American flag.

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Europe 25 years after the fall of the iron curtain

Wednesday, November 12th, 2014 by posted in Capitalism, Economics, Mises on Policy, Politics.

Play video 01:38:28 Added on 11/12/14 178 views Many thanks to my friend Dr. Philip Bagus for forwarding the link to me. In addition to the address by former Czech president Vaclav Klaus, there were excellent presentations by Dr. Bagus

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Defending the Miser

Wednesday, November 12th, 2014 by posted in Capitalism, Economics.
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[Excerpted from Defending the Undefendable] The miser has never recovered from Charles Dickens’s attack on him in A Christmas Carol. Although the miser had been sternly criticized before Dickens, the depiction of Ebenezer Scrooge has become definitive and has passed

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Martin Wolf Unwittingly Confirms Austrian Business Cycle Theory

Tuesday, November 11th, 2014 by posted in Economics.
martin wolf

In the summer I wrote a post for Mises CA explaining that Jared Bernstein had unwittingly confirmed that the Austrian financial commentators weren’t paranoid for warning people that the USD’s days as the world’s reserve currency were numbered. Today I

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Maastricht Treaty? We don’t need no stinkin’ Maastricht Treaty!

Tuesday, November 11th, 2014 by posted in Banking, Economics, Law, Politics.

From today’s Open Europe news summary: ECB Executive Board member Yves Mersch said yesterday that the ECB will begin purchasing Asset Backed Securities (ABS) next week. He added that, “should the situation deteriorate further”, purchases of sovereign debt remain an

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The Philosophy of the Pseudoprogressives

Tuesday, November 11th, 2014 by posted in Economics, Epistemology, History, Philosophy.
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[This article originally appeared in Plain Talk, February 1950. It is included in Planning for Freedom.] 1. The Two Lines of Marxian Thought and Policies In all countries which have not openly adopted a policy of outright and all-around socialization

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Economics is a Philosophy of Tolerance

Monday, November 10th, 2014 by posted in Economics.
piggybank

The world is full of snobs. There are music snobs who complain that most people prefer Lady Gaga to Stravinsky, film snobs who complain that most people prefer action movies to art films, and food snobs who complain that most

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The EU’s anti-competitive tax policy

Monday, November 10th, 2014 by posted in Capitalism, Economics, Law, Politics, Regulation.

From today’s Open Europe new summary: Following the release of thousands of secret documents detailing how Luxembourg helped companies avoid paying taxes, an FT leader argues, “For the sake of his own credibility – and that of the commission – [Jean-Claude Juncker]

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“Outsourcing” Makes Us Richer

Monday, November 10th, 2014 by posted in Capitalism, Economics, Trade.
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Reprinted from The Freeman This short video, put out by the Million Jobs Project, currently has more than 3.7 million views. It claims that US producers have been outsourcing jobs abroad in order to fatten their profits. It urges viewers

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