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Marginal *Physical* Product of Capital Neither Necessary Nor Sufficient For Interest

Friday, May 9th, 2014 by posted in Banking, Economics.

The debate rages over Thomas Piketty’s runaway bestseller, Capital. As I explain in this post, it’s not just free-market Austrian economists who are critical of Piketty’s framework; even “heterodox” economists hailing from the progressive camp are aghast at its treatment


Patents and Birdmen

Friday, May 9th, 2014 by posted in Capitalism, Economics, Intellectual Property, Law.

In his new book “Birdmen: The Wright Brothers, Glenn Curtis, and the Battle to Control the Skies”, Lawrence Goldstone tells the story of the feud between America´s two early air pioneers.  The interesting part of the book is not the

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Foreword to The Failure of the “New Economics”

Friday, May 9th, 2014 by posted in Capitalism, Economics, History.
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[This foreword to Henry Hazlitt's Failure of the New Economics was first published inNational Review, August 15, 1959.] Reprinted from For most people, economics has ever been the “dismal science,” to be passed over quickly for more amusing sport. And yet,


To Become Worthy of a Free Economy

Thursday, May 8th, 2014 by posted in Economics, Education, History, Philosophy.

Panel Presentation Delivered at the 18th Annual Civitas Conference – May 3, 2014 Why is it that, every single time we board an aircraft, a flight attendant says, “In case there’s a loss in cabin pressure, please secure your own

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The Market Is Rigged

Thursday, May 8th, 2014 by posted in Banking, Capitalism, Economics.
highfrequencytrading teaser

Reprinted from When Michael Lewis’s new book Flash Boys came out, the author caused a stir while making the media rounds to promote it. “The market is rigged,” he told 60 Minutes flatly. His comments set off a firestorm of debate as to

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Minimum Wage in Under Ten Words

Wednesday, May 7th, 2014 by posted in Economics, Education.

David Howden is Chair of the Department of Business and Economics, and professor of economics at St. Louis University, at its Madrid Campus, Academic Vice President of the Ludwig von Mises Institute of Canada, and winner of the Mises Institute’s

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Four Ways to Value the Stock Market

Wednesday, May 7th, 2014 by posted in Banking, Capitalism, Economics.
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Analysts and investors were ebullient the other week as the Dow Jones Industrial Average – widely considered as the bell-weather stock index of the United States, and the World – reached its highest level of all time. The intraday high


Google+ Reveals the Fragility of Market Power

Tuesday, May 6th, 2014 by posted in Capitalism, Economics.

It looks like the last nail is all but hammered into the coffin of Google+, the most dismal failure of a social media platform in recent memory. No one, apart from Google itself, will mourn the passage of this cumbersome,


How Regulated is Canadian Agriculture?

Tuesday, May 6th, 2014 by posted in Economics, Foreign Policy, History, Law, Regulation, Trade.

The 2014 Farm Bill has been passed. While some are complaining that the newest iteration of the Bill did not retain enough of the provisions from the previous, 2008 version, some are claiming that even passing it was quite an

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The Importance of Austrian Capital Theory: Interest Is NOT the MPK

Monday, May 5th, 2014 by posted in Banking, Capitalism, Economics.

Over at EconLib, I have an article laying out the importance of capital in economic theory. Austrian readers will see reference to giants such as Böhm-Bawerk, Frank Fetter, and Mises. This underscores the importance of studying the Austrian School as


My letter to the NY Times re: Perhaps…

Monday, May 5th, 2014 by posted in Economics.

Re: Once More, Economy Exhibits Weakness Dear Sirs: Perhaps “the economy turned in another disappointing quarterly performance” because it never has recovered.  Perhaps “the electorate remains skeptical that things are getting better” because they live in the real world and

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Markets Are About Much More Than Material Goods

Monday, May 5th, 2014 by posted in Capitalism, Economics.
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Reprinted from Murray Rothbard once noted that “One of the most common charges leveled against the free market is that it reflects and encourages unbridled ‘selfish materialism’ … it distracts man from higher ideals. It leads man away from

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Revenge Costs Lives

Friday, May 2nd, 2014 by posted in Civil Liberties, Economics, Education.

One of the simplest lessons from any first year economics class is that blind retaliation leads to bad results. In the quest to find relevance for the economic theories they learn in class, students may be surprised to find this

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Happily Never After

Thursday, May 1st, 2014 by posted in Capitalism, Economics, History.
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Reprinted from Francis Spufford. Red Plenty. Graywolf Press, 2012. 448 pages. This column was originally part of a paper presented at the recent APEE meeting in Las Vegas. Francis Spufford’s Red Plenty has been ably reviewed in these pages before. But it’s a book I can’t stop

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DeLong Damns Piketty With Faint Praise

Thursday, May 1st, 2014 by posted in Economics.

Although a lot of free-market economists view Brad DeLong as the poor man’s Krugman, I think DeLong is actually far more versed in the history of economic thought and in particular on the “heterodox” (including Austrian) critiques of the mainstream

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The Poisoned Kool-Aid of Keynesian Economics

Wednesday, April 30th, 2014 by posted in Economics.

From today’s Open Europe news summary: Annual inflation in Germany picked up in April but by less than economists had expected, fanning concerns that inflation in the eurozone has fallen dangerously low and putting pressure on the European Central Bank

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Capitalism with Dr. George Reisman

Wednesday, April 30th, 2014 by posted in Capitalism, Economics.

Reprinted from Online Trading Academy John O’Donnell’s guest today is Dr. George Reisman. He is a Pepperdine University Professor Emeritus of Economics and author of Capitalism: A Treatise of Economics. He was a personal student of Ludwig von Mises under

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Canadians Choose Work, While the U.S. Remains Idle

Wednesday, April 30th, 2014 by posted in Capitalism, Economics.

The U.S. labor force participation rate is currently at its lowest level in forty years, as frustrated workers stop looking for jobs, opting instead to live on the public dole, or else simply engage in more leisure time. The Obama

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Mises >> Krugman

Tuesday, April 29th, 2014 by posted in Economics.

In a recent blog post that almost seems deliberately provocative, Jonathan Finegold (aka Jonathan F. Catalan) argues that Paul Krugman is a better economist than Murray Rothbard. (To motivate the post, Finegold titles it, “K> R,” capitalizing on the popularity

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Thomas Piketty on Inequality and Capital

Tuesday, April 29th, 2014 by and posted in Capitalism, Economics, History.
piketty teaser

Reprinted from Thomas Piketty’s Sensational New Book   By Hunter Lewis Thomas Piketty, a 42-year-old economist from French academe has written a hot new book: Capital in the Twenty-First Century. The U.S. edition has been published by Harvard University

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