On p.557 of Steven Landburg’s Price Theory and Applications (6th international edition), I find this: It is widely believed that Treasury bills carry essentially no default risk and that the U.S. Treasury has never defaulted on its obligations. This is untrue. For example, the Treasury defaulted on bill #GS7-2-179-46-6606-1. In order to purchase a
This post is in response to Stephan’s . My objection to limited liability is actually one that he passes over quickly, and is not quite the same as van Eeghen’s. He says, “As for voluntary debts being limited to the corporation’s assets; this is no problem since the creditor knows these limitations when he loans money.” This is a bit of legal
Volume 1, Article 12 (2009) Introduction Subscription-based patrol and restitution (SPR) services of one type or another were suggested by Molinari (1849), Tannehill and Tannehill (1970), Rothbard (1970), and Friedman (1973). Alternative arrangements have been suggested by Barnett (1998) and Murphy (2002). Thorough and serious criticism has most
In my work as an engineering manager, I recently received a very nice letter from an instrumentation and electrical contractor that has several offices from Bakersfield, CA to Pascagoula, MS. Responding to an inquiry we had about mobilizing instrumentation and electrical craft workers to a site in the panhandle of Texas for a major revamp, he
In 1977, the US Department of Justice conducted an interesting auxiliary study as part of the National Crime Victimization Survey. They asked 60,000 people how severe 204 crimes were (each person rated 25 criminal events). Yes, yes, interpersonal utility alert; but let’s go on. On a scale where 10 = “a person steals a bicycle parked on the
Murphy’s latest response to Frum is excellent. There is one point that he did not meet that merits special attention. Frum says : Gold is a commodity. Like all commodities, its price is highly volatile. A money fixed to gold must be highly volatile too. Signing up for a true gold currency would be signing up for an unending monetary roller-coaster
Was it Thomas Aquinas? In his Summa Theologica he writes II-II-62-7 : ...persons in authority who are bound to safeguard justice on earth, are bound to restitution, if by their neglect thieves prosper, because their salary is given to them in payment of their preserving
“STIMULUS”, AKA ECONOMIC CRANK slang, noun. “Stimulus” is slang for a sordid economic nostrum administered on the advice of bankers and academics, many of them carrying the title of “Dr.”. But don’t mistake these “Doctors” for devotees of the Hippocratic Oath. “Stimulus” or economic crank, like any other economic panacea, is a fake cure that gives
Control-freak politicians abhor gold because it ignores them; it won’t do what it’s told. It defies economists and laughs at central bankers. The Telegraph on why the establishment hates gold
While Austrians often trace out the effects that the issuance of unbacked currency has on the structure of production (the so-called Austrian Business Cycle Theory ), there is also an effect upon individual households and the social mor e s surrounding the use of credit. My favorite personal finance author, Dave Ramsey, writes on his website :
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.
