The Big Reason Mises Rejected Marx’s Dialectical Materialism

Listen to the Audio Mises Wire version of this article. Most people have never heard of dialectical materialism. The term looks so obtuse that you’d be forgiven for thinking that only pretentious students loitering outside the philosophy department smoking hand-rolled cigarettes could imagine that it has anything to do with […]

The Folly of “Ask What You Can Do for Your Country”

Recently, I was reminded of John F. Kennedy’s most famous line, “Ask not what your country can do for you; ask what you can do for your country,” when I heard it among several famous sound bites leading into a radio show segment. It also reminded me that we will […]

Do Lockdowns Work? Mounting Evidence Says No

Most of the world’s regimes enthusiastically destroyed their economies and consigned millions to destitution (and a rising tide of resulting health problems) in pursuit of a trendy and unproven theory. There’s still not evidence that the lockdowns worked. This Audio Mises Wire is generously sponsored by Christopher Condon. Narrated by […]

To Prevent Problematic Inflation, We Need More Production. Which Means There’s Trouble Ahead.

The science of economics is different from natural science. In natural science, it is possible to detect regularities in the form of “When A, then B” or “If A rises by x percent, B changes by y percent.” As a result, in natural science it is in principle possible to come […]

The Shutdown May Soon Collapse in Pennsylvania Thanks to Local Resistance

With such chaos, confusion, and incompetence playing out, it is little wonder that more and more Pennsylvanians are refusing to obey lockdown decrees. This Audio Mises Wire is generously sponsored by Christopher Condon. Narrated by Millian Quinteros. Original Article: “The Shutdown May Soon Collapse in Pennsylvania Thanks to Local Resistance“ […]

Central Banks Are Destroying What Was Left of Free Markets

President Reagan memorably said that the nine words you don’t want to hear are “I’m from the government, and I’m here to help.” Governments in all the major jurisdictions are now making good on that unwanted promise and are taking responsibility for everything from our shoulders. Those receiving subsidies and […]

Why Official Inflation Measures Don’t Work

In theory, it is possible to adjust inflation measures to account for the many constant changes in prices resulting from changing demand, quality, and innovations. But it’s essentially impossible to execute these adjustments accurately. This Audio Mises Wire is generously sponsored by Christopher Condon. Narrated by Millian Quinteros. Original Article: […]

Why Official Inflation Measures Don’t Work

Listen to the Audio Mises Wire version of this article. Modern macroeconomics has made price stability the primary objective of monetary policy. It is assumed that central banks can ensure price stability by skillfully managing the money supply, thereby creating the conditions for economic growth and prosperity. In order to […]

It Seems That Everyone Who Isn’t a Hard-Core Leftist Is a “Libertarian”

Back in the summer of 2006, perhaps sensing momentum for Democrats going into the midterm, Daily Kos founder Markos Moulitsas gave it a push by making a play for the libertarian vote. Considering the degree to which the Bush/GOP years disappointed, it made sense. At the outset, he targeted “government efforts […]

Nozick on Time Preference

I’d like to discuss some of Nozick’s comments on time preference in his paper “On Austrian Methodology,” but there is an obstacle to doing so. Nozick is fond of intricate arguments, and the section of the paper on time preference is especially difficult. For that reason, I’m going to concentrate […]

We’re All in This Together. But Not in the Way You Think.

Some claim “the rich” will be fine—or even better off—after the COVID panic destroys the economy for most of us. But there’s a problem: the wealthy depend heavily on an economy fueled by the production and consumption of all workers and entrepreneurs. This Audio Mises Wire is generously sponsored by […]

How Government Intervention Triggers Depressions

Thanks to past interventions, the economy is now rife with malinvestments and prices that don’t reflect real demand. The solution is to allow deflation and other types of painful readjustment. Otherwise true growth will elude us. This Audio Mises Wire is generously sponsored by Christopher Condon. Narrated by Millian Quinteros. […]

The Guys Behind the Babylon Bee Interview Bob on the Fed, Krugman, and Jesus

The editors of The Babylon Bee have a podcast, and they invited Bob on to discuss the economic situation. Then, they asked a series of fun questions, against the backdrop of their shared Christianity. For more information, see The Bob Murphy Show is also available on iTunes, Stitcher, Spotify, […]

Three Ways the Coronavirus May Significantly Accelerate Political Decentralization

The coronavirus pandemic, and resulting government response, has created one of the greatest disruptions to daily life in modern American history. With much of the country now focused on “reopening,” pundits and policymakers have focused their attention on what the “new normal” of a post-COVID America looks like. Although much […]

Why Those COVID-19 Models Aren’t Real Science

Since the onset of the COVID-19 crisis, Americans have been told countless times that public policy was based on Science (with a capital S) and that the public should just obey the scientists. But the accuracy of their predictions and the consequent appropriateness of policies seems to have been little […]

The Wealth Effect and the Law of Demand: A Comment on Karl-Friedrich Israel

Abstract: Karl-Friedrich Israel (2018) sees “obvious tension” in a book chapter (Salerno 2018) in which I argue that the Hicksian income effect plays no role in the causal-realist approach to the demand curve. Israel’s reconstructed “wealth effect” is an effort to solve this perceived problem. This comment addresses the expositional […]

Banking and Monetary Policy from the Perspective of Austrian Economics

Banking and Monetary Policy from the Perspective of Austrian EconomicsAnnette Godart-van der Kroon and Patrik Vonlanthen, eds.Cham, Switzerland: Springer, 2018280 pp. Joseph T. Salerno ( is professor of economics at the Lubin School of Business at Pace University. The editors are to be heartily congratulated for putting together this book, […]

Remembering Oskar Morganstern

Richard Ebeling ( is the BB&T Distinguished Professor of Ethics and Free Enterprise Leadership at The Citadel. [This article in the QJAE’s “Remembering” series is adapted from] In this article in our “Remembering” series, we commemorate the well-known economist Oskar Morgenstern. Born on January 24, 1902 in Görlitz, on […]

The Relevance of Bitcoin to the Regression Theorem: A Reply to Luther

Abstract: Given Bitcoin’s apparent lack of non-monetary uses, Luther (2018) argues that its emergence as a medium of exchange invalidates the regression theorem, or at least severely limits its relevance to identifying which commodities could emerge as media of exchange in the absence of State intervention. However, this view misinterprets […]

Remembering Ulrich Fehl, German Economist and Prominent Scholar with a Deep Knowledge of Austrian Economics

  Abstract: Ulrich Fehl was an Austrian scholar from his graduate school days, and made contributions to our understanding of capital theory, market process theory, and Austrian and evolutionary economics. Influenced by Ernst Heuss, Fehl added the total market perspective to Huss’s theory of the succession of market phases. Leaving […]