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Learning the Virtue of Capital Accumulation

Wednesday, October 1st, 2014 by posted in Capitalism, Economics.
Clocking-Off

In the American slapstick classic Monkey Business, Groucho Marx retorted, “Oh, I know it’s a penny here and a penny there, but look at me. I worked myself up from nothing to a state of extreme poverty.” Marx was no

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Update on Austrian Economics Conference

Wednesday, October 1st, 2014 by posted in Economics, Education.

The Organizing Committee of the Fifth International Conference “The Austrian School of Economics in the 21st Century” reminds you: 1) Simultaneous Interpretation will be available during the event. 2) The deadline for abstracts and enrolment forms reception is extended up

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Century of Enslavement: The History of The Federal Reserve

Wednesday, October 1st, 2014 by posted in Banking, Capitalism, Economics.
Century of Enslavement: The History of The Federal Reserve

What is the Federal Reserve system? How did it come into existence? Is it part of the federal government? How does it create money? Why is the public kept in the dark about these important matters? In this feature-length documentary

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Uncle Sam´s Annual Borrowing 14 Times Worse Than Thought

Wednesday, October 1st, 2014 by posted in Capitalism, Economics.

Lots of people like to concentrate on the deficit when looking at public finances. In 2013, he federal government of the United States ran a budget deficit of $614 billion, which is quite a bit, but seemingly small relative to

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A Strategy for the Right Part 2

Wednesday, October 1st, 2014 by posted in Economics, Politics.
white_house_teaser

Reprinted from Mises.org It is instructive to turn now to a prominent case of right-wing populism headed by a dynamic leader who appeared in the last years of the Original Right, and whose advent, indeed, marked a transition between the

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Will an ordinary German citizen challenge the lawless ECB?

Tuesday, September 30th, 2014 by posted in Banking, Economics, Law, Politics.

From today’s Open Europe news summary: German economist Hans-Werner Sinn writes in the FT, “Deflation is not a danger for southern Europe, but an essential precondition for restoring competitiveness.” He describes the ECB’s latest asset purchase plan as “nothing less than

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More European “Growth” Shenanigans

Tuesday, September 30th, 2014 by posted in Economics.

Europe got some good news in early June as the EU changed its statistical guidelines on how to compute GDP. Among other changes, expenditures on prostitution and illicit drugs (hookers and blow, colloquially) will now be included. Of course, some

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Is New York City’s Proposed Ban on the Use of Supplemental Nutrition Assistance Program Benefits for Purchases of Sugar-Sweetened Beverages Effective Policy?

Tuesday, September 30th, 2014 by posted in Economics, Politics, Regulation.

In 2011, New York City mayor Michael R. Bloomberg proposed a ban on using Supplemental Nutrition Assistance Program benefits (commonly known as food stamps) for the purchase of sugar-sweetened beverages. While the plan has been criticized by food and beverage

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About Those Monotonic Transformations…

Monday, September 29th, 2014 by posted in Economics.
chalkboard

If you have spent an egregious portion of your life in economics classrooms, you have doubtless heard that the utility functions used therein are representations of purely ordinal preference rankings. As your professors likely told you, although utility functions assign

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Ludwig von Mises: Defender of Capitalism

Monday, September 29th, 2014 by posted in Capitalism, Economics, History.
MisesLibrary (2) teaser

Editor note: Today commemorates the 133rd birthday of Ludwig von Mises. September 29, 2014 is the one-hundred-and-thirty-third anniversary of the birth of Ludwig von Mises, economist and social philosopher, who passed away in 1973. Mises was my teacher and mentor

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More Evidence That Canadian Success Story Didn’t Rely on Loose Money

Sunday, September 28th, 2014 by posted in Economics.
Canadian-Flag-08

In a previous post, I reviewed the great Canadian success story involving relatively large budget cuts as a way to turn around the fiscal crisis of 1995. On the surface, this seems anomalous to those who think Aggregate Demand is

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Krugman vs. Krugman on Conservative Canadian Cockroach

Friday, September 26th, 2014 by posted in Economics.
BROWN COC

You really have to feel bad for Paul Krugman. No matter how many times he tries to kill the idea that 1990s Canada serves as a lesson for today’s policymakers, it just keeps coming back, like a cockroach. In case you

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New Taxes on the Way

Friday, September 26th, 2014 by posted in Capitalism, Economics.

The province of Ontario is a financial basket case. The provincial government pays nearly 10% of its tax revenue on interest to cover the $270bn. debt load (over $20,000 per Ontarian). To put this in perspective, the slow-motion train wreck

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Milton Friedman, 1912-2006

Thursday, September 25th, 2014 by posted in Capitalism, Economics, Education.
friedman_teaser

Reprinted from Mises.org Few American economists have wielded as much influence on economic thought and policy as the late Milton Friedman. He was an articulate and ardent advocate of free markets and personal liberty. In 1962, his Capitalism and Freedom, which

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The World´s Largest Subprime Debtor

Wednesday, September 24th, 2014 by posted in Banking, Economics.

Do you have a friend who consistently borrows 30% of his income each year, is currently in debt about six times his annual income, and wanted to take advantage of short-term interest rates so that he needs to renegotiate with

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Gross Output Statistics and the ABCT

Wednesday, September 24th, 2014 by posted in Economics.
hayekian triangle teaser

Austrian Business Cycle Theory has enjoyed renewed popularity since the 2008 financial crisis both in the popular press and in academia. It’s inconceivable that any regular consumer of political and financial media has avoided exposure to ABCT and other Austrian

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Forced Organ Donations

Wednesday, September 24th, 2014 by posted in Civil Liberties, Economics, Health Care.

In his work  A Critique of Interventionism, Ludwig von Mises concluded that an endless progression of interventions was the inevitable consequence of otherwise well-intentioned policy makers “In a private property order isolated intervention fails to achieve what its sponsors hoped

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Dependency and Farming

Tuesday, September 23rd, 2014 by posted in Capitalism, Economics, Regulation.
french_farmers

In his work Prejudices, H.L. Mencken wrote plenty of scathing criticisms about American social life. His arch-nemesis received the most scorn: the average farmer. The farmer, he wrote, is “a tedious fraud and ignoramus, a cheap rogue and hypocrite, the

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Germany takes a stand against Keynesian stimulus

Tuesday, September 23rd, 2014 by posted in Economics, Regulation.

Re: US urges EU to do more to stimulate its economy   At the recent meeting of the G20 US Treasury Secretary Jack Lew led the majority of the industrial world’s finance ministers and central bankers to urge Europe to increase

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Did Canadian Government’s Famous Budget Cuts Rely on Loose Money?

Tuesday, September 23rd, 2014 by posted in Capitalism, Economics.
B of Canada Total Assets

The progressive Keynesians don’t like the “conservative love affair” with Canada. In particular, they are pushing back against the people who are pointing to the Canadian government’s budget-slashing starting in the mid-1990s as an example of “fiscal austerity” that did

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