Keynesians and Ponzians

The economy cannot recover without a complete cleansing of the excesses that have built up over the last half century plus. This mantra has been repeated again and again on this website and elsewhere. It is not a unique idea. It is a foundational belief of Austrian economics and an integral part of Austrian Business Cycle theory. Ludwig von Mises [...]

The Mont Pelerin Society

Monty Pelerin is a pseudonym taken from the Mont Pelerin society. Here is some background on the formation of the organization. I am in agreement with most of their ideals and philosophy although am not a member and do not speak for the group. Some of the greatest economists of the twentieth century were charter members of the society. October [...]

Rationally Choose Your Fields of Ignorance

A reader, commenting on a recent post dealing with the coming economic collapse, had this to say: Unfortunately I share your pessimism, and got into a fairly heated discussion about this very topic in the doctors’ lounge at work yesterday. I am still dumb founded at how very bright minds can still look at the figures and come up with [...]

The Destruction of The US Economy is Assured

The slide toward sovereign bankruptcy and economic collapse continues. The best efforts of politicians and their sycophants in the media to convince you otherwise are being contradicted routinely by the the harsh facts of the marketplace. Their propaganda appears increasingly incredible. The private economy has shown virtually no improvement despite stimuli in magnitudes never before imagined. After trillions of dollars [...]

Austrian Economics and Its Rising Popularity

The Daily Bell has an interesting post, shown below, on Austrian Economics. As some of you may know, I went to the University of Chicago and actually took a couple of courses from Milton Friedman (also two other Nobel Laureates in Economics — George Stigler and Ronald Coase). I probably know Chicago Economics as well as Austrian and greatly admire [...]

Ludwig von Mises: The Logician of Freedom

For those wanting to learn more about Ludwig von Mises, this piece by Eugen-Maria Schulak and Herbert Unterköfler from Mises.org is a reasonable starting point. It deals with his personal life more than his economic contributions. His life spanned possibly the most interesting time in human history. There are numerous links within the piece for those wishing to pursue other areas of Mises’ work and [...]

Time Can and Is “Running Back”

To think that civilizations always progress is a sign of ignorance, if not stupidity. Ludwig von Mises emphasized how proper institutions and incentives were necessary for progress. He knew that progress neither constant nor guaranteed. If institutions and incentives are damaged or destroyed, progress will cease and retrogression will set in. History is replete with examples of how societies and [...]

Government of The Elites, By The Elites and For The Elites

In the short span of a century and a half, the US went from a government famously described by Abraham Lincoln as “of the people, by the people, for the people” to one “of the Elites, by the Elites, for the Elites.” Albert J. Nock referenced Lincoln’s phrase as “probably the most effective single stroke of propaganda ever made in behalf of republican State [...]

Galbraith on Mises

I have often wondered how Ludwig von Mises’ contemporary economists evaluated him and his work. I was excited to find this review by John Kenneth Galbraith of Mises’ “Human Action,”written in 1949. As someone familiar with Galbraith’s work, I could not imagine that he would even read such a tract. His review, however, was surprisingly positive given his perspective. I especially [...]

Paul Samuelson Recognizes Austrian Economics

Mises Wins the Nobel Prize in Economic Science, well sort of …  by Peter Boettke In his obituary of Bertil Ohlin, Paul Samuelson plays the game of “what if” — in this case, “what if the Nobel Prize was established in 1900, then who would have won the prize between 1901 and 1930?” This is list of names Samuelson thinks would have [...]

The Rooster Crows But The Sun Doesn’t Rise

Keynesian economics is a fraud. It has neither theoretical coherence nor empirical support. It was adopted out of desperation in the 1930s. Many contemporary economists of the time protested that the fundamentals of the theory were incorrect. Economists had rejected some of its premises more than a century before John Maynard Keynes was born. For a sampling of some of [...]

Reader Comment on The Coming Crisis

An interesting comment from  reader John that provides some interesting insights and possible sources/books/authors for other readers to explore: The Vandals Crown is an excellent but a bit dated book that I believe has stood the test of time just as well as the Sovereign Individual in understanding where we are and where we are going.  I believe that Monty [...]