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Mises Institute

The Mises Institute, founded in 1982, teaches the scholarship of Austrian economics, freedom, and peace. The liberal intellectual tradition of Ludwig von Mises (1881-1973) and Murray N. Rothbard (1926-1995) guides us. Accordingly, we seek a profound and radical shift in the intellectual climate: away from statism and toward a private property order.

Articles by Mises Institute

A New Hoppe Book

6 days ago

We have exciting news for fans of Dr. Hans-Hermann Hoppe! What if I told you there was an unpublished Hoppean treatise, a staggering book which encapsulated his entire worldview in one magnificent volume? This book exists, and we plan to publish it early spring of next year. And we want you to be part of …

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President’s Impact Report — Third Quarter 2020

10 days ago

Mises University In July, students from around the US came to Auburn for our annual Mises University program. Students learned from a distinguished faculty on-site, coupled with online contributions from Dr. Walter Block and Steven Berger. This year’s Mises U faculty included: Joseph Salerno                    Thomas DiLorenzoJeff Herbener                       Mark BrandlyPeter Klein                            Mark ThorntonShawn …

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Bob Murphy Analyzes “The Hunt” and “The Purge” Movies as an Anarchist

12 days ago

Bob offers his commentary on the movies “The Hunt” and “The Purge”—both produced by Blumhouse Productions—and focuses on whether The Purge storyline offers a challenge to Rothbard’s depiction of anarcho-capitalism.
For more information, see BobMurphyShow.com. The Bob Murphy Show is also available on iTunes, Stitcher, Spotify, and via RSS.
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Even WHO Officials Now Admit Lockdowns Are Extreme Policies with Disastrous Results

12 days ago

Last week, Dr. David Nabarro from the World Health Organization admitted that lockdowns have been devastating for much of the world, noting that “Lockdowns just have one consequence that you must never, ever belittle, and that is making poor people an awful lot poorer.” Nabarro went on to list various examples of the economic damage done by lockdowns:

Look what’s happened to smallholder farmers all over the world. Look what’s happening to poverty levels. It seems that we may well have a doubling of world poverty by next year. We may well have at least a doubling of child malnutrition.

Nabarro also reminded his audience that lockdowns won’t make covid-19 disappear, employing the lockdown rationale used in the early days of the covid-19 panic. In other words, lockdowns don’t make diseases

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Toward a Political Economy of Climate Change

12 days ago

The following thoughts have been presented on October 10, 2020, at a broader public conference in Germany. The conference was intended to discuss environmental policies from a free market perspective. Although my research does not concern this field, I have always been interested in the general theory of interventionism and therefore agreed to comment on climate change policy. Sometimes the fresh look of an outsider can be helpful. If my remarks spur further thought on climate change policy, they will have fulfilled their purpose.
I have not written on anything related to environmentalism since the early 1990s. At the time, as a student at the Technical University of Berlin, I wrote an economics seminar paper that dealt with the problem of air pollution. How should one deal with this

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The Paradox of Prosperity

12 days ago

The present fascination with socialism and hatred of capitalism reflects a combination of willful historical blindness, lack of simple common sense, and inexcusable economic ignorance.
This Audio Mises Wire is generously sponsored by Christopher Condon. Narrated by Michael Stack.
Original Article: “The Paradox of Prosperity“.
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The Progressivism of the Future Is Really Just the Socialism of the Past

12 days ago

The world is currently in the midst of a newly aggressive drive to bring about a new socialist order through a powerful and “efficient” technocratic state. This new order has been labeled as “progressive,” but it is merely the latest version of the socialist impulse which we have seen before in the form of socialism and communism. 
A War on Private Property
Summed up in a single sentence, the plans of the communists aim at the abolition of private property. From there, the other major demands follow, such as abolishing the family, nation, and countries, and finally, as Marx noted, “communism abolishes eternal truths, it abolishes all religion, and all morality.” In as much as the program of liberalism “if condensed into a single word….is private ownership of the means of production” (as

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The Fed Says the Federal Budget Is Unsustainable

13 days ago

By: Robert Aro
Tuesday’s speech by Fed Chair Jerome Powell began with the usual nod to the pandemic for making life difficult for the masses, followed by the various pats on the back for the central bankers and what they have done in fighting the problems caused by COVID. Powell even praised the government, noting “the fiscal response was truly extraordinary,” thanks to the $3 Trillion of “economic support” under the CARES Act as well as several other lesser known bills.

