Seeking Alpha has a nice article debunking the tired “wealth effect” concept. We see this phony phrase trotted out endlessly, but it’s helpful to understand it as combining both Keynesian and Monetarist elements: Higher equity prices will boost consumer wealth and help increase confidence, which can spur spending. — Ben Bernanke, 2010 Across
Regardless of the merits or demerits of Mme Rey, Can you imagine the US Fed awarding a prize named for an Austrian economist? French economist Hélène Rey has received the Carl Menger Prize for Economics, which this year was awarded for the first time. Andreas Dombret, member of the Executive Board of the Deutsche Bundesbank, presented her with
Paul-Martin Foss provides a helpful translation of Janet Yellen’s recent speech before the IMF, for those who don’t understand the (wildly inflated) language known as FedSpeak. An example: FedSpeak: Although it was not recognized at the time, risks to financial stability within the United States escalated to a dangerous level in the mid-2000s.
Chris Westley discusses how the cartel (i.e., labor union) known American Federation of Musicians has prohibited the creation of new music for video games. See the original blog post
The Economist is often wrong about economics and world affairs. Worse still, it is almost uniformly tedious and overbearing in tone: its writers generally sound like exasperated parents having to explain for the hundredth time what everybody knows. But here an Economist blogger gets one thing right, in a piece otherwise riddled with errors (
We hope you’ll consider sponsoring a student today: https://mises.org/MisesU2014 . Your generosity will help make the next generation of Austrian economists possible. The Mises University is the world’s leading instructional program in the Austrian School of economics. Since 1986, it has been the essential training ground for economics students
Just as certain conservatives have attempted to latch on to Ron Paul’s anti-Fed movement (purely for populist political gain), some also recently discovered that the non-bank known as the Export-Import Bank represents (gasp) a form of corporate welfare! Who knew that Boeing needed a little help from taxpayers like you to sell those beautiful new
Steve Forbes, speaking recently in Las Vegas, continued to advocate a gold standard of sorts-- i.e. pegging the US dollar to gold at (say) $1200 per ounce. If gold rises to $1300, the Fed decreases the supply of dollars. It it falls to $1100, the Fed inflates. He should be commended (as a representative of mainstream politics and the mainstream
The execrable Washington Post discusses how DC think tanks have become increasingly activist in the political sense, and (thereby) increasingly self-serving: Most think tanks were once idea factories. They sponsored research from which policy proposals might flow. In the supply chain of political influence, their studies became the grist for
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.
