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Support this project!  The Mises Institute is taking back economics education . In public schools, students learn that FDR’s New Deal and World War II got the US out of the Great Depression. They learn that total government control over an economy has its downsides, but so does pure laissez-faire, so the best system is a mixed economy with

Paul Krugman’s latest column is all over the place. He was trying to provide commentary on the Fed’s half-point cut in the Federal Funds Rate, but he was juggling too many contradictory narratives. The contradictions start at the beginning. The Fed’s decision “was of minimal importance” but also a “momentous move.” It wasn’t important because it

Do banks receive deposits and then loan some of that money out? Or do they first extend loans that turn into deposits in the banking system? Some critics of Austrian economics and, most recently, of the Mises Institute’s new documentary, Playing with Fire , say that anyone who discusses the former is not up-to-date on modern banking practices.

Modern Monetary Theory (MMT) posits that booms and busts can be explained by private versus public sectoral balances and the inherent instability of private financial markets. Stephanie Kelton frequently points to this graph of public and private surpluses and deficits: The red bars show the government’s budget as a percent of GDP. When the

As of this morning, ABC’s Project FiveThirtyEight says that Donald Trump wins 53 times out of 100 and Kamala Harris wins 47 times out of 100. How can we make sense of this statement? To do so, we have to understand the difference between case probability and class probability. Presidential elections are unique events that are determined by the