An income tax audit is essentially a search. Why, consistent with the Fourth Amendment to the US Constitution, doesn’t it require a search warrant signed by a judge? Since income-tax audits sometimes lead to criminal prosecutions and jail sentences, why is it not a requirement that anyone whom the IRS wishes to audit first be given a Miranda
Listen to the Audio Mises Wire version of this article. The discontent and unrest that followed the 2020 presidential election was, at least in major part, one of the innumerable destructive consequences of an almost 250-year-old error in economic theory made by Adam Smith: namely, the belief that profits are a deduction from wages. (See the
[This is the first in a series of articles that seeks to provide the intelligent layman with sufficient knowledge of sound economic theory to enable him to understand what must be done to overcome the present financial crisis and return to the path of economic progress and prosperity.] A disastrous economic confusion, one that is shared almost
Maureen Dowd New York Times columnist Maureen Dowd has written a column (January 28, 2009) full of withering hatred and contempt for many of today’s most prominent businessmen, first and foremost the heads of the Wall Street Banks. She singles out Citigroup and Merrill Lynch in particular, denouncing the first for going ahead with taking delivery
Preface Introduction Capital Saving Hoarding Versus Saving Depressions and Credit Expansion The Housing Bubble Keynesian Ignorance and Blindness What Economic Recovery Requires The Nature of Stimulus Packages Stimulus Packages Mean More Loss of Capital Stimulus Packages Are a Drain on the Rest of the Economic System Rising Prices in the Midst of
A recent article in The New York Times quotes President Obama as saying, “I don’t buy the argument that providing workers with collective-bargaining rights somehow weakens the economy or worsens the business environment. If you’ve got workers who have decent pay and benefits, they’re also customers for business.” (March 2, 2009, p. B3.) The
In a previous article , I explained how falling prices, far from being deflation, are actually the antidote to deflation. They are the antidote, I explained, because they enable the reduced amount of spending that deflation entails to buy as much as did the previously larger amount of spending that took place in the economic system prior to the
As Employment Increases in Response to a Fall in Wage Rates, the Rate of Profit Rises, Not Falls This is the third in a series of articles that seeks to provide the intelligent layman with sufficient knowledge of sound economic theory to enable him to understand what must be done to overcome the present financial crisis and return to the path of
President Obama has proposed combining stimuli to promote employment with the fight against alleged man-made global warming, which allegedly results mainly from the burning of fossil fuels. Hundreds of thousands if not millions of new jobs will supposedly be created by replacing power from fossil fuels with power from windmills and solar panels.
Credit Expansion, Standard Money, and Fiduciary Media The Stock Market and Real Estate Bubbles Evasion of Responsibility for the Bubbles The Saving Glut Argument The Nonexistence of a Saving Glut Current Account Deficits as a Byproduct of the Increase in the Quantity of Money Net Saving as a Byproduct of the Increase in the Quantity of Money
What is the Mises Institute?
The Mises Institute is a non-profit organization that exists to promote teaching and research in the Austrian School of economics, individual freedom, honest history, and international peace, in the tradition of Ludwig von Mises and Murray N. Rothbard.
Non-political, non-partisan, and non-PC, we advocate a radical shift in the intellectual climate, away from statism and toward a private property order. We believe that our foundational ideas are of permanent value, and oppose all efforts at compromise, sellout, and amalgamation of these ideas with fashionable political, cultural, and social doctrines inimical to their spirit.
