On the one hand, I obviously understand that economist Scott Sumner is being whimsical in this recent blog post where he offers “A utilitarian defense of reckless young men.” Yet on the other hand, Sumner’s analysis is horribly flawed, in
Reprinted from Mises.org Last week (two weeks ago – ed. note) marked the 100 Anniversary of the beginning of World War I. That war, which produced over 37 million casualties, not counting the related famines and epidemics that came in the
A recent Vox article claimed in its title: “Dry cleaners charge women more, and it matters more than you realize.” Yet as with most of these analyses, the discussion ignores basic principles of economics. Rather than viewing an initially surprising
In his book, The Positive Theory of Capital, Eugen von Böhm-Bawerk developed a theory of price formation centered around the valuations of the “marginal pairs.” That is, there are four market participants whose subjective valuations play a special role in
From today’s Open Europe news summary: Italian Finance Minister Pier Carlo Padoan has said in an interview that the ECB “has to be consistent and bring [eurozone] inflation close to 2%…which is very far from current levels.” Separately, Handelsblatt reports that the
From today’s Open Europe news summary: Persson: Eurozone still an awfully long way from becoming a healthy and vibrant economic bloc In the Sunday Telegraph, Mats Persson argued that while the risk of a euro breakup has subsided, “the currency zone
It’s not just poor pensioners who are harmed by central banks’ ultra-low interest rate targets. Governments are now also getting squeezed. Pension plans like social security rely on, historically, fixed-income investments to provide returns for the future payouts. With interest
Reprinted from LewRockwell.com Elizabeth Warren has become a true “rock star” among American Progressives, and especially among the hard-left wing of the Democratic Party, which would love for her to run for President of the United States as a candidate
John O’Donnell and special guest George Reisman discuss Piketty’s new book Capitol in the Twenty-First Century. They discuss Reisman’s recent review of the book entitled Wrong Theory/Destructive Program. They also discuss education and its lack of substance in the U.S.
Reprinted from Casey Research The midterm election season is upon us, and it’s a tossup whether the Republicans will win the Senate, or if President Obama, seemingly oblivious as conflict flares up around the world, will, through his continuous campaigning,
Reprinted from Forbes Had he not passed away at the tender age of 92 in 1973, Ludwig von Mises would have turned 131 years old today. In my humble opinion, he was the greatest social thinker of the twentieth century.
Precisely because Paul Krugman and I have had an unpleasant exchange of views on the subject, I realize there is a danger in me beating a dead horse, or appearing to be making excuses, whenever I return to the topic of