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A good lesson from Greece in the difference between private and public finance

Tuesday, March 10th, 2015 by posted in Banking, Capitalism, Economics, Politics.

From today’s Open Europe news summary (my emphasis): Greece to start technical talks with creditors tomorrow amid criticism that too much time is being wasted Eurozone finance ministers agreed yesterday that officials from the Greek government and the EU/IMF/ECB Troika

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Who Owns the Water?

Tuesday, March 10th, 2015 by posted in Economics, Law, Regulation.
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Reprinted from LewRockwell.com Dear Mr. Read: Congratulations on publishing the stimulating and challenging article on “Ownership and Control of Water” in the November issue of Ideas On Liberty. It is highly important that we think more about such fine points

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How not to win friends!

Monday, March 9th, 2015 by posted in Capitalism, Economics, Foreign Policy, Politics, Socialism.

From today’s Open Europe news summary: Greek Defence Minister: We’ll flood Europe with refugees if Greece is ‘hit’ by Germany; Speaking at a meeting of Independent Greek MPs yesterday, party leader and Greek Defence Minister Panos Kammenos argued that “If

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Unemployment Benefits: The Government Gets What It Pays For

Monday, March 9th, 2015 by posted in Capitalism, Economics.
unemploymentline teaser

Reprinted from the Freeman Just about everyone agrees that incentives affect behavior, but economists really mean it. That’s because economists take the logic of incentives further than most other people are willing to. Such analysis often reveals that government policies

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The Threat to the Dollar as the World’s Primary Reserve Currency

Saturday, March 7th, 2015 by posted in Economics, Politics, Trade.

(Following is the text of a speech given today at Drake University at the annual convention of the Iowa Association of Political Scientists.)   The Threat to the Dollar as the World’s Premier Reserve Currency …but does it really matter?

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My letter to the NY Times re: Japan’s Solar Mandates Lack Free Market Coordinating Function

Friday, March 6th, 2015 by posted in Economics, Regulation.

Re: Japan’s Growth in Solar Power Falters as Utilities Balk Dear Sirs: One of the prime reasons for the failure of Japan’s solar power initiatives is the government’s ignorance of the coordinating function of the the free market. The article

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Time for Some Mattress Padding

Thursday, March 5th, 2015 by posted in Banking, Capitalism, Economics.
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Can you imagine borrowing $1000 from the bank and receiving $10 per year interest from the bank? I didn’t think so. However, this is the happy situation facing some European countries and even a few Swiss companies. The Swiss, Swedish, and Danish governments

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Does Walmart Prove Minimum Wage Laws Will Help Workers?

Thursday, March 5th, 2015 by posted in Economics.
walmart

In a recent column Paul Krugman has one of the most curious arguments supporting the minimum wage that I’ve ever seen from a professional economist: A few days ago Walmart, America’s largest employer, announced that it will raise wages for half

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My letter to the NY Times re: Keynesian macro economists are confused

Wednesday, March 4th, 2015 by posted in Economics.

Re: Saving Big on Energy Bills, People Take It to the Bank, by Nelson D. Schwartz Dear Sirs: Keynesian school macro economists may be scratching their heads that the spending numbers that they hold so dear are not increasing, but

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Praxeology in Many Disciplines

Tuesday, March 3rd, 2015 by posted in Economics, Education, Philosophy.
canada_lacrosse

A great strength of the Austrian School of Economics is the breadth of academic scholarship that it can enrich.  The philosophic underpinnings of the Austrian economists, and specifically of Ludwig von Mises, universalize the principles of economic activity to all

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Consumers’ Sovereignty and Natural vs. Contrived Scarcities

Tuesday, March 3rd, 2015 by posted in Capitalism, Economics.
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Reprinted from The Daily Bell One of the great myths about the capitalist system is the presumption that businessmen make profits at the expense of the consumers and workers in society. Nothing could be further from the truth. In the

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Robots and Computerization Cause Unemployment

Monday, March 2nd, 2015 by posted in Capitalism, Economics.
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Reprinted from The Freeman “Report Suggests Nearly Half of U.S. Jobs Are Vulnerable to Computerization,” screams a headline. The cry of “robots are coming to take our jobs!” is ringing across North America. But the concern reveals nothing so much

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Paul Krugman Is the Brian Williams of Economics Bloggers

Sunday, March 1st, 2015 by posted in Economics.
Brian Williams Krugman

Paul Krugman knows a lot of economic theory and is a very clever writer, but you should never ever trust him to recount tales of battles between Keynesians and other schools of thought. His misrememberings in this realm are so

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Check out John O’Donnell on Mises Weekends

Sunday, March 1st, 2015 by posted in Banking, Capitalism, Economics.
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Make sure you check out investor John O’Donnell discuss applied Austrian economics and his history with Murray Rothbard on the latest Mises Weekends podcast show. You can listen here.

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The Minimum Wage and Unemployment in Australia

Friday, February 27th, 2015 by posted in Capitalism, Economics.
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Reprinted from International Man Are things really topsy-turvy down-under? Since people in Australia are already walking upside down on the bottom of the Earth, do the laws of economics operate upside down also? Does the minimum wage in Australia lead

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Fed Independence is a Joke, So Why Not Audit?

Thursday, February 26th, 2015 by posted in Banking, Capitalism, Economics.
Inside The International Monetary Fund's Rethinking Macro Policy Conference

Reprinted from FreedomWorks A whistleblower-hating president, a bureaucrat who illegally targeted conservatives, and the former national intelligence director who lied before Congress walk into a bar. The bartender says: what can I get “the most transparent administration in history”? If

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The futility of bank regulation in a repressed monetary regime

Thursday, February 26th, 2015 by posted in Economics, Regulation.

Re: The Futility of Bank Regulation Under a Monetary Regime of Financial Repression, by Jeffrey P. Snider   I have admired the writing of Mr. Snider for some time now. His latest missive is long and detailed, but I was

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The Myth of Black Swan Market Events

Thursday, February 26th, 2015 by posted in Banking, Capitalism, Economics.
Black Swan_teaser

Reprinted from the New York Times Dealbook As André Gide, the French Nobel laureate in literature, once said, “Everything that needs to be said has already been said. But since no one was listening, everything must be said again.” Indeed,

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The Austrian Solution to Greece

Wednesday, February 25th, 2015 by posted in Economics, Politics, Regulation.
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Arnold Kling asks economists to fill in the blank: “Greece will achieve economic success when ____” There is an answer from the Austrian perspective, but first I want to highlight some thoughts from other prominent bloggers. Option A: Paul Krugman of

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Down and Out in the Middle-Class Economy

Wednesday, February 25th, 2015 by posted in Capitalism, Economics.
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Reprinted the Freeman The president recently boasted of the success of his administration’s economic policies, which he calls “middle-class economics.” He describes his approach as “helping working families feel more secure in a world of constant change.” Who can blame

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