Attention Austrian school economists and enthusiasts: Philipp Bagus and I are pleased to announce the release of our new two-volume book in honor of Jesús Huerta de Soto! “The Emergence of a Tradition: Essays in Honor of Jesús Huerta de Soto” is a celebration of the life and work of one of the most prominent members of the Austrian school of
Remember the movie Groundhog Day ? The protagonist, played by Bill Murray, is stuck in a cycle where he relives the same day, February 2, every time he awakens in the small town of Punxsutawney, Pennsylvania. The same events happen throughout the day, time and time again. The events agitate Murray’s character, but he falls into a rhythm. Knowing
The election of Javier Milei brings the first anarchocapitalist world leader in history. Although prolific in the Spanish-speaking world, English speakers know very little of the Argentine´s views. The fact that he heads the Libertarian Party of Argentina certainly hints at what direction his politics run. Earlier this year, Philipp Bagus and I
Centralized monetary authorities enjoy a privileged position in the current monetary system. People tend to view the economists and politicians at these institutions as demigods, individuals who if given enough resources will ensure that the economy continues an ever-advancing and smooth trajectory. However, unlike the Greek demigods of yore,
President Obama nominates Bernanke to a 2nd term as chairman of the Federal Reserve President Barack Obama nominated Ben Bernanke to a second term as chairman of the Federal Reserve System. Barring a rejection by the Senate, Mr. Bernanke will retain his title as the fourteenth Fed chairman on February 1, 2010. Consider Mr. Bernanke’s track record
After the deaths of three bank employees, Greek president Karolos Papoulias lamented that the debt-ridden country had finally “reached the edge of the abyss.” It should be so lucky. Abysses allow for falls into the deep unknown. If real wages would make the plunge, Greek workers would have a future with more options than striking and senseless
The Federal Reserve Bank of Minneapolis recently interviewed macroeconomist Robert Hall for the June issue of its quarterly magazine, The Region . His words on the Federal Reserve’s ability to enact an exit strategy to unwind its unconventional policies were clear and sure: “There are two branches to the exit strategy: There’s paying interest on
At the root of the current crisis in Europe are the actions of the European Central Bank. As Philipp Bagus explains in his new book, The Tragedy of the Euro , only a realization of the true costs the euro has imposed on the continent in the past can shed light on the path to future recovery. European member states, the European Central Bank (ECB),
Iceland lapsed into the largest recession of the new millennium more than two years ago. As Philipp Bagus and I argue in our new book, Deep Freeze: Iceland’s Economic Collapse , the obvious culprit is an oversized banking system, which at its peak had assets amounting to 11 times the size of the small island’s economy. But like many economic
[Excerpted from chapter 1 of Deep Freeze (2011).] Following the bankruptcy of the American investment bank Lehman Brothers in late 2008, credit markets all over the world seized up in a striking manifestation of the interconnectivity of the global economy. When the dust had settled, the crisis had wiped out trillions of dollars of investments, and
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.