The July 22 Financial Times included an interesting take on the deflation scare. In a letter to the editor, Takashi Ito from Tokyo, Japan writes: “Sir, As people the world over contemplate life with deflation, here is a bit of heartwarming news from Japan. As long as you have a job and keep all of your assets in cash, life in deflation is great.
This kid-friendly site attempts to explain the difference between a free market and socialism. It contrasts the “totalitarian leadership” of a symphony orchestra with flexibility of a leaderless rock-and-roll jam. Parents: don’t try this metaphor at home . It would imply that socialism works most of the time in the right circumstances. A great
Historically, Thanksgiving has been a feast day during which Americans are called upon to thank the Lord for the many blessings he has bestowed upon us. Richard J. Maybury and Gary Galles both explain the economic lessons to glean from the experience of the Pilgrims and both note that the primary reason for God’s blessing them with relative
When President Barack Obama wanted to curtail carbon dioxide emissions, he instructed his economic advisors to construct a way to calculate the emissions’ effect on society. The metric thus adopted by the EPA is called the “social cost of carbon” (SCC). Right from the start we should note an important distinction: Carbon is an element; carbon
One of the points I like to stress in my introductory economics course, as well in my course on Economic Expansion and Development is that socialism, when implemented, results in poverty, starvation, death, and cultural ossification. The more hard-core socialist the system is, the worse its problems. Mary Anastasia O’Grady documents this in a
When I was a boy, one of my favorite holidays was Independence Day. I was an enthusiastic student of the War for Independence. My favorite book was the How and Why Wonder Book of the American Revolution by Felix Sutton. I spent a lot of my childhood reading about the colonial era, the lives of people like Sam Adams, Paul Revere, Thomas Jefferson,
My most recent post featured links to a radio episode and magazine article that briefly mentioned the plight of citizens as it related to nutrition after the Castro Revolution. If you are interested in learning more about the consequences of socialism for Cuba I recommend the following: This is an article by one of my favorite conservative
What were the three greatest successes of the revolution? Education, health, and defense. What were the three greatest failures? Breakfast, lunch, and dinner. — Cuban food joke The radio program The Splendid Table recently featured a story about the rediscovery of good food in Cuba. One of the segments featured an interview with writer Tamar Adler
“I champion an economic order ruled by free prices and markets...the only economic order compatible with human freedom.” Wilhelm Röpke died on this date fifty years ago. He was an excellent economist thoroughly grounded in a realistic view of human action and who, therefore, continually fought against the dehumanizing effects of Keynesian and
Históricamente, Acción de Gracias ha sido un día festivo durante el cual se llama a los estadounidenses a agradecer al Señor las muchas bendiciones que nos ha dado. Richard J. Maybury y Gary Galles explican ambos las lecciones a aprender de la experiencia de los Peregrinos y advierten ambos que la razón principal para que Dios les bendijera con
What is the Mises Institute?
The Mises Institute is a non-profit organization that exists to promote teaching and research in the Austrian School of economics, individual freedom, honest history, and international peace, in the tradition of Ludwig von Mises and Murray N. Rothbard.
Non-political, non-partisan, and non-PC, we advocate a radical shift in the intellectual climate, away from statism and toward a private property order. We believe that our foundational ideas are of permanent value, and oppose all efforts at compromise, sellout, and amalgamation of these ideas with fashionable political, cultural, and social doctrines inimical to their spirit.