In his new book, Capital In the Twenty-First Century, Piketty fails to understand how savings and investment work, writes George Reisman This audio Mises Daily is narrated by Keith
Labor unions work to prevent increases in the productivity of workers, which is ultimately the only way to increase real wages, writes George Reisman. This audio Mises Daily is narrated by Robert
The efforts underway by the Service Employees International Union, and its political and media allies, to raise the minimum wage from $7.25 to $15 per hour would, if successful, cause major unemployment among low-skilled workers, who are the supposed beneficiaries of those efforts. The reason is not only the fact that higher wages serve to raise
An Open letter to Thomas Perez, U.S. Secretary of Labor Dear Secretary Perez: Raising the minimum wage is a formula for causing unemployment among the least-skilled members of society. The higher wages are, the higher costs of production are. The higher costs of production are, the higher prices are. The higher prices are, the smaller are the
Kevin Carson’s New Book Studies in Mutualist Political Economy centers on the incredible claim, self-contradictory on its face, that capitalism, including laissez-faire capitalism, is a system based on state intervention, in violation of the free market. Volume 20, Number 1 (2006) Reisman, George. “Freedom is Slavery: Laissez-Faire Capitalism is
Volume 1, No. 3 (Fall 1998) The Review of Austrian Economics (RAE) recently published a review of my book Capitalism: A Treatise on Economics that, while praising my book to some extent, seriously misrepresents or altogether ignores major portions of it.[1] Since a full analysis of the review would require twice as much space as the review
Volume 3, No. 3 (Fall 2000) The essential reason that a 100-percent-reserve gold standard should be the ultimate goal of monetary reform is that is would secure the economic system against the evils both of inflation and of deflation-depression. In addition, it would be consistent with the fundamental moral-political principle of the absence
Volume 5, No. 2 (Summer 2002) A rational response to the possibility of large-scale environmental change is to establish the economic freedom of individuals to deal with it , if and when it comes. Capitalism and the free market are the essential means of doing this, not paralyzing government controls and “environmentalism.” Both in the
Volume 5, No. 3 (Fall 2002) Böhm-Bawerk is the most important Austrian economist after Ludwig von Mises . The author says this on the basis of the fact that his writings provide by far the best and most comprehensive development of the law of diminishing marginal utility and its application to price theory that is to be found anywhere. And
This article is also available as an Audio Mises Daily Many Americans, perhaps a substantial majority, still believe that, irrespective of any problems they may have caused, labor unions are fundamentally an institution that exists in the vital self-interest of wage earners. Indeed, many believe that it is labor unions that stand between the
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.