The Paycheck Protection Program (PPP), was also mentioned, which, according to the Chair, “partly forestalled an expected wave of bankruptcies and lessened permanent layoffs.”

A few weeks ago the cost was noted by Randal Quarles, Vice Chair for Supervision:

The PPP disbursed $525 billion in loans to businesses

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Hoppe’s Democracy: The God That Failed

13 days ago

With an ugly presidential election just three weeks away, we dive into Hans Hoppe’s classic Democracy: The God That Failed to puncture some of the myths surrounding democracy and voting. Jayant Bhandari joins the show to discuss Hoppe’s controversial thesis concerning monarchy and democracy, time preference and its manifestation in the two systems, the forces constraining monarchs, and the terrible incentives created for democratic rulers. This is a must-listen show for anyone interested in Hoppe’s most famous work and its application to the problems western states face today. 
Find more from Jayant Bhandari on his website (JayantGhandari.com) and his Twitter account (@JayantBhandari5).
Use the code HAPOD for a discount on Democracy: The God That Failed from our bookstore:

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¿Puede la Fed eliminar el racismo?

13 days ago

By: Ron Paul
La Presidenta de Servicios Financieros de la Cámara de Representantes, Maxine Waters, y la Senadora Elizabeth Warren han presentado la Ley de Equidad Racial y Económica de la Reserva Federal. Esta legislación dirige a la Reserva Federal a eliminar las disparidades raciales en ingresos, empleo, riqueza y acceso al crédito.

La eliminación de las disparidades raciales en el acceso al crédito es un código para obligar a los bancos y otras instituciones financieras a aprobar los préstamos en función de la raza de los solicitantes, en lugar de en función de sus ingresos e historial de crédito. Pasar por alto un historial de crédito pobre o ingresos por debajo de lo que normalmente se requeriría para calificar para un préstamo resulta en que los individuos terminen con una deuda

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Can the Fed End Racism?

14 days ago

By: Ron Paul
House Financial Services Chair Maxine Waters and Senator Elizabeth Warren have introduced the Federal Reserve Racial and Economic Equity Act. This legislation directs the Federal Reserve to eliminate racial disparities in income, employment, wealth, and access to credit.

Eliminating racial disparities in access to credit is code for forcing banks and other financial institutions to approve loans based on the applicants’ race, instead of based on their income and credit history. Overlooking poor credit history or income below what would normally be required to qualify for a loan results in individuals ending up with ruinous debt. These individuals will end up losing their homes, cars, or businesses because banks disregarded sound lending practices in an effort to show they

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The Jacksonians’ Bank War: Liberty versus Power

14 days ago

The Jacksonians saw central banking for what it was: a way of making the rich even richer, while ripping off ordinary people. We remember the Jacksonians not just because they were right about the central bank, but because they were also very successful in their fight against the Bank and its allies. From the 2020 Supporters Summit, presented at the historic Jekyll Island Club Resort on Jekyll Island, Georgia, on 9 October 2020.
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Why Slave Economies Thwart Entrepreneurial Innovation

14 days ago

The new history of capitalism (NHC) offers libertarians an exciting opportunity to defend the vitality of capitalism. Scholars like Sven Beckert, Walter Johnson, and Edward Baptiste argue that slavery provides fascinating insights into the workings of early American capitalism and that it furnished the capital to fuel industrial development. Consequently, libertarians have responded to this declaration by articulating that slavery cannot explain America’s prosperity. However, in their determination to refute this proposition they are overlooking a glaring conceptual error promulgated by the NHC: slave economies had a propensity for radical innovation. By portraying slavery as a dynamic economic system, left-leaning historians can further validate their thesis that slavery and capitalism

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What “Experts” Miss about Economic Inequality

