keynes

Hey Austrians, Where Is the Inflation?

Monday, November 17th, 2014 by posted in Banking, Capitalism, Economics.
inflation teaser

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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Defending the Miser

Wednesday, November 12th, 2014 by posted in Capitalism, Economics.
Miser_1 teaser

[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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The Errors in Liquidity Preferences

Thursday, November 6th, 2014 by posted in Banking, Economics.
wall_street_teaser

The theoretical construct of Keynes’s monetary view of the world is known as the liquidity preferences theory of money. This theory is the foundation of many macroeconomic models and stands in stark contrast to the classical view of interest rates,

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The Poison Eating at the Heart of Macroeconomics

Tuesday, September 23rd, 2014 by posted in Economics, Philosophy.
maynard_keynes1 teaser

Mario Draghi, in one of his latest speeches, prodded governments to ease austerity to spur aggregate demand (an oxymoron). The IMF director, Christine Lagarde, recently urged the ECB to continue its easy monetary policy until aggregate demand picks up. U.S.

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Foreword to The Failure of the “New Economics”

Friday, May 9th, 2014 by posted in Capitalism, Economics, History.
keynes (1) teaser

[This foreword to Henry Hazlitt’s Failure of the New Economics was first published inNational Review, August 15, 1959.] Reprinted from Mises.org For most people, economics has ever been the “dismal science,” to be passed over quickly for more amusing sport. And yet,

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Deflation & Liberty (Pt. 5)

Tuesday, April 15th, 2014 by posted in Economics.
deflation-and-liberty

Inflation in the form of fractional-reserve banking and fiat money is ultimately a self-defeating practice. It bears in itself the germs of its own destruction and, as we shall see, deflation is the essential vehicle of this destruction. We can

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Deflation & Liberty (Pt. 4)

Monday, April 14th, 2014 by posted in Economics.
deflation-and-liberty

How would money be produced in a free society? Let us first observe that the fact that the quantity of money is irrelevant for the wealth of a nation must not be confused with the ideal of stabilizing the quantity

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Deflation & Liberty (Pt. 3)

Friday, April 11th, 2014 by posted in Economics.
deflation-and-liberty

[This article is excerpted from Deflation & Liberty] From the standpoint of the commonly shared interests of all members of society, the quantity of money is irrelevant. Any quantity of money provides all the services that indirect exchange can possibly

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Keynesian Myths and The Triumph of The Warfare State

Thursday, March 27th, 2014 by posted in Banking, Economics, History.
federal reserve teaser

Reprinted from LewRockwell.com Presentation by David A. Stockman to The Committee for the Republic, February 11, 2014 Flask in hand, Boris Yelstin famously mounted a tank outside the Soviet Parliament in August 1991. Presently, the fearsome Red Army stood down—an

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Anti-Logic and the Keynesian “Stimulus”

Monday, March 17th, 2014 by posted in Banking, Capitalism, Economics.
ARRA_sign_Baker_CA teaser

Reprinted from Mises.org American political culture always seems to be “celebrating” the anniversary of something, be it JFK’s assassination (we just passed the 50th anniversary of that sad event) or the signing of some (mostly bad) legislation. The latest political

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Choice in Currency: A Way to Stop Inflation

Monday, February 17th, 2014 by posted in Banking, Capitalism, Economics.
currency teaser

[Based on an Address entitled ‘International Money’ delivered to the Geneva Gold and Monetary Conference on 25 September, 1975, at Lausanne, Switzerland. IEA 1976; Mises institute/IEA 2009] Preface The Occasional Papers are intended to make essays or addresses, of outstanding importance, accessible

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Does Bitcoin Need a John Law?

Thursday, February 6th, 2014 by posted in Capitalism, Economics.
john law teaser

Jamie Dimon opened his mouth in Davos about bitcoin and nonsense came out. “It’s a terrible store of value,” Dimon told CNBC’s Andrew Ross Sorkin. “It could be replicated over and over.” “It doesn’t have the standing of a government,”

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The Street Keynesians

Wednesday, January 29th, 2014 by posted in Capitalism, Economics.
euriot teaser

Reprinted from Taki’s Magazine According to a poll carried out by the Figaro newspaper, only 17% of the French believe that 2014 will be a good year, but in fact it started very well for France. Only 1,064 cars were burned by

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Weiner and Sexual Deviance

Monday, July 29th, 2013 by posted in Lifestyle, Philosophy, Politics.
weiner

The low-brow focus of major media outlets in our age is not a new development. As communication technology has expanded to reach the masses, the quality of reporting and commentary has necessarily dumbed down. Quality is never an adjective that

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Paul Krugman the Marxist

Monday, June 24th, 2013 by posted in Capitalism, Economics.
krugman

Someone once wrote that criticizing economist and New York Times columnist Paul Krugman is the internet’s favorite pastime. I, too, have engaged in the sport – with no success of changing what Robert Higgs calls the “vulgar Keynesianism” that dirties

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A Tutorial on Money, Gold and Inflation for Paul Krugman

Friday, June 7th, 2013 by posted in Capitalism, Economics.
gold-bars teaser

Reprinted from MurraySabrin.com In his New York Times column, “Lust for Gold” (April 12), Paul Krugman embraces once again monetary inflation as one of the ways to create prosperity, one of the longest enduring myths in economics.  By disparaging gold

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Two Sides of the Same Debased Coin

Friday, May 24th, 2013 by posted in Banking, Capitalism, Economics.
keynes teaser

This article originally appeared in the January 2013 edition of The Free Market. Reprinted from Mises.org In the beginning of The General Theory, John Maynard Keynes says that his ideas will no doubt be rejected because they are so novel

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Should We Trust Economists?

Wednesday, January 23rd, 2013 by posted in Capitalism, Economics, Education.
Krugman

We live in a complex world. So logically we need complex solutions to our problems, right? Not according to certain people; according to them, we just have to follow the advice of economists. That way, most of our problems would

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The Mess the Bank Made… and Denies

Monday, December 17th, 2012 by posted in Banking, Capitalism, Economics, Education, Politics, Regulation.
bank-of-canada

Back in April, I reviewed a document called the “Financial System Review”, published semi-annually by the Bank of Canada.  Due to the dire warnings contained therein, I thought it necessary to produce a more user-friendly summary of the information the

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Keynesians Vs. The Gold Standard

Monday, August 13th, 2012 by posted in Economics.
gold coins teaser

Reprinted from LewRockwell.com Recently, the leftist London Guardian posted an article against the nineteenth-century gold coin standard. The author, who seems recently to have begun shaving, has provided a highly useful summary of the Keynesian case against the gold coin

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