Yesterday Barron and Bloom in “A Golden Path” ( http://mises.org/daily/6281/A-Golden-Path ) responded to my Mises Daily article “Fool’s Gold Standards” . Their expansion was very useful. I don’t think we are as far apart as they seem to think. They just have more confidence that the dots will fall in place more spontaneously than I do. Joe
If you enjoyed the video in Hark, I Hear a Christmas Fallacy , you should enjoy this poem by Patrick Barrington, “I Want to be a Consumer,” originally published in Punch two years prior to the publication of Keynes’s General Theory (issue April 25, 1934) and reprinted in Hazlitt’s The Failure of the “New Economics”, pp. 133-134. I Want to be a
In ABCT and the Community Reinvestment Act (CRA), Peter Klein makes readers aware of new evidence, contra Krugman, that Federal housing policy, and especially the CRA, significantly contributed to the financial crisis. Peter concludes, “ Raghu Rajan [author of the new NBER paper Klein is highlighting] puts it in a very Austrian-sounding way” and
The Indian Journal of Economics and Business recently published a revised version of my testimony to Congress in Vol 11, no. 3, December 2012 with the title “ Fractional Reserve Banking and Central Banking As Sources of Economic Instability: The Sound Money Alternative .” An early version appeared as a Mises Daily . Thanks to the Mises Institute
Over at EconLog Bryan Caplan makes some very interesting and important observations on “How I Was Wrong About Government Debt.” Most economists when gauging the impact of the massive government debt on the economy compare Debt to GDP, but per Caplan: The right comparison is government debt relative to annual tax revenue . By this correct measure,
Doug French provides some great commentary on housing market in “ Markets Stagnate Until They Clear .” I don’t know why so many economists and pundits look to return of boom prices and volume as sign of “recovery” in the housing market and necessary for recovery of the economy. What part of an artificial boom accompanied by malinvestment is not
For a great follow-up to George Reisman’s recent commentary on unionism, “ Labor Unions, Thugs and Strom Troopers ” see Walter Block’s recent piece on right to work laws at http://www.LewRockwell.com where he provides a libertarian analysis to right to work laws as an antidote to improper uses of coercion and force by union forces. This is Walter
One of my favorite caricatures of Hayek and Keynes was used on the cover The Hayek-Keynes Debate: Lessons for Current Business Cycle Research (1999). If my memory is correct, Fred Glahe (co-author) discovered the drawing in an issue of The Economist somewhere in the mid to late 1990s. We tracked down the artist and received permission to use the
Oral Argument at Hearing entitled “Fractional Reserve Banking and the Federal Reserve: The Economic Consequences of High-Powered Money” Thursday, June 28, 2012 Domestic Monetary Policy and Technology by John P. Cochran. Full testimony and video of proceeding at http://www.financialservices.house.gov/Calendar/EventSingle.aspx?EventID=300542 .
I was in Washington on what was an historic day, June 28, 2012 to testify at Subcommittee on Domestic Monetary Policy and Technology , Committee on Financial Services, U. S. House of Representatives, chaired by Congressman Ron Paul. While it would be nice to think the day was historic because Dr. Paul was continuing his informational hearings
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