Greg Mankiw Loves the Federal Reserve–and the Labor Theory of Value

By: Joseph T. Salerno Prominent economist and super successful textbook author Greg Mankiw writes: I have a confession to make: I love the Federal Reserve. And I suspect that, in their heart of hearts, most other economists love the Federal Reserve, too. But why this gushing profession of love by Mankiw for the Fed?  […]

How Human Action and Human Values Determine Prices

Why do individuals pay much higher prices for some goods versus other goods? The common reply to this is the law of supply and demand. What is behind this law? To provide an answer to this question economists refer to the law of diminishing marginal utility. Mainstream economics explains the […]

Hysteria Over School Safety Won’t Keep Us Safe

Numerous Indiana elementary school teachers were shot in January as part of a “safe schools” training program. According to the Indiana State Teachers Association, sheriff deputies ordered teachers “into a room four at a time, told them to crouch down and then shot them execution-style with pellets in rapid succession,” […]

Yes, Julian Assange Is a Journalist — But That Shouldn’t Matter

Julian Assange was arrested last week in London, and he awaits legal proceedings designs to extradite him to the United States to be tried on hacking charges. At least, those are the charges currently known. Experience suggests that US authorities are likely to add additional charges once they have Assange […]

Mises Circle in Seattle Area

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The Economic Recessions of the Late 1970s and Early 1990s

[Editors Note: The following article is excerpted from Huerta de Soto’s Money, Bank Credit, and Economic Cycles, originally written in 2001] The most characteristic feature of the business cycles which have followed World War II is that they have originated in deliberately inflationary policies directed and coordinated by central banks. During […]

Washington’s Biggest Fairy Tale: “Truth Will Out”

By: James Bovard The arrest of Julian Assange has produced rapturous cheering from the American political elite. Hillary Clinton declared that Assange “must answer for what he has done.” Unfortunately, Assange’s arrest will do nothing to prevent the vast majority of conniving politicians and bureaucrats from paying no price for […]

Krugman Needs a Lesson on Why Truckers Are Paid Less Now than in the 1970s

One of the first lessons I give my economics students in the principles courses I teach or in my MBA classes is the famous Diamond-Water Paradox, or what economists historically have called the Paradox of Value. Why are diamonds more expensive than water? Why are professional athletes paid better than […]

“A Glittering Lie” — The True Battle of Shiloh

Season 3, Episode 53 “Professor CJ” of the Dangerous History Podcast joins Chris Calton to tell the story of Shiloh from the perspective of two soldiers, from their own personal memoirs of the battle. One story follows the experiences of Henry Morton Stanley, a twenty-one-year-old Confederate. The other story involves […]

Bernie Tells America: Pull Yourself up by Your Bootstraps!

On Monday, Bernie Sanders released ten years of tax returns, and it turns out he’s and his wife are millionaires. Thanks especially to revenues from book royalties, Sanders is now, as CNN put it, “in the category of the super-rich.” Or, as some might say, he’s part of “the 1%.” […]

Will Conservatives See the Light on Secession?

Are conservatives warming up to the ideas of secession? Over the past year, conservative commentators Kurt Schlichter and Jesse Kelly have written articles flirting with the idea of secession due to divisive U.S. politics. Although both authors resort to the typical finger-pointing about the Left that is commonplace among the […]

¿Puede el hombre moderno rehacer Notre Dame?

By: Ryan McMaken La catedral de Notre Dame en París no es la primera iglesia históricamente significativa en convertirse en humo. La Basílica de San Pablo Extramuros, después de permanecer en pie por más de 1.400 años, fue casi totalmente destruida por el fuego en 1823. Albergaba la tumba del […]

The Making of Modern Civilization: Savings, Investment, and Economic Calculation

Institutionalism1 is used to ridicule the classical economists because they started with “Crusoe economics.” In the beginning a fisherman got the idea that he could catch more fish one day than he needed and then he could have some leisure time to manufacture fishing nets. These nets and saved fish […]

Homogeneity, Heterogeneity, the Supply Curve, and Consumer Theory

ABSTRACT: In this paper we try to wrestle with the triviality objection to the concept of the same good. If we define two resources as serving the same list of ends, then whether these items can be subsumed under the rubric of the “same good” revolves around how we conceive […]

Review of The Problem of Production: A New Theory of the Firm

  The Problem of Production: A New Theory of the FirmPer BylundLondon: Routledge, 2016, 194 pp. Mateusz Machaj ( is research fellow at the Faculty of Social and Economic Studies at Jan Evangelista Purkyne University in Usti nad Labem, Poland; and assistant professor at the Institute of Economic Sciences, University […]

Review of The High Cost of Good Intentions: A History of U.S. Federal Entitlement Programs

The High Cost of Good Intentions: A History of U.S. Federal Entitlement ProgramsJohn F. CoganStanford: Stanford University Press, 2017, 513 pp. Dr. Mark Thornton ( is Senior Fellow at the Mises Institute and Book Review Editor of the Quarterly Journal of Austrian Economics. Quarterly Journal of Austrian Economics 21, no. […]

Can Modern Man Re-Create Notre Dame?

By: Ryan McMaken The Notre Dame cathedral in Paris isn’t the first historically significant church to go up in smoke. The Basilica of Saint Paul’s Outside-the-Walls — after standing for more than 1,400 years — was almost totally destroyed by fire in 1823. It housed the tomb of the Apostle […]

Can Modern Man Rebuild Notre Dame?

By: Ryan McMaken The tile is, of course, a rhetorical question. Of course modern people can rebuild the physical structure of Notre Dame. Given the vast wealth of Europe and the Americas, made possible by centuries of industrialization and capital accumulation, the structure is likely to be rebuilt, and with […]

Notre Dame y lo que se perdió

By: Jeff Deist El terrible incendio de ayer en la catedral de Notre-Dame nos recuerda la rapidez con la que se pueden destruir siglos de «capital cultural» acumulada. Las maderas de roble que datan de los años 1200 en el techo y la aguja se perdieron para siempre; algunas vidrieras […]

Why the New “GDP-B” Measure Doesn’t Solve the Failures of GDP

Gross Domestic Product-B attempts to capture the added value of things we don’t pay for, such as Facebook, WhatsApp, Google and other digital services free to the user. B stands for benefits; the benefits consumers receive from free and subsidized services. It was devised by Erik Brynjolfsson, a professor at […]