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Distinguishing “Land” From “Capital Goods”

Saturday, July 26th, 2014 by posted in Economics.

Gene Callahan asks why Austrian economists distinguish between “land” and “capital goods” as separate factors of production.  It’s an interesting question. In the present post, I’ll go over the prima facie reasons one would be tempted to abandon the classical

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Governments Collude to Fleece the World

Friday, July 25th, 2014 by posted in Capitalism, Economics, Politics.

Re: Luxembourg tax regime under siege This recent article by Vanessa Houlder of the Financial Times, London, details the economic success that Luxembourg has enjoyed by keeping its business tax rates at a moderate level and the threat to that success

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Metal Machine Parenting

Friday, July 25th, 2014 by posted in Lifestyle, Regulation.

It’s the stuff of nightmares. Metal demons frankensteined into being for the purpose of molding children’s behavior to fit the government’s definition of “acceptable.” Is this the plot of a low-budget 1950s science fiction film? Am I going to wake

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Mises Canada’s Emerging Scholar Program

Thursday, July 24th, 2014 by posted in Announcements, Education.

Do you like to write about the economy? Does central banking get you down? Do you have career ambitions in academia or finance? Do you like to write about economics? Then apply to Mises Canada’s Emerging Scholar Program! The Emerging

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On Mises’ Definition of the Term “Inflation”

Thursday, July 24th, 2014 by posted in Economics.

Lately an old controversy has flared up again, but with an interesting twist. Literally for decades, followers of Ludwig von Mises have lamented the fact that the word “inflation” now generally means “an increase in (consumer) prices,” whereas historically it


Are Libertarians Pacifists?

Thursday, July 24th, 2014 by posted in Philosophy.

For most libertarians, the central tenet governing all politically philosophy is the Non-Aggression Principle (NAP). The NAP states that we must never use force against another person, except in the prevention of force itself. By consistently applying the NAP, as

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From the “You can’t make this stuff up” department

Wednesday, July 23rd, 2014 by posted in Economics.

Re: EU threatens Germany with fine for running too large a surplus Ambrose Evans-Pritchard of the Daily Telegraph reports that the International Monetary Fund is criticizing Germany for running too large a trade surplus with the other European Monetary Union states

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Canada Versus Crooners

Wednesday, July 23rd, 2014 by posted in Regulation.

Government regulations destroy  many things that are important to us. Licensing laws prevent us from practicing our chosen profession. Taxes rob us of our hard earned money. Lately, the food police have been trying to take away our most cherished,

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The Decline of Influence

Tuesday, July 22nd, 2014 by posted in Foreign Policy, History, Philosophy.

The world is seemingly aflame in chaos right now. The Israeli military has invaded the Gaza strip after the breaking of an 18-month cease-fire agreement. Which side broke the accord is still an open question. A commercial airliner was shot


Can a Leopard Change Its Spots?

Monday, July 21st, 2014 by posted in Capitalism, Politics, Regulation.

Last month an article entitled “The Lack of Major Wars May Be Hurting Economic Growth” was published in the New York Times. On first glance I thought the author, Tyler Cowen, was going to offer a standard argument for increased

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The Danger of Analogy

Monday, July 21st, 2014 by posted in Philosophy.

In the employment of analogy, one must always exercise extreme caution. A bad analogy is apt to lead the reader away from the salient point, and down any number of blind alleys leading to false conclusions. A prime example of

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My letter to the Financial Times, London re: Eurozone needs quantitative easing

Monday, July 21st, 2014 by posted in Economics.

Re: Eurozone needs quantitative easing Dear Sirs: All the so-called benefits that you expect the eurozone countries to derive from a European Central Bank program of quantitative easing are myths.  Myth number one: QE will spur an economy to greater production.

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Krugman: CBO Doesn’t Know How to Read Its Own Report

Sunday, July 20th, 2014 by posted in Economics.

Paul Krugman reads the latest long-term forecast from the US Congressional Budget Office (CBO) and he likes what he sees. Even though the nearby graph is the CBO’s projections for the growth of federal debt, Krugman nonetheless offers this rosy


Continuing My Chats With Noah Smith

Saturday, July 19th, 2014 by posted in Economics.

Economist Noah Smith has fired another volley against Austrian economics, in response to my Mises Canada defense against his original attack featured on Bloomberg. Much to my surprise, several of my followers asked that I answer Noah yet again. I thus


MH17 Madness

Saturday, July 19th, 2014 by posted in Civil Liberties, Economics, Events.

The more things change, the more they stay the same. The furor over the downing of MH17 has brought forward the predictable public ire. Blood for blood seems to be the most advocated solution now, and politicians in the Western


The Ever-Tightening Noose of Airport Security

Friday, July 18th, 2014 by posted in Regulation.

How afraid are you when you get on a plane? More importantly, how afraid should you be? Ever since the terrorist attacks on September 11, 2001, fear of flying has been a constant presence in the western world. Immediately following

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More Bubble Trouble

Friday, July 18th, 2014 by posted in Banking, Economics.

With stocks at all-time highs, it’s hard not to think that we are in the midst of a bubble. According to one analyst, not only are we in a bubble, but it’s one of the biggest of all time. Stocks


The Keynesian Kontortions on “Austerity”

Thursday, July 17th, 2014 by posted in Economics.

In the second half of this episode of the Tom Woods Show, Veronique de Rugy explains that blaming Europe’s economic woes on “fiscal austerity”–as many of today’s leading Keynesian pundits are wont to do–is very misleading. For one thing, many

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Snitches and the State

Thursday, July 17th, 2014 by posted in Capitalism, Economics, Law.

Former U.S. Congressman Barney Frank once described government as “the name we give to things we choose to do together.” It’s an innocuous-sounding phrase that provides fuel to progressives who want to use state authority against heretics of their liberal

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Progressives Against Progress

Thursday, July 17th, 2014 by posted in Philosophy, Politics.

What’s in a name? Etymologically speaking, quite a lot, but over time, many words lose the meanings they originally had. Nowhere is this more true than in the realm of politics. Liberal used to mean someone who fought for freedom,

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