Tag Archives: 6b) Mises.org

Who frames the “climate” debate in this country? Or any political debate, for that matter? We all know the answer. Left progressives have mastered the emotive art of posing supposedly good intentions as actual arguments. They enjoy a childlike state of suspended disbelief that allows them to insist reality can be legislated. Being progressive increasingly means never accepting responsibility for the plainly foreseeable consequences of your proposed policies. How...

Cryptocurrency enthusiasts generally have a great appreciation for the Austrian school of economics. This is understandable since Austrian economists have always argued for the merit of privately produced money outside government control. Unfortunately, an erroneous understanding of the development and functions of money has emerged and become increasingly dominant among at least some proponents of bitcoin—a narrative that is at odds with the basics of Austrian...

Money is one of the most misunderstood topics of our time, and we’re seeing the implications of this play out every day. To understand money, one first must first understand that human beings have always been incentivized to participate in exchange. If humans could not, or did not, trade, most people would die young from starvation, disease, or exposure to the elements. The survivors would be left with an extremely low standard of living in a world in which none of...

Most commentators believe a growing economy requires a growing money stock because economic growth gives rise to a greater demand for money, which then must be accommodated. Failing to do so will lead to a decline in prices of goods and services which, in turn, destabilizes the economy and leads to a recession or, even worse, depression. The main role of the Fed, then, is to keep the supply and the demand for money in equilibrium. An increase in the demand for money...

Jeff Deist: Alex Epstein is our special guest this week. He runs the Center for Industrial Progress, was formerly at the Ayn Rand Institute, and has a background in philosophy. He wrote a famous book called The Moral Case for Fossil Fuels, and followed that up with a new book called Fossil Future. Alex, let me say this book is incredible. Thank you for writing it! I know from the acknowledgements it was quite a difficult task. Alex Epstein: I did the book on fossil...

[Chapter 2 of Per Bylund’s new book How to Think about the Economy: A Primer.] Like other sciences and fields of study, economics is a body of theory. Theory is a collection of explanations that allows us to understand something. Economic theory allows us to understand how an economy works. It explains the workings of the economy as a whole so that we can understand the meaning, impact, origins, and evolution of economic phenomena. For theory to be reliable and...

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The immigration debate has polarized societies across the Western world. Objectors assert that the influx of migrants has corroded social relations, and defenders argue that immigrants release a dose of entrepreneurial dynamism. Debates will persist because it’s unlikely that people can be discouraged from migrating to rich countries in the West. Migrants will continuously flock to places like America and Canada, since they provide better opportunities. Besides...

[This article is excerpted from chapter 21 of Money, Method, and the Market Process, a collection of essays selected and edited by Margit von Mises and with an introduction by Richard M. Ebeling.] I The history of civilization is the record of a ceaseless struggle for liberty. Social cooperation under the division of labor is the ultimate and sole source of man’s success in his struggle for survival and his endeavors to improve as much as possible the material...

When asked about price inflation in his Sunday interview with 60 Minutes, President Biden claimed that inflation “was up just an inch…hardly at all.” Biden continued the dishonest tactic of focuses on month-to-month price inflation growth as a means of obscuring the 40-year highs in year-over-year inflation. This strategy may yet work to placate the most ignorant voters, but people who are paying attention know that price inflation continues to soar. Thus, while...