The Origin of Economic Theory: A Portrait of Richard Cantillon (1680–1734) Many crucial Austrian insights have been found in the economics of Irish banker Richard Cantillon (1680–1734) and his lone surviving publication, Essai sur la Nature du Commerce en General . It seems clear that Cantillon was an important influence on the development of
They a picture is worth a thousand words. This is a picture of the government statistic on the Civilian Labor Participation rate. That rate is now at a 35 year low. The steep decline in the rate is indicative of people giving up hope of ever finding a job, so they stop looking for a job and therefore are no longer considered part of the labor
Many young people want to know what has caused this ongoing economic crisis and many are looking for places to study Austrian free market economics. One University that is often overlooked is Troy University. Its faculty contain several free market economists who are sympathetic to the Austrian School of economics including former Mises Summer
For Austrian economists doing economics is not about measuring things. However, it still can be useful to gauge the economic environment, whether that is the near term or long ago. Michael Pollaro here provide such an update of the money supply from over at Forbes . According to Pollaro: TMS2, which represents our broadest and preferred U.S. money
It now appears that Housing Bubble II is cooling. After the Fed drove mortgage rates down to around 3.35% in May for a 30 year fixed-rate mortgage, home prices started climbing. In the sand states of California, Nevada, Arizona, and Florida, among the hardest hit areas, home prices increased by an average of about 25%. Bloomberg reports that
Timothy Geithner is finally cashing in for all his years of government service, including his position as the President of the New York Federal Reserve and as Secretary of the Treasury during the latest financial crisis. The Washington Post reports that Geithner has been appointed president and managing director of the private equity firm Warburg
Tatsuya Iwakura in Japan has translated numerous works by Austrian scholars into Japanese in recent years. Today he writes: I translated Theory and History of Mises in Japanese and published it as a digital book. It is available on Amazon . Readers of Japansese are encouraged to review the book on
The latest release of the minutes of the Federal Open Market Committee were released today. See here . This is the meeting where they decided not to tamper . The link below takes you to a chart that shows what happened in the bond market after the release. You can see the impact of the release as the rate went from 3.8% to 3.9%. You can click
Daniel Henninger in “Worse Than ObamaCare ” shows the impact of regime uncertainty without mentioning it as he explains why “Obama’s biggest failure is that he hobbled the U.S. economy.” Robert Higgs and others have made this argument since shortly after the “stimulus”
Writing today at LRC , Mises Institute Distinguished Scholar Judge Napolitano notes: The law was found constitutional by the Supreme Court only after the chief justice — who acknowledged in his opinion in the case that Congress lacks the authority to compel people to engage in interstate commerce by forcing them to purchase a good they don’t want
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.
