Consumer Expectations Don’t Tell Us Much about the Real State of the Economy

In order to gain insight into the current and future state of an economy, many economists hold that it is helpful to get the view on this from consumers and businesspersons. Randomly selected consumers and businesspersons are asked to provide their views about the current and the future state of […]

The Theory of Interest

Download the slides from this lecture at Recorded at the Mises Institute in Auburn, Alabama, on 20 July 2021. Powered by WPeMatico

Fiat Money Economies Are Built on Lies

Now and then, it pays to take a step back to get a broader perspective on things, to look beyond the daily financial news, to see through the short-term ups and downs in the market to find out what is really at the heart of the matter. If we do that, […]

Paying People Not to Work Won’t Make Us Richer

One of the most important principles of economics is that people respond to incentives. You get more of whatever you incentivize. You get less of whatever you disincentivize. This is irrefutable. The supplemental unemployment payment does both—it incentivizes people not to work, and simultaneously disincentivizes them from working. The number […]

Subjective Value and Market Prices

Download lectures slides at Recorded at the Mises Institute in Auburn, Alabama, on 19 July 2021. Powered by WPeMatico

Sticks, Not Carrots: Vaccines Must Be Forced, Says Indiana University Health Chief

Vaccine mandates are coming. Good, said Indiana University chief health officer Aaron E. Carroll.  “When it comes to incentives, most people like carrots,” Carroll wrote in his New York Times essay. “Sometimes, though, people need sticks.” Carroll laments the fact that incentives such as access to events, donuts, french fries, […]

How Botswana Became the World’s Fastest-Growing Economy

From 1965 to 1995, Botswana recorded the fastest rate of economic growth in the world. The spectacular success of Botswana has baffled many analysts, because after securing independence in 1966, Botswana’s prospects were unpromising. After all, Botswana is landlocked and on average, the record of such countries is unimpressive. But geography […]

The Twilight of the Antifederalists

New York was the toughest nut for the Federalists to crack. For here was one state where not only was the population overwhelmingly opposed to the Constitution, but the opposition was also in firm and determined control of the state government and the state political machinery. Here was a powerful […]

From Livestock to Bitcoin: “Legitimacy” and the Evolution of Money

Without money, specialization is constrained; without money, dreams of constructing an advanced society are merely a utopian pipe dream. Original Article: “From Livestock to Bitcoin: “Legitimacy” and the Evolution of Money??” This Audio Mises Wire is generously sponsored by Christopher Condon. Narrated by Michael Stack. Powered by WPeMatico

The ECB’s New Inflation Plan Is Like the Old Plan. But Worse.

Old, absurd, and unfit for purpose; how else to describe the “new” monetary framework for euro monetary policy presented by ECB Chief Lagarde amidst much fanfare on Thursday, July 8? Why old? The “new” framework is remarkably similar to that unveiled in May 2003. Why absurd?  The main rationale put […]

The Fiat Standard with Dr. Saifedean Ammous

Saifedean Ammous, famous for The Bitcoin Standard, has a remarkable new book detailing the effects of fiat money on virtually every aspect of society. In the tradition of Guido Hülsmann’s The Ethics of Money Production, Ammous returns with The Fiat Standard. From a framework of Austrian economics, this book explains […]

Can the Dollar Survive Both Cryptocurrencies and China?

The outcome of today’s currency race is uncertain. The credibility of the leading fiat currencies has suffered substantially. Their instability has fueled crises and weakened growth, so the demand for an alternative store of value is high.  Original Article: “Can the Dollar Survive Both Cryptocurrencies and China??” This Audio Mises […]

America’s First Housing Bubble and the Panic of 1819

From the Roaring Twenties to the “great moderation,” America has always shown a flair for labeling things, and speculative manias are no exception. Historians remember the ignorant, blissfully happy times that preceded the Panic of 1819 by the same label as those who lived through them—the Era of Good Feeling. […]

Bitcoin Hodling and Gresham’s Law

By: Connor Mortell In 2013, a bitcoiner posted “I AM HODLING” on a bitcoin forum, intending to write that he was holding during a large price drop. He was explaining that most people are not successful traders and as a result they will inevitably just lose out in the process […]

The Fed’s “Special Topics”

By: Robert Aro This week, Federal Reserve Chair Jerome Powell gave two days worth of testimony before Congress. As part of his testimony, he presented the Monetary Policy Report July 2021. With this week’s major economic news flow undoubtedly being that (price) inflation, as measured by the Labor Department, is […]

The Subjective Theory of Bitcoin

By: Michel Accad, MD In a recent article on the Mises Institute’s Power and Market blog, Kyle Ward appealed to the subjective theory of value to castigate Peter Schiff for his notorious skepticism of bitcoin: Schiff is quick to point out that gold has uses outside of being money. It […]

An “Open Mind” Is of No Use When It’s Open to Lies

Countless Americans have been repeatedly told to “follow the science,” supposedly to prove they are not obstinately closed-minded. But the main purpose of it all was just to open people’s minds to what government bureaucrats wanted.  Original Article: “An “Open Mind” Is of No Use When It’s Open to Lies” […]

Investors Are on the Lookout for a Crash. But Prices Keep Going Up.

An insider confided to a friend that all he is doing right now is transaction work for real estate holders who are selling now before the market crashes. His clients, members of Sin City’s illuminati, once bitten by the ‘08 crash, believe they’ll beat the crowd to the sales window […]

Fannie and Freddie Are Just Government Agencies. They’re Likely to Stay That Way.

Fannie and Freddie were long quasi-government corporations that typified the corrupt union between the feds and corporate America. But now it looks like both companies are just full-on government corporations.  Original Article: “Fannie and Freddie Are Just Government Agencies. They’re Likely to Stay That Way.?” This Audio Mises Wire is […]

Carl Menger Explains the Nature of Goods

With the publication of his Principles of Economics in 1871, Carl Menger (1840–1921) laid the groundwork for the Austrian school. His contribution is famous beyond Austrian economics, because it was one of the fundamental works of the subjective value theory and of marginal analysis. Yet the content of Menger’s book goes […]