The Review of Austrian Economics Vol. 9, No. 1 (1996) Leland Yeager’s rejoinder “Salerno on Calculation, Knowledge, and Appraisement” (1996) merits a final word, because I believe it makes a subtle though very important concession to the argument made by Rothbard, Herbener, and myself regarding the function of the price system. Before addressing
Over at EPJ Bob Wenzel offers an interesting take on market monetarist Scott Sumner’s dismissive critique of contrarian Tyler Cowen’s position that “monetary policy just doesn’t matter that much” during the recovery phase of the cycle. Wenzel awards the first round to Sumner in this blogospheric contretemps. We await Cowen’s response with
Here’s a real shocker: The 2014 Nobel Prize in Economics was not awarded to Israel Kirzner, as many Austrians fervently hoped. Instead the prize was given to Jean Tirole, a French engineer, mathematician and economist for advancing “ The Science of Taming Powerful Firms ,” Tirole for all his technical proficiency and inventiveness is a garden
An opinion piece in today’s WSJ on the collapsing Brazilian economy extensively quotes a spokesman for Mises Institute Brazil as well as citing articles from the institute’s website. Just l ike the Mises Institute , whic h is ranked as the 9th most influential think tank in the U.S. , Mises Brazil h as an enormous intell ectual
Supply siders are always so cocksure of themselves that it is fun to gloat a little—alright, a lot—when their forecasts go awry, which they frequently do. Remember back in 2006 when Arthur Laffer smugly dismissed Peter Schiff’s concerns about the housing bubble and assured us that there was no recession on the horizon? Alan Reynolds, a Senior
On the eve of the World Economic Forum in Davos Switzerland, William White, chairman of the Economic Development and Review Committee of OECD and former chief economist of the Bank for International Settlements, delivered a dire warning concerning an impending meltdown of the global financial system: The situation is worse than it was in 2007. .
This is from the in-case-you-missed-it files. Thomas Sowell, my favorite Chicago economist, was a long-time supporter of the Federal Reserve bound by a Friedmanite monetary rule. I n an interview in 2010, h e called the Fed a “cancer” and advocated its abolition. It is no exaggeration to suggest that Sowell’s conversion to the anti-Fed view, and
Norway’s largest bank, DNB, has joined the relentless campaign by governments and big banks the world over to abolish cash , the physical embodiment of a nation’s monetary unit and the last tangible, if tenuous, link to the 19th-century gold standard. Almost all of today’s national currency notes, notably excluding the euro, originated as claims
The exhortations of our rulers and their crony fractional-reserve banksters to renounce our irrational desire to hoard cash and embrace a brave new cashless world appear to be falling on deaf ears, at least in Europe. In 2015 there were 1.08 trillion euros ($1.17 trillion) of bank notes in circulation , up 6.5 percent from 2014. The trend
The precarious and hostile coexistence between central banks and cash just ended. Earlier today the European Central Bank’s Governing Council voted to withdraw the 500-euro note (worth $558) from circulation. The note is the second highest currency denomination issued in Europe after the 1000 Swiss franc note (worth $1013). Comprising 30% of
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.
