One of the most difficult things to understand about banking is how money is created out of thin air. Current commercial bank liabilities are immediate. The banks do not have the reserves to redeem all demand notes. Thus, banks are inherently insolvent. But, government has eliminated runs on banks. Banks are not allowed to fail when they are mismanaged.
Recorded at the 2003 Supporters Summit: Prosperty, War, and Depression.
(30:35)
Jorg Guido Hülsmann addresses some of the Problems in Cycle Theory at the 2003 Austrian Scholars Conference.
Recorded at the 2003 Supporters Summit: Prosperty, War, and Depression.
(24:29)
Rothbard covers the principles of demand and supply curves. Prices are at the seat of the whole system. Use the logic of reality. The most mobile labor force is teenagers. Over time, capital equipment per laborer increases. Real wage rates increase. Consumer prices decrease.
An extraordinary and wide ranging interview with Hans-Hermann Hoppe: "The apologists of the central state claim that a proliferation of independent political units would lead to economic disintegration and impoverishment. Today, however, manny small countries are all wealthier than their surroundings. Moreover, theoretical reflection also shows that this claim is just another statist myth."
The Mises Institute, founded in 1982, is the major educator, publisher, supporter, and promoter of Austrian School economics and libertarian ideas in the world today. The ideas we encourage and promote do not exist in a vacuum, however: they are constantly bolstered by government failures and freedom's successes. To explain why, the Institute publishes journals, supports students, holds conference, and maintains a website that draws more traffic than the UN. Our influence with students, and now even faculty, makes us competitive with the American Economic Association or any government bureaucracy you can name.
Ludwig von Mises was a great economist and teacher, writes William Peterson, but there is one more thing for which to credit Mises: a role model for each of us--whoever you are--for his standing up to the power elite of mainstream politics and economics, for valor in the face of all manner of fire, for never giving up. And to do so with verve and wit.
