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The Myth of the Unchanging Value of Gold

Опубликовано в Articles in English сентября 01 2014

Joseph T. Salerno

August 29, 2014

According to mainstream economics textbooks, one of the primary functions of money is to measure the value of goods and services exchanged on the market. A typical statement of this view is given by Frederic Mishkin in his textbook on money and banking. "[M]oney ... is used to measure value in the economy," he claims. "We measure the value of goods and services in terms of money, just as we measure weight in terms of pounds and distance in terms of miles."


Six Myths About Money and Inflation

Опубликовано в Articles in English августа 25 2014

Patrick Barron

August 21, 2014
The following are six of the most prevalent economic myths that appear time and again in the mainstream media. I will give a brief description of each and a brief description of the economic reality, as seen from an Austrian perspective.


You Can’t Run an Economy with Spreadsheets

Опубликовано в Articles in English августа 25 2014

Nicolás Cachanosky
August 22, 2014

Argentina's economic minister, Axel Kicillof, has become famous for his assertion that it is possible to centrally manage the economy now because we have spreadsheets such as Microsoft Excel. This assertion comes from the mistaken view that the cost of production determines final prices, and it reveals a profound misunderstanding of the market process. This issue, however, is not new. The first half of the twentieth century witnessed the debate over economic calculation under socialism. Apparently, Argentine officials have much to learn from this old debate. The problem is not whether or not we have powerful spreadsheets at our disposal; the problem is the impossibility of successfully creating a centrally-planned market.


Government Spending and Negative Interest Rates

Опубликовано в Articles in English августа 18 2014

In June, the European Central Bank (ECB) made a historic and downright diabolical announcement. They decided to inaugurate negative interest rates for overnight deposits.

Dickson Buchanan
August 14, 2014 

The Dating Market: Anarchy in Action

Опубликовано в Articles in English августа 11 2014

Julian Adorney
August 08, 2014
To defenders of the state, "anarchy" is a scary concept. They claim that we need government intervention to protect us or all hell will break loose.
But in fact we live anarchy every day, in one of the most crucial aspects of our lives: dating. Every day people meet, date, have one-night stands, fall in love, and break up; all without government intervention.


The Right Way to View Entrepreneurship

Опубликовано в Articles in English июля 20 2014

Peter G. Klein and Nicolai J. Foss
July 19, 2014

Mises Institute Senior Fellow Peter Klein and Associated Scholar Nicolai Foss were interviewed by Ángel Martín Oro for Sintetia.com. Klein and Foss discuss their 2012 book Organizing Entrepreneurial Judgment: A New Approach to the Firm, published by Cambridge University Press.


Andrew B. Wilson
July 11, 2014

Ludwig von Mises, a mentor to Friedrich Hayek and a major figure in economics in his own right, set out his views on capitalism and inequality in a slender book (just 113 pages) called The Anti-Capitalistic Mentality. First published in 1954, and readily available online for less than $10, it is well worth reading today.


Jörg Guido Hülsmann

May 31, 2014
[A selection from Deflation and Liberty.]

The production of money in a free society is a matter of free association. Everybody from the miners to the owners of the mines, to the minters, and up to the customers who buy the minted coins — all benefit from the production of money. None of them violates the property rights of anybody else, because everybody is free to enter the mining and minting business, and nobody is obliged to buy the product.


Cartels and Subsidies in Canadian Agriculture

Опубликовано в Articles in English мая 26 2014

Predrag Rajsic
May 22, 2014

Canada, a federal state consisting of 13 federal units — ten provinces and three territories — has a relatively long history of agricultural policy. While sometimes similar to American agricultural policies, there are key differences with Canadian agriculture that may help illustrate the economic costs of intervention in differing economies.


What Individualism Is Not

Опубликовано в Articles in English мая 12 2014

Frank Chodorov
May 10, 2014

The bottle is now labeled libertarianism. But its content is nothing new; it is what in the nineteenth century, and up to the time of Franklin Roosevelt, was called liberalism — the advocacy of limited government and a free economy. (If you think of it, you will see that there is a redundancy in this formula, for a government of limited powers would have little chance of interfering with the economy.) The liberals were robbed of their time-honored name by the unprincipled socialists and near socialists, whose avidity for prestige words knows no bounds. So, forced to look for another and distinctive label for their philosophy, they came up with libertarianism — good enough but somewhat difficult for the tongue.


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