Posts Tagged ‘ economics ’

How government inaction ended the depression of 1921

May 21, 2015
posted by

Lew Rockwell Ludwig von Mises Institute
by Llewellyn H Rockwell Jr.  

"The Austrians have very good theoretical reasons for opposing government stimulus programs, but those reasons are liable to remain unknown to the average person, who seldom studies economics and who even more seldom gives non-establishment opinion a fair hearing. That's why it helps to be able to point to historical examples, which are more readily accessible to the non-specialist than is economic theory. If we can point to an economy correcting itself, this alone overturns the claim that government intervention is indispensable." (05/20/15)

http://tinyurl.com/mrzafku  

No Comments »

Undue aggregation isn’t just for economists

May 19, 2015
posted by

Ludwig von Mises Institute Ludwig von Mises Institute
by Michel Accad  

"The economics profession today continues to face mounting criticism for its failure to predict and explain economic crises. According to Austrian school critics of the neo-Keynesian synthesis, this failure is in large part due to a foolish determination to bring into economics the mathematical precision of the physical sciences." (05/18/15)

http://tinyurl.com/n8fdmn6  

No Comments »

Wealth gap rhetoric in the face of reality

May 11, 2015
posted by

James A Dorn Cato Institute
by James A Dorn  

"French economist Thomas Piketty's best-seller 'Capital in the Twenty-First Century' has given widespread attention to the rising gap between the world's rich and poor, and to populist calls for government action that lead to more equal distributions of income and wealth. That rhetoric, however, overlooks the reality that any major state role in leveling income-wealth differences risks eroding economic freedom, which is the true engine of economic progress for all people." (05/11/15)

http://tinyurl.com/mxhnuyh  

No Comments »

The many failures of the CPI

April 30, 2015
posted by

Mark Thornton Ludwig von Mises Institute
by Mark Thornton  

"Austrians oppose the whole notion of trying to accurately measure 'inflation' which mainstream economists see as a general rise in prices. (Austrians view inflation as a politically engineered increase in the money supply.) A few years ago, mainstream economists like Paul Krugman chastised the Austrians for the lack of anticipated price inflation in the economy. However, their mistake was a fixation on the Consumer Price Index (CPI). If you looked around at other prices in the economy you could see higher prices in just about every other market, such as commodities, oil, gold, producer goods, real estate, and stocks." (04/29/15)

https://mises.org/library/many-failures-cpi  

No Comments »

Paul Krugman’s love affair with France

April 27, 2015
posted by

Ludwig von Mises Institute Ludwig von Mises Institute
by Louis Rouanet  

"In recent years, Paul Krugman has incessantly defended France and its welfare state, even going so far as to pretend that the French economy was in fact in better shape than the British economy. According to him, 'To an important extent, what ails France in 2014 is hypochondria, belief that it has illnesses it doesn't.' However, except for some Keynesian propagandists, nobody believes that the French economy is not deeply in crisis and it is now more and more obvious that Krugman is wrong." (04/27/15)

https://mises.org/library/paul-krugman%E2%80%99s-love-affair-france  

No Comments »

Costs (such as exports) are not benefits

April 27, 2015
posted by

Don Boudreaux Cafe Hayek
by Don Boudreaux  

"While Adam Smith did indeed turn conventional wisdom on its head, he emphatically did not write that nations can benefit as much from imports as from exports. Instead, he countered the conventional wisdom by showing that nations benefit only from imports. Smith understood correctly that exports are no benefit at all; they are only a cost. Exports are the price paid for imports." (04/26/15)

http://tinyurl.com/q7kg84t  

No Comments »

An Austrian economics in France speaks out

April 20, 2015
posted by

Foundation for Economic Education Foundation for Economic Education
by Gregoire Canlorbe  

"The Austrian school of economic thought has returned to Europe after an American renaissance. French economist Pascal Salin represents a new generation of European 'Austrians.' They are trying to explain to an audience that is still generally hostile to economic freedom that capitalism didn't cause the recent crisis in the world economy. Gregoire Canlorbe sat down with Professor Salin to discuss Austrian business cycle theory (ABCT) and how to promote economic thinking to a skeptical public." (04/20/15)

http://tinyurl.com/le4mc23  

No Comments »

Economics as a hard science

April 13, 2015
posted by

Foundation for Economic Education Foundation for Economic Education
by Karl Borden and Jacob Borden  

"Economics -- the application of scarce resources to productive ends -- is generally considered a 'social' science. Such classification leads many to presume that the 'laws' of economics are social conventions and therefore mutable. But is economics entirely a soft science?" (04/13/15)

http://fee.org/freeman/detail/economics-as-a-hard-science  

No Comments »

The Libertarian Angle, 04/07/15

April 7, 2015
posted by

Future of Freedom Foundation Future of Freedom Foundation
by  

"Each week, FFF president Jacob Hornberger discusses the hot topics of the day. This week: the principles of Austrian economics with special guest Richard M. Ebeling." [Flash video] (04/07/15)

http://tinyurl.com/kva4zqy  

No Comments »

