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First they ignore you, then they laugh at you, then they fight you, then you win. —Mahatma Gandhi Final victory draws ever nearer for Austrian economics. Over the weekend, the New York Times, with its intellectual cachet rapidly waning and its finances in parlous straits, ran a tedious and rambling hit piece on Rand Paul. The article went out of

The sappy headline said it all: “Ticket scalpers jam computers, spoiling hopes and dreams of Springsteen fans.” The Boss is just Born to Lose in his neverending campaign against the inviolable law of supply and demand. For decades Springsteen has created shortages of tickets to his shows by grossly under pricing his tickets in order to live up to

Last week the Greek government imposed  capital controls  to prevent cash from escaping from the Greek banking system, which is on the brink of collapse.  These repressive financial measures, which were invented by “Hitler’s banker” Hjalmar Schacht in the 1930s, include the closing of banks,  limiting cash withdrawals from ATMs to 60 euros ($67)

A few hours ago, a Greek minister for administrative reform,  G eorge Katrougalos, told a radio station in Athens  that reopening the banks “probably is not technically possible this week.”  The minister’s choice of words is, to be charitable, less then ingenuous.  Even with capital controls in place that limit the daily amount that can be

Kudos to the Center for Freedom and Prosperity Foundation for a brilliant and hard-hitting short video demolishing the perennial economic fallacy that minimum wage laws benefit low-skilled workers. It is perfect for introducing the topic to a Principles of Economics

It is true that in his popular writings during the 1950s, Mises occasionally acquiesced in using a version of the conventional pre-Keynesian definition of inflation as an increase in the quantity of money that was not offset by an increase in the demand for money resulting in a rise in overall prices or decline in the purchasing power of money.

My friend Peter Boettke is at it again. Pete is notorious for flippantly propagating gross distortions of the history of the modern Austrian revival. In a recent talk on “Socialism and Transition” at the Foundation for Economic Education Pete is caught in the midst of a discussion of incentives and socialism making the following jaw-dropping

Rothbard’s article “ Hayek and the Nobel Prize ” posted today as a Mises Daily article is an insightful and moving tribute to Hayek. It should finally lay to rest the unfounded claim that Rothbard did not appreciate and build upon Hayek’s immense contribution to economics. One of Rothbard’s greatest contributions to economics was his integration

The city of Chicago had the highest urban bank rate failure during the Great Depression. A new study by Dr. Natacha Postel-Vinay just published in the prestigious Journal of Economic History uncovers the link between Chicago’s huge real estate boom and bust during the 1920s and the failure of the majority of Chicago’s banks in the early 1930s. In

Experts increasingly agree that the TSA is inept and has not actually prevented any terrorist attacks on airplanes. Recently, Homeland Security sent a team to attempt to smuggle guns and bombs onto planes . The so-called “red team” succeeded on 67 out of 70 tries, or more than 95 percent of the time! Bruce Schneier, a security expert, reportedly