Tag Archives: newsletter

When we talk about monetary policy, people do not understand the importance of interest rates reflecting the reality of inflation and risk. Interest rates are the price of risk and manipulating them down leads to bubbles that end in financial crises, while imposing too high rates can penalize the economy. Ideally, interest rates would flow freely and there would be no central bank to fix them.A price signal as important as interest rates or the amount of money would...

The backing up of US rates did not lift the dollar broadly as it appeared to have done previously.  The dollar-bloc currencies, led by the Australian dollar, and sterling advanced last week, while the Swiss franc and Japanese yen were unable to find traction.  The Bank of Japan had an opportunity to have protested the yen's weakness more adamantly but did not do so.  Recognizing the role of interest rate differentials as an important driver, the Ministry of Finance...

Modern economics is in terrible shape. But economics education appears to be worse still. This becomes clear when discussing basic economics with those who have taken courses in the field. Rather than doing away with economic misunderstandings and outright nonsense, economics education apparently provides students with a pseudoscientific rationale for their illusions.Two such ideas are annoyingly common. One is the view that markets can only work under perfect...

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....

In his state of the union address, President Biden expressed his desire for a $400 a month tax credit over two years for first time home buyers. I have argued for years that tax credits are a good thing, and still maintain that they are a good thing. Yet, I am leery of Biden’s tax-credit proposal.Biden’s proposal was one of several relating to housing:I know the cost of housing is so important to you.If inflation keeps coming down mortgage rates will come down as...

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....

The western media are, above all, phraseologists. Managing massive vertically integrated “states” requires the controlled and targeted use of repetitive government approved language, propaganda, jingoism, repeated phrases to channel thought and energy.We’ve seen a lot of “performative” progressivism in recent years – Black Lives Matter and reparations from the Civil War, incessant genderology above the fold, Trump Derangement Syndrome, tomato soup weilding...

Please consider helping us publish these three new books: The World at War, Full Reserve Banking vs. Real Bills Doctrine, and Austrian Business Cycle Theory: an Introduction. The World at Warby Ralph Raicoedited by Edward FullerTo understand war, you also have to understand economics. Ralph Raico’s lecture “The World at War” is a masterpiece. Recorded in 1983, it remains perhaps the best introduction to the classical-liberal interpretation of the two world wars of...

Time preference refers to the preference of satisfaction in the present as compared to a future time. A person who heavily prefers current consumption to future consumption has a high time preference as he places a heavy premium upon satisfaction as soon as possible. By contrast, a person who does not place a heavy premium upon instant satisfaction has a low time preference. People with low time preferences are more likely to save and invest their money for greater...

Am Dienstag, 18. Juni 2024 feiern wir unser 10-jähriges Bestehen. begeben wir uns zurück an den Ort der Gründung bei der ECOFIN an der Zollikerstrasse 41, 8008 Zürich. Ablauf – in Bearbeitung: 1730 Eintreffen 1800 Begrüssung (Martin Hartmann) 1815 Anarchisten in einer Demokratie (Andreas Thiel) 1845 Rückblick (Silvan Amberg, Simon Scherrer) 1900 Podium 1930 Apéro riche Aus organisatorischen Gründen wird um eine Anmeldung gebeten:https://forms.gle/8jUXWoD91PLedjuJ7...