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What is Wrong With the Popular Definition of Inflation?
WHAT IS WRONG WITH THE POPULAR DEFINITION OF INFLATION? According to Mises, Inflation, as this term was always used everywhere and especially in this country, means increasing the quantity of money and bank notes in circulation and the quantity of bank deposits subject to check. But people today use the term `inflation’ to refer to […]
This Was Mises’s Main Case for Peace
This Was Mises’s Main Case for Peace War only destroys. Peace, on the other hand, creates. War is absolutely devastating. There is no dancing around that fact. Not only is it responsible for the loss of countless human lives, it also leaves an immeasurable amount of physical and emotional destruction in its wake. The market […]
Are Economic Crises Inherent to Market Economies?
ARE ECONOMIC CRISES INHERENT TO MARKET ECONOMIES? It is interesting to note that Marx, in his analysis of the capitalist economic system, basically concentrates on the study of the imbalances and maladjustments which occur in the market. This accounts for the fact that Marxist theory is primarily a theory of market disequilibrium and that occasionally […]
Which is Worse: A Busted Pipeline or a Politician with a Case of the Do-Somethings?
Which is Worse: A Busted Pipeline or a Politician with a Case of the Do-Somethings? Economists have a grumbling and cynical stereotype. This might be because even the most basic economic principles are ignored by those who should know better and vehemently denied by those who don’t. Case in point: a restricted supply of gasoline […]
5 Reasons Why Austrian Economics Is Better than the Mainstream
5 Reasons Why Austrian Economics Is Better than the Mainstream Noah Smith has acknowledged the failings of mainstream macroeconomics, but he says that none of the “outside ideas” offer a better replacement. He failed to mention the Austrian school, but we can still show how the Austrian tradition parries his criticisms with ease. 1. Quantitative […]
The Fed Can’t Save Us
The Fed Can’t Save Us In December, the Fed hiked its target for the federal funds rate, which is the interest rate banks charge each other for overnight loans of reserves. Since 2008 the Fed’s target for the Fed Funds Rate had been a range of 0 percent – 0.25 percent (or what is referred […]
No More ‘Free Trade’ Treaties: It’s Time For Genuine Free Trade
No More ‘Free Trade’ Treaties: It’s Time For Genuine Free Trade This article, by Ferghane Azihari and Louis Rouanet, originated here: https://mises.org/library/no-more-free-trade-treaties-its-time-genuine-free-trade It is erroneous to believe that free traders have been historically in favor of free trade agreements between governments. Paradoxically, the opposite is true. Curiously, many laissez-faire advocates fall into the government-made trap by supporting […]
Greece illustrates 150 years of socialist failure in Europe
Greece illustrates 150 years of socialist failure in Europe Greece cannot pay its debts…ever. Nor can several other members of the European Union. That’s why Europe’s elite are loath to place Greece in default. If Greece is allowed to abrogate its debts, why should any of the other debtor members of the EU pay up? […]
Cyclical Changes in Business Conditions
Cyclical Changes in Business Conditions The Role of Interest Rates In our economic system, times of good business commonly alternate more or less regularly with times of bad business. Decline follows economic upswing, upswing follows decline, and so on. The attention of economic theory has quite understandably been greatly stimulated by this problem of cyclical […]
Hidden In Fannie and Freddie
Hidden In Fannie and Freddie With another financial crisis fast approaching the cause of the ‘08 crash hasn’t been settled. Austrians generally line up on the side of the all-powerful Fed having lowering interest rates below what the market would produce, sending capital into malinvestments: In this case, too many subdivisions of houses and other […]
The Futility of Our Global Monetary Experiment
The Futility of Our Global Monetary Experiment Jeff Deist: The Fed recently announced just this past week that it would not use specific dates for targeting higher Fed funds rate this year and you almost get the sense that poor Janet Yellen is at the end of this Greenspan-Bernanke experiment and there’s not much left […]
The Government and the Currency
The Government and the Currency [Human Action (1949)] Reprinted from Mises.org Media of exchange and money are market phenomena. What makes a thing a medium of exchange or money is the conduct of parties to market transactions. An occasion for dealing with monetary problems appears to the authorities in the same way in which they concern themselves with […]
Gold Verses Fractional Reserves Part 2
Gold Verses Fractional Reserves Part 2 The Harmful Consequences We have now to examine the harm that the system does whether or not the pressure to reduce the reserve requirements is continuously successful. Let us begin with a situation in, say, Ruritania, which has a fractional-reserve gold standard and a central bank, but in which […]