At Austrian take on inflation

March 31, 2015
posted by

Mises Canada
by Alasdair Macleod  

"We know that today's macroeconomists are very confused about inflation, if only because despite all experience they think they can print money and increase bank credit with a view to generating price inflation at a controlled 2% rate. Admittedly, most of them will acknowledge there is more hope than reality about the controlled bit. Economic policy should be based on more than just hope. It is timely therefore to see what the Austrian School had to say on the matter, but first we should define inflation: to the Austrians it is an increase in the quantity of money and credit." (03/31/15)

http://mises.ca/posts/articles/an-austrian-take-on-inflation/  

No Comments »

Ignoring the differences between free markets and state capitalism

March 24, 2015
posted by

Kevin Carson Future of Freedom Foundation
by Kevin Carson  

"The basic phenomenon that Thomas Piketty devotes [Capital in the Twenty-First Century] to describing is simple: 'When the rate of return on capital significantly exceeds the growth rate of the economy ... then it logically follows that inherited wealth grows faster than output and income.' His historical account of wealth accumulation, the mass of statistical evidence he musters in support of it, and his analysis of present-day trends are all an excellent read. His weakness lies, not in his description, but in his prescription: his analysis of the root causes of the concentration of wealth and the remedies he proposes." (03/23/15)

http://tinyurl.com/lkzj95q  

No Comments »

What should we do if Piketty is right?

March 23, 2015
posted by

Adam Smith Institute Adam Smith Institute
by Ben Southwood  

"The biggest non-fiction book release of 2014 was surely Thomas Piketty's Capital in the 21st Century which managed to inspire a frenzy of response from academics, the intelligentsia, and even huge sales. I hope I can fairly reduce his argument to the claim that wealth inequality will widen if the return on capital (r) is higher than the growth rate (g)." (03/23/15)

http://tinyurl.com/nf98lvb  

No Comments »

239 years of The Wealth of Nations

March 10, 2015
posted by

Eamonn Butler Adam Smith Institute
by Dr Eamonn Butler  

"Today is the 239th anniversary of the publication of The Wealth of Nations by Adam Smith. For nearly a quarter of a millennium, we have actually known the principles by which wealth is created and maximised. The trouble is, that for a fair chunk of the same time, we have been trying to resist that information, thinking that we can somehow do better than the market." (03/09/15)

http://tinyurl.com/pas3e24  

No Comments »

Inspired by Bryan Caplan on straw-manning

March 10, 2015
posted by

Don Boudreaux Cafe Hayek
by Don Boudreaux  

"Most people are never exposed to the economic way of thinking (or, worse, are exposed to economics only by professors who treat economics as if it were a branch of applied mathematics). And most people wish to fit in, to be popular, to not be seen as holding unconventional opinions. So most people -- intelligent and well-meaning -- are carriers of horribly mistaken myths about the way economies work and hang together." (03/09/15)

http://tinyurl.com/o4llddm  

No Comments »

Paul Krugman and the foundations of economic science

March 5, 2015
posted by

Don Boudreaux Cafe Hayek
by Don Boudreaux  

"Of course the market for human labor differs in detail from the market for other goods and services such as automobiles. Contrary to Krugman's suggestion, however, these differences do not render standard supply-and-demand analysis any less applicable to the market for human labor than it is to the market for automobiles. After all, the market for automobiles differs in detail also from the market for zucchinis, yet I doubt that Krugman would assert that such differences mean that the same supply-and-demand analysis used successfully to explain the workings of the market for automobiles doesn't work to explain the workings of the market for zucchinis." (03/04/15)

http://tinyurl.com/qat24rk  

No Comments »

Piketty, returns to capital, and public pension privatization

February 20, 2015
posted by

kevinvallier Bleeding Heart Libertarians
by Kevin Vallier  

"If the returns to capital diminish to any significant degree, there may be a manageable limit to how much capital the rich care to accumulate vis-a-vis the poor, and that would complicate the story of ever increasing inequality. By downplaying the DMU of capital, Piketty can claim that the return to capital has been around 4%, on average, for decades. But doesn't this claim undermine the strongest progressive objection to privatizing social security? Progressives say that the stock market is an unreliable wealth generator, even in the long-run, for the lower economic classes. But if Piketty is right, this story is likely incorrect." (02/19/15)

http://tinyurl.com/ohxvbnc  

No Comments »

Apocalypse Not: The legacy of Julian Simon

February 13, 2015
posted by

Independent Institute
by Aaron Tao  

"February 12 marks the birthday of the late economist Julian Simon (1932-1998). On this special occasion, I wish to bring attention to this thinker whose work I feel has not been fully appreciated. The implications of his controversial but time-tested ideas certainly deserve greater attention in academia and society at large." (02/12/15)

http://tinyurl.com/o4t7ey7  

No Comments »

Attack of the pseudo-economists

February 5, 2015
posted by

The Canal The Canal
by Adrian Ravier  

"In my professional opinion, university courses for the social sciences and the so-called hard sciences should both include a component involving economics. After all, graduates of whatever stripe invariably go on to be part of one market or another, and they shouldn't be alien to its dynamic, or without a minimal understanding of how its prices are formed, and the consequences of state interventionism." (02/05/15)

http://blog.panampost.com/editor/2015/02/05/attack_pseudo_economists/  

No Comments »

How much longer can the US economy bear the burdens?

