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Jean-Baptiste Colbert Thursday, May 20th, 2010
France’s absolutism and strictly enforced mercantilism put it out of the running as a leading nation in industrial or economic growth, despite that its early industrial development had seemed promising and that its population was six times that of England. FULL ARTICLE by Murray N. Rothbard Join the discussion and post a comment Related posts: Too Many or Too Few People
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Jean-Baptiste Colbert
A specter is haunting the world, and especially Europe: sovereign insolvency. Sovereign-debt problems may already have reached a point beyond remedy — short of default or high rates of inflation. FULL ARTICLE by Philipp Bagus Join the discussion and post a comment Related posts: Austrians on Deflation The Insolvency of the Fed Qualitative Easing and the Crisis – Iceland Cometh
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Have We Crossed the Point of No Return?
The Justice Department is seeking a new chief for the New York office of the Antitrust Division. Since this is a “Senior Executive Service” position, applicants must demonstrate not just technical qualifications, but also “Executive Core Qualifications” defined by the Office of Personnel Management: 1) Leading Change: This core qualification involves the ability to bring about strategic change, both within and outside the organization, to meet organizational goals. Inherent to this ECQ is the ability to establish an organizational vision and to implement it in a continuously changing environment.
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Help Wanted
For a while it was looking like the British political class was taking such stories as George Orwell’s 1984 and Alan Moore’s V for Vendetta as prescriptive guidebooks, rather than as dire warnings. However, this development , on balance, seems to be a welcome tapping-of-the-brake, at least, for the British super-state. A “power revolution” in Britain will be promised by Nick Clegg today as he tries to put his personal stamp on the Government in his first major statement as Deputy Prime Minister.
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Britain slows its march toward dystopia
My summer research project on Walmart can now proceed (earlier work is here ). If you haven’t downloaded The Capitalist and the Entrepreneur yet, here’s the PDF . Join the discussion and post a comment Related posts: Thank you to the Mises Institute Summer Fellows The Capitalist and the Entrepreneur, by Peter G
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I Checked The Mail Today, Oh Boy!
By 1715, the manipulation of the currency, the increase in public debt, and the mismanagement of state finances had left France in poverty and chaos. Such was the state of affairs when John Law appeared in Paris with a plan by which all of these misfortunes were to be repaired. FULL ARTICLE by Elgin Groseclose Join the discussion and post a comment Related posts: America’s Money Machine There Will Be (Hyper)Inflation Operation Bernhard and Counterfeiters
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The Great Paper-Money Experiment
Eurozone officials have developed a $1-trillion stimulus plan in an attempt to prevent their economies from falling into an economic black hole. Such policies can only make things much worse. FULL ARTICLE by Frank Shostak Join the discussion and post a comment Related posts: Genius! The Stimulus’ Short-Term Purpose Govn’t Stimulus Means More Debt Burdens Come
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The Eurozone Stimulus Package and Economic Fundamentals
The supporters of socialized healthcare dream that everything will remain the same, except that someone else will pay the bill. But man changes by degree as liberty is lost. FULL ARTICLE by Jim Fedako Join the discussion and post a comment Related posts: Why I Choose Low-Quality Health Care Private-Sector Health Care Leads the Way Healthcare and Insurance on a Desert Island
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The New Bureaucratic Man
Andy Duncan is wild for Doug French’s book : “You know you have crossed into the Austrian light when you wake up one morning and everything has become clear. From that point forward, for the rest of your life, you realise that almost every societal problem you encounter, no matter how simple nor how complex, is usually something to do with involuntary coercion, threatened violence, or some other failure of state interference in the free market. No matter how well the dead hand of government has camouflaged itself, the underlying coercive cause of the problem usually presents itself in short order, whether to explain a failing health system, a rogue schools system, or even a perennial shortage of your favourite vitamin in a local health food store.
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French and Manne
That’s the slogan of the site where you can buy a bumper sticker that says “If you don’t talk to your children about copyright, who will?” Join the discussion and post a comment Related posts: Trademarks and Free Speech But Obama Can’t Repeal Economic Law Why People Don’t Believe In Paying For Music. Hint: Its All About Deflation.
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The Revolution will be Merchandised
The average Greek on the street isn’t wild about the new austerity measures being proposed by the IMF and EU that are considering bailing out their government. Demonstrators set fire to a bank and three bank employees died. “Greece is a unique and particular case in the EU” because of its “precarious debt dynamics” and because it “has cheated with its statistics for years and years,” EU Commissioner Olli Rehn said.
