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Yes, you do understand economics!

Thursday, September 3rd, 2015 by posted in Economics.

The following conversation between my good friend Michael McKay and a friend of his illustrates that we all understand and use economic principles every day. In fact we could  not function without understanding these basic economic principles. Pat Barron  

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The Telegraph condemns QE (sort of)

Wednesday, September 2nd, 2015 by posted in Banking, Capitalism.

The Telegraph last week printed a very muddled article by Jeremy Warner entitled “Jeremy Corbyn’s plan to turn Britain into Zimbabwe” that unintentionally made the case against the quantitative easing that is destroying market economies around the globe. Corbyn, who

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The implications of a reduction of Chinese holdings of US government debt

Sunday, August 30th, 2015 by posted in Economics, Politics.

Dear Readers, Below is my response to a reader of my blog, who asked about the implications of China reducing its holdings of US treasury debt. Pat Barron Dear Lawrence, I think that in the simplest terms, China is exiting

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My letter to the Financial Times, London re: The FT sides with counterfeiters and confiscators

Friday, August 28th, 2015 by posted in Banking, Civil Liberties, Law, Regulation.

Re: The case for retiring another barbarous relic Dear Sirs: I was appalled at your supposed “case” for eliminating cash, which you yourselves describe as the peoples’ “go-to safe asset”. And what IS your case? One, “cash…limits the central banks’

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My letter to The Times, London re: Legal tender laws protect unsound money

Thursday, August 20th, 2015 by posted in Economics, Law, Politics, Regulation.

Dear Sirs: I will not take the time required to refute point-by-point Mr. Ed Conway’s latest attack upon a gold-backed currency. It is obvious that he is completely ignorant of monetary theory and history. Rather, I will ask Mr. Conway

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L’externalité, le bien public, et l’intervention de l’État

Wednesday, August 19th, 2015 by posted in Capitalism, Economics, Education.

Un argument classique en faveur de l’intervention de l’État dans l’économie consiste à stipuler qu’il faut corriger les « échecs du marché ». Sans grande surprise, les économistes contemporains en dénombrent plusieurs. Je veux ici présenter deux exemples analytiquement similaires de ces

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Trump: The Art of the Bureaucrat

Monday, August 17th, 2015 by posted in Mises on Policy, Politics.

Donald Trump says America’s problems are managerial. The political class is “stupid,” and “horrible negotiators.” He can fix the country’s problems instantaneously with his own entrepreneurial ability and by drafting into government service the likes of multi-billionaire Carl Ichan. Trump


Austrians vs. The World On Canadian Fiscal Austerity

Thursday, August 13th, 2015 by posted in Economics.

I don’t know whether this is something the average Canadian discusses over coffee, but the sharp fiscal turnaround in the mid-1990s is still providing fodder for today’s economists to argue. In September 2014, I summarized the Canadian budget triumph, in


Oh, the horror of cheaper Chinese goods!

Wednesday, August 12th, 2015 by posted in Economics, Politics, Regulation, Socialism, Trade.

Re: Cheaper Chinese Currency Has Global Impact China’s money dictators have decided to put all Chinese exports on sale, allowing people in foreign countries to buy more Chinese goods for the same amount of local currency or invest in any

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Krugman Unwittingly Makes the Case for Cutting Government Spending

Monday, August 10th, 2015 by posted in Economics.

Ah, it was so much easier to be a Keynesian before the Internet remembered everything… From 2010 through 2013, Paul Krugman had been hitting his New York Times readers with two main points: (1) The U.S. government was irrationally turning towards fiscal


Gold Prices Disprove Krugman

Friday, August 7th, 2015 by posted in Economics.

Recently Krugman wrote an op ed ridiculing Ron Paul titled, “The Old Man and the CPI.” (In case you don’t get the reference, he’s alluding to Hemingway.) Ron Paul has responded in this video, but I want to focus on

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QE is “Not on the Table,” says Joe Oliver

Thursday, August 6th, 2015 by posted in Politics.

In a world where central banks are given free rein over the supply of money and credit, and where any examination of these secretive institutions is considered interference with their “independence,” Finance Minister Joe Oliver’s comments about QE have not

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Reminder: Patent Trolls Are Not the Worst Thing About Intellectual Property

Wednesday, August 5th, 2015 by posted in Uncategorized.

Patent trolls are companies whose entire business model is to file patent suits against legitimate businesses, in order to extort them for money. Patent trolls are bad. However, they are not the worst thing about the current intellectual property regime.


Are Austrian Criticisms of Mainstream Economics Still Relevant?

Monday, August 3rd, 2015 by posted in Banking, Economics.

Occasionally, when Austrians try to distinguish their brand of doing economics from the mainstream, they get hit with accusations that they are attacking straw men; that no one believes what Austrians claim is the mainstream approach. Is this true? Are

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My letter to the Wall Street Journal re: A strange definition of “good news”

Friday, July 31st, 2015 by posted in Economics.

Re: Consumers Prime the U.S. Pump Dear Sirs: Your definition of “good news” for the U.S. economy is defined as an increase in “real, or inflation-adjusted, personal-consumption expenditure”, which was driven by a “savings rate, which slipped to 4.8% from

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Don’t Call it a Recession!

Thursday, July 30th, 2015 by posted in Politics.

“But pretty soon the word “recession” also became too harsh for the delicate sensibilities of the American public. It now seems that we had our last recession in 1957–58. For since then, we have only had “downturns,” or, even better,

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A Bankrupt Candidate for a Bankrupt Nation

Thursday, July 30th, 2015 by posted in Politics.

“Voters vote on how they feel and what their instinct is,” Howard Dean said on Morning Joe, explaining Donald Trump’s popularity in the polls and in particular with the New Hampshire focus group that John Heilemann spoke with.  I think

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Keynesians Wrong About Stimulus, Coming AND Going

Tuesday, July 28th, 2015 by posted in Economics.

In a previous post here at Mises CA I chronicled the hole Krugman keeps digging for himself regarding the botched warnings over the so-called “sequester” in 2013. Specifically, Krugman’s latest excuse is to say that when he argued back in


A fourth economic fallacy about Greece

Tuesday, July 28th, 2015 by posted in Economics, Law.

Recently I posted a short essay listing three economic fallacies about the Greek crisis. The three were (1) the euro is too strong a currency for Greece, (2) debasing its own currency will allow Greece to export its way to

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My letter to Wolfgang Munchau of the Financial Times, London

Monday, July 27th, 2015 by posted in Law.

Re: The make believe world of eurozone rules Dear Sir: In your otherwise fine column today–Monday, July 27, 2015–you conclude with this statement: “…Germany does not want to grant Greece debt relief for political reasons, and is using European law

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