February 3, 2015
posted by

Robert Higgs Ludwig von Mises Institute
by Robert Higgs  

"Ordinary people, and sometimes experts as well, tend to overreact to short-term economic changes. The current economic malaise in the United States and Europe has brought forth a bevy of commentators convinced that this time the economy has taken a permanent turn for the worse. Never again, they declare, will we enjoy growing prosperity as we did in days of yore. Some of these Chicken Littles do see a possible means of escape from the impending doom, but only if the government carries out an extraordinarily bold economic rescue program, flush with such Keynesian measures as unprecedented monetary 'quantitative easing' and large ongoing deficits in the government budget. Anything else, they insist, condemns us to languish indefinitely in a 'liquidity trap' characterized by diminished rates of employment and slow, if any, economic growth. Economic historians know, however, that such declarations are hardly new and that the economy's long-run trend has continued to tilt upward for two centuries despite the short-run ups and downs around the trend line." (01/30/15)

http://mises.org/blog/how-much-longer-can-us-economy-bear-burdens  

No Comments »

The blurry line between competition and cooperation

February 3, 2015
posted by

EconLog Library of Economics and Liberty
by Timothy Taylor  

"What is the opposite of 'competition?' If you fear that this is a trick question and run off to check a synonym/antonym dictionary, you will find an answer that probably came to mind in the first place: 'cooperation.' Indeed, many people view economics as morally suspect because they perceive economics as emphasizing competition, rather than the arguably more virtuous approach of cooperation. When I bump into this concern, I often respond that economics seeks to analyze the world as it is, not as we might prefer it to be." (02/02/14)

http://www.econlib.org/library/Columns/y2015/Taylorcompetition.html  

No Comments »

Europe’s move in the direction of more monetary mischief

January 28, 2015
posted by

Richard M. Ebeling Future of Freedom Foundation
by Richard M Ebeling  

"The European Central Bank has announced its intention to create out of thin air over one trillion new Euros from March 2015 to September 2016. The rationale, the monetary central planners say, is to prevent price deflation and 'stimulate' the European economy into prosperity. The only problem with their plan is that their concern about 'deflation' is a misguided fear, and printing money can never serve as a long-term solution to bring about sustainable economic growth and prosperity." (01/27/15)

http://tinyurl.com/qdkwwdu  

No Comments »

A graphical introduction to the Austrian Business Cycle Theory

January 27, 2015
posted by

Mises Canada
by Gaurav Mehra  

"Business cycles, simply put, are the fluctuations of economic growth about an economy’s long-term trend. Identifying the symptoms of business cycles is simple enough but identifying their cause is a much more formidable task. Indeed, many theories have tried and many have failed to provide convincing causational links. Many economists and politicians have even come to accept business cycles as an inherently pernicious trait of capitalism. This article attempts to explain, to the best of its author’s ability, a relatively forgotten and anti-conventional theory that aims to explain business cycles; the Austrian Business Cycle Theory (ABCT)." (01/27/15)

http://tinyurl.com/mr5kogk  

No Comments »

The (Austrian) economics of gifts

January 18, 2015
posted by

Mises Canada
by Garrett Petersen  

"While we typically think of entrepreneurs as businessmen, consumers also act as entrepreneurs. The necessity of forecasting under conditions of uncertainty and risk is what makes an act entrepreneurial, and there is plenty of uncertainty in consumer decision making. If I plan on buying a pair of rain boots, I must estimate how often I will be walking in the rain. My judgement as to whether I should buy at a given price depends on how expensive I think rain boots will be elsewhere and in the future. I wouldn't pay $200 for rain boots if I expected the price to drop to $20 tomorrow. Thus, buying rain boots is clearly an entrepreneurial act. This means that there is more to consumption decisions than simply knowing one’s own preferences." (01/16/15)

http://tinyurl.com/mcddgsu  

No Comments »

Switzerland frees the Swiss franc

January 17, 2015
posted by

Ludwig von Mises Institute Ludwig von Mises Institute
by Frank Hollenbeck  

"You can fix your currency or you run independent monetary policy. But you cannot do both at the same time. In spectacular fashion, the Swiss government finally capitulated and decided control over the money supply was more important than a fixed rate against the euro. The Swiss franc rocketed up 30 percent in value minutes after the central bank’s decision to let the currency float." (01/17/15)

http://mises.org/library/switzerland-frees-swiss-franc  

No Comments »

Seeing with reason

January 14, 2015
posted by

Pittsburgh Tribune-Review
by Donald J Boudreaux  

"A frequent complaint about economics is that the failure of most economists to predict the 2008 financial crisis means that economics isn't really scientific. It's true that most economists didn't predict the crisis, but the ability to make such specific predictions is not the hallmark of science." (01/13/15)

http://tinyurl.com/ntac4wo  

No Comments »

Our Sponsors





Making a living off your Drupal site?

Drupal Managed Hosting

Fed up with Maintenance and Hosting companies?