In their election oratory politicians usually stress their love of fiscal discipline and balanced budgets. But as soon as they are elected they tend to discover a great number of exceptions that require more funding. President Bush clearly made the election pledge to avoid budget deficits, but, ever since September 11, 2001, his budget proposals
It is difficult to argue with gold. To men everywhere, gold is a desirable economic object. It can be used for the manufacture of jewelry and ornaments. It is a corrosion-resistant element, the most malleable and ductile metal, ideal for plated coating on a wide variety of electrical and mechanical products. It is a good thermal and electrical
Many financial advisers are sounding the alarm: “The forces of deflation are gathering strength and threatening to take over. The stock market is pointing the way and the economy is following.” Some even are seeing signs of impending calamity: “The United States is staring into the same deflationary abyss that has swallowed Japan. Debt is becoming
Never before in recent history have monetary and fiscal policies been as “stimulative” as today, and yet, the American economy remains weak and vulnerable. The Federal budget deficit for the 2003 fiscal year was posted at $555 billion, some six percent of GNP; it may continue to rise in coming years when new tax reductions add their weight. The
I must have been in my third or fourth semester of political science and law at Marburg University in 1947 when I first heard about Professor Ludwig von Mises. I did not hear about him in my lectures but was made aware of him in my conversations with fellow students. They highly recommended his book Theorie des Geldes und der Umlaufsmittel (The
An old English saying perfectly applies to election promises made by the Presidential candidates: “Vows made in a storm are forgotten in calms.” The loser need not give second thought to his promises and the winner usually is prevented from living up to the promises he made in the election storm. In his brief victory speech President Bush echoed
The ILO reports that unemployment worldwide hit a record high last year of 185.9 million people worldwide, or 6.2 percent of the global labor force. The political class claims to have the answer, but unemployment is not the result of any one cause. It makes its appearance in a great variety of circumstances, some in personal factors, some in
Many people know how to earn money, but few are aware of what the Federal Reserve System, acting on behalf of the U.S. Government, is doing to their money. It is inflating and depreciating the dollar at various rates—at double-digit rates during the 1970s and early 80s and at single-digit rates ever since. The present dollar is worth no more than
Good intentions, when guided by error and ignorance, may have undesirable consequences. There is no better example than minimum wage legislation. It means to raise the wages and improve the living conditions of poor workers but actually condemns many to chronic unemployment. It forcefully raises the costs of unskilled and inexperienced labor and
Many economic historians are concerned about the possibility of large-scale offshoring of jobs from the United States and Europe to China, India, and other countries. They speak of another Industrial Revolution, the third since the 18th century, that will transform commerce and industry and require painful adjustments. The first revolution brought
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.