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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 Against the State, Lew Rockwell explains how the constant expansion of state power is often justified as a necessary means of achieving the dreams and visions of voters. In its relentless pursuit of power, the state has a strong incentive to focus on the problems that are likely to resonate most deeply with voters and, hence, most likely to persuade them to vest increasing control of their lives in the state. Statists embrace “the moral high ground” in justifying...

Renowned economist Mariana Mazzucato has garnered widespread acclaim for her work on the concept of the “entrepreneurial state,” where she argues that the state plays a critical role in driving innovation. Her essays and books emphasize the state’s capacity to spearhead groundbreaking advancements. However, while Mazzucato is skilled at extolling the virtues of government-led initiatives, her argument overlooks a crucial flaw—the state’s susceptibility to political...

Since the job that was actually assigned to [the Fed] by Congressman Carter Glass back in 1913 is now vestigial and long gone, and the financial system has been flooded with massive liquidity for decades on end, it might well be time to declare victory and let the free market take care of jobs, growth, inflation and prosperity. — David StockmanLet’s take a closer look at the job Congressman Carter Glass assigned to the government’s new central bank, the Federal...

August 26, 1938: Austria was under Nazi rule, and Czechoslovakia was feared to be next. The world was on the brink of a new war. In Paris, a room full of famed economists met to discuss the future of liberalism, the ideology that had shaped the West for the previous hundred years. Held in Europe and attended mostly by Europeans, it was at the behest of an American journalist.Walter Lippman was a co-founder of the New Republic magazine and widely seen as the...

Classical liberals like Friedrich Hayek and Richard Epstein have often claimed that the rule of law imposes strong constraints on the state’s regulation of private property. If they are right, this would be a highly effective argument against such regulation, as the rule of law is an ideal commanding wide respect, by no means confined to those of classical-liberal or libertarian inclinations.Governments that arbitrarily deny legal process to groups of people or...

Overview: The combination of the firmer than expected US CPI and larger than expected rise in initial and continuing jobless claims saw short-term US rates fall, and the odds of a quarter-point cut by the Fed rose from about 83% to about 93%. The Fed funds futures market boosted the odds of another quarter-point cut in December (~90% vs.78%). The dollar initially weakened but recovered, though the key levels held, such as $1.09 in the euro, $1.30 in sterling,...

The Bureau of Economic Analysis (BEA) recently released its second-quarter GDP report for 2024, showcasing a 2.96% growth rate. This number has sparked discussions among investors and analysts, particularly those predicting an imminent recession. There are certainly many supportive data points that have historically predicted recessionary downturns. The reversal of the yield curve inversion, the 6-month rate of change in the leading economic index, and most...

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....

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....