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The Faith of Entrepreneurs

For the entrepreneur in a market economy, nothing is a sure thing. Every business is only a short step from bankruptcy. No business possesses the power to make people buy what they do not want. All success is potentially fleeting. Original Article: "The Faith of Entrepreneurs" This Audio Mises Wire is generously sponsored by Christopher Condon. Narrated by Michael Stack.  

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Robert Murphy on History and New Developments in Austrian Interest Theory

Bob gives a guest lecture for Jonathan Newman’s MA course for the Mises Institute, on the history of, and new developments in, the pure time preference theory of interest. After summarizing the work of Bohm-Bawerk, Fetter, and MIses, Bob explains his own perspective and then how Jeff Herbener partially agreed with Bob’s critique. This episode sets the table for Bob’s interview with Herbener in ep. 199. Mentioned in the Episode and Other Links of Interest: The YouTube version of this lecture...

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Jeff Herbener and Bob Murphy Discuss the Pure Time Preference Theory of Interest

Jeff Herbener is a Senior Fellow with the Mises Institute and an economics professor at Grove City College. At the 2021 Austrian Economics Research Conference, Jeff presented a defense of the pure time preference theory of interest, and mentioned Bob’s critique of it. This episode is a very informative discussion of their views. Mentioned in the Episode and Other Links of Interest: The YouTube version of this lecture (which has the PowerPoint slides)Jeff Herbener lecture on interest at Mises...

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Babbitt Is Back

Is Babbittry alive and well in twenty-first-century America? George F. Babbitt is novelist Sinclair Lewis's protagonist in the novel of the same name. Babbitt is a real estate man, which is to say a salesman, but the newfangled 1920s term is "Realtor™." Incurious, smug, self-satisfied, and utterly predictable, Babbitt is well pleased with his life in fictional Zenith. As a strident booster of his hometown, he urges displays of "Zip for Zenith" among his delegation to the convention of real...

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Biden’s Family Leave Is Yet Another Attack on the Family

“Inclusive and equitable economic growth” is how the Joe Biden administration envisions its recovery plan following massive job losses from the 2020 lockdowns. Taxpayers will have to pony up $1.8 trillion for childcare, paid and medical leave, as well as universal pre-K. To Biden, the fact that a growing number of mothers are choosing to stay home to take care of their families is holding the country back. To get women to participate more actively in the economy, the administration wants to...

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Jim Spohrer on The Entrepreneurial Future In A World With Cognitive Assistants

Few people can be said to be the originator of a new science. Jim Spohrer is one of those rare beings. The science he originated is Service Science. You can read about the origination process at IBM Icons Of Progress (Mises.org/E4B_117_Icons). Jim currently is the Director of IBM’s Cognitive Opentech Group (COG). On the E4B podcast #117, he shares some of his knowledge and insights, especially on the subject of the wonderful new directions in which the combination of service science and...

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How Trillions in Newly Printed Money Created a Labor Shortage

The US has millions of idle workers. In a normal economy this would put a damper on demand. But in our money-printing economy, consumer demand is surging even as production falls behind. An employment bubble is the result.  Original Article: "How Trillions in Newly Printed Money Created a Labor Shortage​" This Audio Mises Wire is generously sponsored by Christopher Condon. Narrated by Michael Stack.  

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We Cannot Build an Economy on Lies

In a recent issue, Time Magazine boldly declared, “The Free Market Is Dead,” and then added: “What Will Replace It?” Of course, one always can expect Time to be disingenuous at best and dishonest at worst, and as an academic economist, I have come to realize that after reading Time off and on for more than five decades, this is a publication that rarely gets it right when it comes to economic analysis. Yet, we also are dealing with a publication that effectively reflects whatever the current...

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The Fundamental Economic Problem with Biden’s Rescue Plan

Do huge wealth redistribution schemes like Biden's new plan actually make people better off? Some people will get a net benefit. How how numerous are they? How many millions will take a net loss? The government has no idea. Original Article: "The Fundamental Economic Problem with Biden's Rescue Plan" This Audio Mises Wire is generously sponsored by Christopher Condon. Narrated by Michael Stack.  

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The Corrupt Bargain and the Preservation of Slavery

[Chapter 19 of Rothbard's newly edited and released Conceived in Liberty, vol. 5, The New Republic: 1784–1791.] The most important battle of the August days of the Constitutional Convention was waged, as had been the battle over the three-fifths clause, between the North and South and had at its heart the institution of slavery. One of the small number of restrictions on Congress in the draft Constitution was a prohibition of any tax on exports, or of any tax or prohibition on the “migration...

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