Tag Archives: 6b) Mises.org

It is bad enough that opponents of the free market wrongly blame capitalism for environmental pollution, depressions, and wars. Whatever the failings of their causal theories, at least they are focused on undoubtedly bad things. We have really gone beyond the pale, though, when the market is blamed for something good. Tim Jackson, a professor of sustainable development at the University of Surrey, does just that in his article. “Let’s Be Less Productive,” which...

On December 29, an armed gunman entered the West Freeway Church of Christ in Texas and shot two members of the congregation. Within six seconds, a third member of the congregation drew a weapon and shot the gunman dead. The events were captured on live-streamed video, with the dramatic events — in the minds of many observers — highlighting the benefits of privately-owned firearms as a defense against armed criminals. Moreover, the gunman, who had a criminal history,...

Most economists are of the view that by means of economic indicators it is possible to identify early signs of an upcoming recession or prosperity. What is the rationale behind this opinion? The National Bureau of Economic Research (NBER) introduced the economic indicators approach in the 1930s. A research team led by W. C. Mitchell and Arthur F. Burns studied about 487 economic data to ascertain the mystery of the business cycle. According to Mitchell and Burns,...

[Adapted from Chapter 2 of Human Action.] The study of all the data of experience concerning human action is the scope of history. The historian collects and critically sifts all available documents. On the ground of this evidence he approaches his genuine task. It has been asserted that the task of history is to show how events actually happened, without imposing presuppositions and values (wertfrei, i.e., neutral with regard to all value judgments). The historian’s...

For most so-called practical economists, information regarding the state of an economy is derived from data. Thus, if an economic statistic such as real gross domestic product or industrial production shows a visible increase, it is considered indicative of a strengthening of the economy. Conversely, a decline in the growth rate is regarded as weakening. It seems that by looking at the data one can ascertain economic conditions. Is this the case, though? The...

When I was asked to write an article about the impact of negative interest rates and negative yielding bonds, I thought it was a chance to look at the topic from a broader perspective. There have been lots of articles speculating about the possible implications and focusing on their impact in the short run, but it’s not very often that an analysis looks a bit further into the future, trying to connect money and its effect on society itself. Qui Bono? Let us begin...

It’s almost Christmas time again, and that means its time for White House politicians and staff to spend hundreds of thousands of dollars on Christmas decorations and events for the White House. Parties and pricey decor have, unfortunately, become “tradition” at the White House where the holiday season has become an excuse for the staffs of the White House and the First Lady’s staff to put on a wide variety of “social” events which are really just public relations...

The Revolt Against Reason It is true that some philosophers were ready to overrate the power of human reason. They believed that man can discover by ratiocination the final causes of cosmic events, the inherent ends the prime mover aims at in creating the universe and determining the course of its evolution. They expatiated on the “Absolute” as if it were their pocket watch. They did not shrink from announcing eternal absolute values and from establishing moral codes...

Eric Nelson, a Professor Government at Harvard, has published this year a brilliant and imaginative book, The Theology of Liberalism (Harvard University Press, 2019). Nelson, it should be said, is no leftist, despite what you might expect from his Harvard affiliation. To the contrary, he is a conservative and favors, though not to the fullest extent, the free market and private property rights. I hope to address on future occasions his penetrating and original views...

In order to establish the state of the economy, economists employ various theories. Yet what are the criteria for how they decide whether the theory employed is helpful in ascertaining the facts of reality? According to the popular way of thinking, our knowledge of the world of economics is elusive — it is not possible to ascertain how the world of economics really works. Hence, it is held the criterion for the selection of a theory should be its predictive power. So...