14 days ago

Many of the “solutions” peddled by today’s experts are more likely to increase wealth inequality than decrease it.
This Audio Mises Wire is generously sponsored by Christopher Condon. Narrated by Millian Quinteros.
Original Article: “What “Experts” Miss about Economic Inequality“.
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India Takes Small Steps toward Economic Freedom with New Agrarian Reforms

14 days ago

Over the past thirty years, India has experienced some periods of economic liberalisation, but the country still retains many aspects of its former periods of widespread state control of the economy.
In recent weeks, we’ve seen some new efforts at liberalisation once again. For example, three farm bills (now acts), namely the Farmers’ Produce Trade and Commerce (Promotion and Facilitation) Bill, Farmers (Empowerment and Protection) Agreement on Price Assurance and Farm Services Bill, and Essential Commodities (Amendment) Bill have led to protests within and outside the parliament. The reforms were initially announced as a part of the national economic relief package, popularly called Atmanirbhar Bharat (self-reliant India), in May 2020. The government claims that these reforms will lead

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3 Ways to Make Democracy Less Bad

15 days ago

Although many politicians and pundits have deified democracy, it often leads to the oppression of political minorities while encouraging abuse. Here are some strategies for lessening the damage democracy can do.
And be sure to follow Radio Rothbard at Mises.org/RadioRothbard.
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Tres hurras por el Instituto Mises

15 days ago

By: Trevor Daher
La economía austriaca presenta el axioma de la acción humana, una verdad no falsificable y «evidente». De este axioma, se derivan conclusiones lógicas —verdades— sobre el comportamiento humano individual, el orden social y la cooperación, es decir, los mercados. Las conclusiones que se extraen de este análisis lógico son tales que la asignación óptima de los recursos, los modos óptimos de producción y consumo, etc. cada uno de ellos sólo puede surgir —y por lo tanto sólo ser conocido— como resultado de la libre elección y las acciones voluntarias de los individuos. De hecho, la única definición significativa de las condiciones o resultados «óptimos» del mercado, en este marco, son los que mejor servirían para satisfacer los deseos y preferencias de los individuos en

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Three Cheers for the Mises Institute

16 days ago

By: Trevor Daher
Austrian Economics puts forth the axiom of human action – a non-falsifiable, “self-evident” truth. From this axiom, it derives logical conclusions – truths – about individual human behavior, social order and cooperation, i.e. markets. The conclusions drawn by this logical analysis are such that the optimal allocation of resources, the optimal modes of production and consumption, etc. each can only emerge – and therefore only be known – as the result of the free choice and voluntary actions of individuals. In fact, the only meaningful definition of “optimal” market conditions or outcomes, in this framework, are those that would best serve to satisfy the wants and preferences of individuals under conditions of scarcity. These wants and preferences, themselves, can only be

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Why There’s So Much Confusion over What “Inflation” Means

16 days ago

Understood properly,  inflation is not a general increase in prices but is an increase in the money supply “out of thin air” which brings about the impoverishment of wealth generators.
When inflation is seen as a general increase in prices, then anything that contributes to price increases is called inflationary. In this framework, not only does the central bank have nothing to do with inflation, on the contrary, the bank is regarded as an inflation fighter.
But, on this Ludwig von Mises wrote,

To avoid being blamed for the nefarious consequences of inflation, the government and its henchmen resort to a semantic trick. They try to change the meaning of the terms. They call “inflation” the inevitable consequence of inflation, namely, the rise in prices. They are anxious to relegate into

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“Build Back Better”: Why Are Both Biden and Boris Now Using This Phrase?