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There’s a riot going on
We’ve been working toward a summer lineup and even looking forward the fall for classes in the Mises Academy. On June 1, 2010, begins “ Tulips to Plywood Palaces: Bubbles in Theory and History ” taught by Douglas French. His class is based on his book Early Speculative Bubbles and Increases in the Supply of Money (Mises Institute 2009)
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Upcoming Courses in the Mises Academy
The documentary shows there was a functioning system of garbage collection that had co-evolved with the norms of Egyptian society. The government then stepped in to “solve the problem.” The result: disaster. FULL ARTICLE by Anders Mikkelsen Join the discussion and post a comment Related posts: The Right of Copy: A Courtly Privilege The DC Reality Tour Municipalized Trash: It’s Uncivilized
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The Cairo Garbage Calamity
Everything that is done, everything that man has done, everything that society does, is the result of voluntary cooperation and agreements. The government — that is the recourse to violence — cannot produce anything. FULL ARTICLE by Ludwig von Mises Join the discussion and post a comment Related posts: International Monetary Cooperation The Morals of Human Cooperation Blog Improvements
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Human Cooperation
Looks like 2010 will bring in a bumper crop of great libertarian books: First, there’s Tom Woods’s forthcoming book, Nullification: How to Resist Federal Tyranny in the 21st Century . Woods’s earlier book Meltdown is a great introduction to Austrian business cycle theory, and, with the rise of the Tea Party movement, his new book on nullification should also have a huge impact. See Lew Rockwell’s interview of Woods on this topic
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2010 Books on Libertarianism: Woods, Chartier, Miron, Huebert
Richard Ebeling sent us this fascinating monograph by Fritz Machlup, written in 1937: Can We Control the Boom? It contains some interesting material on the consequences of reflating a bust: The program amounts to no less than this: Supply all the ever increasing demands for capital by means of the creation of new bank money; and do it so liberally that the interest rates are kept from rising; or, should private investment demand fall off, finance public works by means of new bank money: in other words, go on and on inflating the circulation.
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Can We Control the Boom?
Light Bulbs Actually Spur Bright Ideas, Study Reveals Seeing light bulbs might foster bright ideas, scientists now find. Yet another reason to avoid florescent bulbs and to overturn the government’s plan to mandate florescent light bulbs. Readers please respond with the details of the government mandate and other good reasons to use incandescent light bulbs
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Great idea comes to “light”
Last week, an administrative law judge for the Federal Trade Commission held the agency was not liable under federal law for the attorney fees and expenses of William Isely, an 84-year-old retiree falsely accused of disseminating false advertising on the Internet. Although the same judge held last year that the evidence clearly demonstrated Mr.
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Internet Censorship Is Now “Substantially Justified”
According to Obama’s leading economic adviser, the current double-digit unemployment rate is obviously due to a “shortfall in aggregate demand.” The only “obvious” thing about such a diagnosis and prescription is that they are very useful to the Obama gang. FULL ARTICLE by Jeremie T.A
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It is Not the Aggregate Demand, Stupid
One thing I learned from Professor King’s paper is that he and I are far less in agreement on punishment theory than I had anticipated. It is fortunate for Professor King that I do not hold with an expectations theory of contract because then I might argue that he deserves to be punished for dashing my expectations. FULL ARTICLE by Murray N
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King on Punishment: A Comment
The health care legislation passed by Congress today is a disgusting socialist and fascist bill, and a monstrous assault on human liberty and sound and truthful economic/financial analysis. Particularly disgusting is the underhanded procedural method used to pass the legislation, especially given the apparent significant, actually majority public opposition to the bill.
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Healthcare Legislation and a Potential Ron Paul Presidential Run in 2012
Alan Greenspan, reborn as a financial pundit, says that the central bank had nothing to do with causing the economic boom. Instead, the boom was caused by a mysterious onset of “euphoria” – Keynes’s “animal spirits” – that led to a widespread confusion over risk.
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The Central Bank and My Policies are Completely Innocent
From Stefan Molyneux’s post on the Mises forum: The Freedomain Radio Book Club had a great discussion with Stephan about intellectual property which I thought you might enjoy… FDR1616 Stephan Kinsella on Intellectual Property from Freedomain Radio Play Now We did this yesterday, Mar. 20, 2010
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Kinsella Intellectual Property discussion on Freedomain Radio Book Club
When I lived as a student in London 1991-92, one day I decided to visit the Bank of England to see what they would do if I presented a 5-pound note for redemption of the promise to pay the bearer “five pounds” on demand. The tale was told in a guest reflection in Liberty in 1994. The guest reflection: Funny money — There’s some funny language on the money in England
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The Bank of England and Me
Sometimes our actions appear as reflexes from our past. And we find ourselves repeating, without thought, memories from long ago. When I find a tube of toothpaste with a bulge of paste at the tail end, I growl to everyone and no one in particular, “You have to squeeze the tube from the bottom.” My wife will look at me inquisitively and ask, “Why is that such an issue?” The only reply I can muster is, “Well, it just is.” Last night, while brushing my teeth and considering the pending vote of doom, I looked at the tube of toothpaste and drifted back to my youth.
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Spilling out the tail end
On his blog, IdleWords.com, Polish-born Maciej Ceglowski (“as American as gooseberry pie,” but now living in northeastern Romania) tells the fascinating story of how the cure for scurvy was won and lost in a culture confident in scientific progress, and why Robert Falcon Scott’s 1911 expedition to the South Pole struggled with a disease that had supposedly been cured in the 18th century: I had been taught in school that scurvy had been conquered in 1747, when the Scottish physician James Lind proved in one of the first controlled medical experiments that citrus fruits were an effective cure for the disease.… Somehow a highly-trained group of scientists at the start of the 20th century knew less about scurvy than the average sea captain in Napoleonic times.… [I]n the second half of the nineteenth century, the cure for scurvy was lost. The story of how this happened is a striking demonstration of the problem of induction, and how progress in one field of study can lead to unintended steps backward in another
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Scientific Regress: The Case of Scurvy
McGraw-Hill Construction economist Cliff Brewis says , “It is difficult to foresee a long-term recovery (of the economy) without single-family (homes) doing very well. It is a bellwether of how the marketplace will do because if you are building homes, you are going to build schools; if you are building homes, you are going to build retail; and if you are building homes, you will build roads
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Does the entire economy depend on building?