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 […]

A Global Race to the Bottom: How Central Banks Are Responding to the COVID Crisis

Brendan Brown is a founding partner of Macro Hedge Advisors and senior fellow at the Hudson Institute. He is a regular contributor to and is the author of several books on monetary policy including A Global Monetary Plague (2015) and The Case Against 2 Per Cent Inflation (2018). He received a PhD […]

Narrative Economics: How Stories Go Viral and Drive Major Economic Events

  Narrative Economics: How Stories Go Viral and Drive Major Economic EventsRobert J. ShillerPrinceton: Princeton University Press, 2019xxi + 377 pp. Abstract: Much of Shiller’s new book is about how economic narratives form, spread, and fade. Drawing on medical evidence about the spread of infectious disease, Shiller argues that “economic […]

Economics in Two Lessons: Why Markets Work So Well, and Why They Can Fail So Badly

Economics in Two Lessons: Why Markets Work So Well, and Why They Can Fail So BadlyJohn QuigginPrinceton: Princeton University Press, 2019xii + 390 pp. Abstract: John Quiggin’s Economics in Two Lessons alleges a failing in Henry Hazlitt’s Economics in One Lesson: the absence of a discussion of market failure. Quiggin’s […]

Prosperity and Liberty: What Venezuela Needs…

Prosperity and Liberty: What Venezuela Needs…Rafael Acevedo, ed.Miami: Econintech, 2019xvii + 153 pp. Abstract: Prosperity and Liberty: What Venezuela Needs is a compilation of essays gathered together by distinguished Venezuelan economist Rafael Acevedo. Venezuela has suffered from shortages of essential consumer goods, and a high inflation rate. The path forward, […]

Beyond Calculation: The Austrian Business Cycle in the Socialist Commonwealth

Abstract: This paper extends Austrian business cycle theory to the command economy and demonstrates that Mises’s socialist commonwealth would not be free from Rothbardian error cycles, which J. Guido Hülsmann has argued must originate in “institutions in which the error of many persons is inherent.” Booms and busts are shown […]

The Japanese Love of Keynesian Economics Might Finally Be Coming to an End

Even those fortunate enough to have escaped infection by the Wuhan coronavirus will by now have noticed one of the virus’ many secondary effects: the disruption of the supply chain. Sick workers at meat plants, closed restaurants, hoarding, and the sudden spike in demand for things like ventilators, masks, and […]

Let’s Hope Deflation Is Headed Our Way

The yearly growth rate of the US consumer price index (CPI) fell to 0.4 percent in April from 2 percent in April last year while the annual growth of the producer price index (PPI) plunged to –1.2 percent last month against 2.4 percent in April 2019. Furthermore, the yearly growth […]

John Tamny On America’s Uniquely Productive Entrepreneurial Flywheel

Key Takeaways and Actionable Insights A growth business is what John Rossman, in episode #50, termed a flywheel. Using as an example, he gave us this simple image. The flywheel looks simple, but in reality it’s quite nuanced. Lower prices and a great customer experience will bring customers in, […]

Hacksawing the Economy: How Lockdowns Are in the Tradition of Civil War Surgeons

Politicians and government health officials’ justification for decreeing shutdowns of vast swaths of American life has been deterring the spread of COVID-19. According to Federal Reserve chairman Jerome Powell, almost 40 percent of households earning less than $40,000 per year have a member who has lost their job in recent […]

No, Hayek Didn’t Support the Pinochet Regime

Hayek is guilty of pointing out what should be abundantly obvious: both democratic and authoritarian regimes can commit grave crimes against human rights. This Audio Mises Wire is generously sponsored by Christopher Condon. Narrated by Millian Quinteros. Original Article: “No, Hayek Didn’t Support the Pinochet Regime“ Powered by WPeMatico

Thanks to Shutdowns, Many Will Learn That Public Schooling Isn’t All That Essential After All

While some of America’s most demagogic politicians try to exploit the COVID-19 outbreak, some Americans are trying to make the most of their de facto state of house arrest. Government-imposed lockdowns have resulted in the shutdown of a number of schools across the nation. During this period some schools have gone […]

Money Supply Growth in April Ballooned to a New High

Fueled by unprecedented quantitative easing, central bank asset purchases, and various stimulus packages, the money supply growth rate ballooned in April to an all-time high. The growth rate has never been higher, with the 1970s as the only period that comes close. It was expected that money supply growth would […]

The ECB Has Been Hiding Risk. They Won’t Be Able to Do It Much Longer.

Despite the unprecedented increase in the European Central Bank’s asset purchase program, the spread of southern European sovereign bonds versus German ones is rising.   White: Italy 10-Year vs. German 10-Year | Orange: Spain 10-Year vs. German 10-Year | Yellow: Portugal 10-Year vs. German 10-Year The ECB balance sheet has soared […]

State Lockdowns Are Creating a Mental Health Disaster

Although state lockdowns have served governors well as a heavy-handed show of force, the policies are a patent neglect of the many nuances inherent in human action. They have led to a host of unintended consequences, including the emergence of a new health crisis—a dangerously sharp rise in mental illness. Though states […]

How Central Banks and Lockdowns Are Making the Crisis Worse

What typifies the phenomenon of the boom-bust cycle is that it is recurrent. What is the reason for this?  Loose monetary policies set the platform for various activities that would not emerge without the easy monetary stance. What loose monetary policy does here is to engineer the transfer of real […]

The Federal Deficit Is Setting New Records as Spending Explodes

The Treasury Department released new federal spending and tax revenue data this week, and the US government is spending and borrowing at a record-breaking rate. The federal fiscal year begins in October, so we’re now more than seven months in. Comparing the first seven months of this fiscal year with […]

The Problem with Measuring “Happiness”

Humanity has been asking what is happiness and how to achieve it since the dawn of time, but still without a definitive resolution. The divergence of views on this subject is enormous, although it may be a good thing, because each individual can pursue happiness in their own way, which—according […]

Adam Smith and Benevolence

In a famous passage of The Wealth of Nations. Adam Smith says: In almost every other race of animals each individual, when it is grown up to maturity, is entirely independent, and in its natural state has occasion for the assistance of no other living creature. But man has almost […]

How the COVID-19 Lockdowns Will Increase Resentment of the Elderly

How do the shutdowns increase ageism? Because millions have arguably been thrown out of work in the name of protecting the elderly. The resulting economic devastation comes at the expense of younger workers, parents, students, and families. This Audio Mises Wire is generously sponsored by Christopher Condon. Narrated by Millian […]