17 days ago

The Trump campaign shared a video on social media this week, claiming Joe Biden had ripped off a slogan from British prime minister Boris Johnson.
“We have a great opportunity to build back and to build back better” (emphasis added), Biden said in the video, dated July 9, 2020. Then rolled a video of the British PM, using the same phrase on May 28: “We owe it to future generations to build back better.” Damning evidence—it seemed—that the Democratic nominee had, once again, copied his homework. (Biden was famously caught passing off a Robert F. Kennedy quote as his own during his ill-fated 1988 run for president.)
In fact, the story here is not one of lazy speech writing or plagiarism. The use of the phrase “build back better” by both Biden and the British PM spells something far more

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A Critique of the Labor Theory of Value

17 days ago

[This selection is adapted from “The Labor Theory of Value: A Critique of Carson’s Studies in Mutualist Political Economy,” Journal of Libertarian Studies 20, no. 1 (2006). Please see original for full references and footnotes.]
Before proceeding, we should be clear on what an economic theory of value is supposed to do: its task is simply to explain the exchange value of particular goods and services. That is, an economic theory of value must explain why someone selling good X can receive x berries in exchange for it, whereas someone selling good Y will only find someone willing to give up y berries in exchange for his good (where y

In the context of a money economy, of course, an economic theory of value must explain the money prices of various goods and services. In this sense, an

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The NRA Would Be Wise to Leave New York ASAP

17 days ago

The NRA would be wise to vote with its feet. Millions of Americans have already escaped the high taxes and freedom-destroying blue state regimes by doing the same.
This Audio Mises Wire is generously sponsored by Christopher Condon. Narrated by Michael Stack.
Original Article: “The NRA Would Be Wise to Leave New York ASAP“.
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Japan Embraced Debt as a Way out of Its Budget Crisis. It’s Not Working.

19 days ago

The sudden resignation of Japans Prime Minister Shinzo Abe has led to evaluations of his so-called Abenomics. Many have praised Abe’s aggressive monetary policy because the long shopping list of the Bank of Japan (government bonds, corporate bonds, ETFs and real estate investment trusts) has inflated stock and real estate prices (Shirai 2020; Financial Times 2020). Concerns remain on the fiscal side since Abe’s consumption tax hikes from 5 percent to 8 percent in 2014 and to 10 percent in 2019 are widely seen as a failure (The Economist 2020). Indeed, Abe resolved Japan’s deep-seated fiscal problems only superficially.
Figure 1: Tax Revenues of Japan’s Central Government

Source: Ministry of Finance, Japan.
The core of the problem is cheap money issued by the Bank of Japan, which

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The Great California Exodus

19 days ago

German author Franz Kafka wrote in The Metamorphosis, “There is an infinite amount of hope in the universe…but not for us.” The legendary writer might as well have been writing about the state of California, a progressive wasteland that is the personification of everything wrong with leftist orthodoxy. In the mid-nineteenth century, when it became a state, tens of thousands of people headed west. Today, those with a modicum of judgment and respect for their pocketbook are heading anywhere that is not named California, attempting to flee the incompetent mismanagement of Governor Gavin Newsom and his Democratic friends in Sacramento on every subject, from the economy to civil liberties.
The Exodus: A Primer
 California may be the most populous state in the Union, but it could transform

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Mises’s Contribution to Understanding Business Cycles

21 days ago

[From The Essential von Mises]
Included in The Theory of Money and Credit were at least the rudiments of another magnificent accomplishment of Ludwig von Mises: the long-sought explanation for that mysterious and troubling economic phenomenon—the business cycle. Ever since the development of industry and the advanced market economy in the late eighteenth century, observers had noted that the market economy is subject to a seemingly endless series of alternating booms and busts, expansions, sometimes escalating into runaway inflation or severe panics and depressions. Economists had attempted many explanations, but even the best of them suffered from one fundamental flaw: none of them attempted to integrate the explanation of the business cycle with the general analysis of the economic

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The Second Act Will Be Worse Than the First: Lockdowns Are Not the Answer

21 days ago

In the first presidential “debate” (I use that word creatively), Joe Biden hinted that he would order a national lockdown in order to “defeat” the covid-19 virus, and there certainly seems to be a consensus in the media and among political elites that if there is another “outbreak” of covid, then the “shelter in place” order will be the law of the land.
Many businesses certainly are making plans for such an order, this time not wanting to be caught unprepared as they were last March:

Grocery stores and food companies are preparing for a possible surge in sales amid a new rise in Covid-19 cases and the impending holiday rush.
Supermarkets are stockpiling groceries and storing them early to prepare for the fall and winter months, when some health experts warn the country could see another

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