Posts Tagged ‘ economics ’

Frederic Bastiat’s Economic Sophisms is now more important than ever

June 29, 2015
posted by

Julian Adorney Ludwig von Mises Institute
by Julian Adorney  

"The great economist Frederic Bastiat would have turned 214 today. His contributions to liberty have been many, but while so many advocates of free markets focus on The Law, there is another book that represents his legacy even better: Economic Sophisms. This short work of essays epitomizes perhaps his most important contribution: using taut logic and compelling prose to bring the dry field of economics to hundreds of thousands of laymen." (06/29/15)

http://tinyurl.com/ozvgzzy  

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Velocity lacks veracity

June 22, 2015
posted by

Mises Canada
by Christopher P Casey  

"Typically defined as 'the number of times one dollar is spent to buy goods and services per unit of time,' historically low monetary velocity is blamed for stymieing the Federal Reserve's ability to achieve a targeted rate of price inflation. It is cited as delaying the onset of price inflation which was imminently predicted by some financial commentators in the aftermath of the Great Recession. It is viewed by all as problematic as it is powerful, as vexing as it is valid. Yet, despite its nature and magnitude having been debated for decades between Keynesian and Monetarist economists, monetary velocity is simply a pervasive and damaging myth." (06/22/15)

https://mises.ca/posts/articles/velocity-lacks-veracity/  

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Mythbusters

June 21, 2015
posted by

Don Boudreaux Cafe Hayek
by Don Boudreaux  

"Economics does not allow for specific predictions; the social world is far too complicated for that. In real-world economies ceteris is too seldom paribus (and even when it is, this situation is often impossible to detect). The closest that sound economics allows us to get to justifiable predictive statements is that it improves our ability to make sensible 'if-then' statements -- statements that, using sound judgment, improve our ability to understand the complex world we inhabit. But as a myth-busting tool, economics is unsurpassed." (06/21/15)

http://cafehayek.com/2015/06/mythbusters.html  

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Gold and economic inequality

June 16, 2015
posted by

Mark Thornton Ludwig von Mises Institute
by Mark Thornton  

"Inequality is a top news items for 2015 driven largely by the Baltimore riots, the minimum wage debate, Thomas Piketty's book Capital in the Twenty-First Century, and now the entry of socialist Bernie Sanders into the race for US president. The Left wants more welfare, better schools, free college, enhanced job training, and more. The Right, in contrast, wants welfare reform, charter schools, tax reform -- not to be confused with tax cuts -- and use of the negative income tax. Both sides get it wrong. Neither side understands economic inequality, nor what causes it to change." (06/16/15)

https://mises.org/library/gold-and-economic-inequality  

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The Essential Hayek

June 15, 2015
posted by

Don Boudreaux Cafe Hayek
by Don Boudreaux  

"Today my little book The Essential Hayek is released. It can be downloaded without charge. Published by Canada’s Fraser Institute, this volume's purpose is to explain as clearly as possible to non-academics the essential elements in F.A. Hayek's economic, social, political, and legal theory." (06/15/15)

http://cafehayek.com/2015/06/the-essential-hayek.html  

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Fact checking Paul Krugman’s claim to be “right about everything”

June 10, 2015
posted by

Ludwig von Mises Institute Ludwig von Mises Institute
by Andrew Syrios  

"[A] foundational block of Austrian economics (that some Austrians unfortunately forgot regarding premature predictions of hyperinflation) is that the sheer number of variables in the world at large makes accurate forecasting extraordinarily difficult. So it must be a rare man indeed that can be right about everything. And this man, Paul Krugman is not." (06/10/15)

http://tinyurl.com/qb3ub94  

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Prices are not arbitrary

June 9, 2015
posted by

Don Boudreaux Cafe Hayek
by Don Boudreaux  

"One of the greatest services that economics offers to humankind is the demonstration that prices set on markets are not arbitrary dictates. Instead, prices (1) reflect underlying realities and, in doing so, (2) inform producers and consumers about how best to coordinate their actions with each other and (3) give incentives to countless producers and consumers to adjust their actions to each other in coordinating ways." (06/09/15)

http://cafehayek.com/2015/06/prices-are-not-arbitrary.html  

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A question for Krugman

June 9, 2015
posted by

David Henderson EconLog
by David Henderson  

"Paul Krugman has a post today about how badly some Republican governors have been doing with their budget policies. His basic criticism is that they have cut taxes. But he also has, at various times recently, complained about austerity. What, to Paul Krugman, is austerity? He has often been vague about whether it means raising taxes or reducing government spending, but he seems to mean a combination of those." (06/09/15)

http://econlog.econlib.org/archives/2015/06/a_question_abou.html  

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Free Thoughts Podcast, 06/01/15

June 1, 2015
posted by

Libertarianism.org Libertarianism.org
by  

"Peter J. Boettke joins us to explain the origins and methodology of the Austrian tradition in economics." [Flash video or MP3] (06/01/15)

http://tinyurl.com/obq6t6o  

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Who ignores the principle of scarcity?

May 28, 2015
posted by

Sandy Ikeda Foundation for Economic Education
by Sandy Ikeda  

"For economists who study human action in the real world, one of the principles we cannot ignore is that scarcity exists -- to get more of one valuable thing, you will have to give up some of another valuable thing. In fact, you could say that not understanding the nature and significance of scarcity is the hallmark of someone who isn't an economist, or is a very bad one." (05/28/15)

http://fee.org/freeman/detail/who-ignores-the-principle-of-scarcity  

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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  

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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  

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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  

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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  

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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  

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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  

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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  

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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  

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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  

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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/  

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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  

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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  

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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  

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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  

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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  

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