About Your Proposal for Better Payment Arrangements: Does it Pass the Market Test?
Many economists acknowledge that ordinary private goods and services need to “pass the market test”—generate revenue in excess of expenses—to show that consumers’ benefits (revealed by a willingness to pay) exceed producers’ outlays. But they make an exception when it
Three Things the Fed Must Do to Normalize Bond Markets
By late in the second decade of the twenty-first century, we could say that the long-term US interest rate market had been dysfunctional for a long time. We could identify the starting point as being the immediate aftermath of the
What Happens when the Public Realizes Inflation Will Get Worse
[Excerpted from Human Action, Scholar's Edition, pp. 423–425] The deliberations of the individuals which determine their conduct with regard to money are based on their knowledge concerning the prices of the immediate past. If they lacked this knowledge, they would not
Polygamy Is a Problem for Economic Development
Research reveals that in sub-Saharan Africa children in polygamous families are 24.4 times more likely to die when compared with children in monogamous families. Original Article: "Polygamy Is a Problem for Economic Development" This Audio Mises Wire is generously sponsored by Christopher
Paul Krugman’s One-Man War on Science
When David Card was recently awarded the Nobel Memorial Price in Economic Science (along with two other economists), I figured Paul Krugman would weight in, since Card, along with the late Alan Krueger, authored an economic study almost thirty years ago
The CIA Has Stultified American Consciences
Anyone with a conscience can easily see that assassinating Julian Assange would be just plain murder. Yet, the reaction to all this from the mainstream press has been one great big collective yawn. Original Article: "The CIA Has Stultified American Consciences" This
How the West Pushed back the Frontiers of Death
The world we come from had lots of death. Every society we know of before the mid-1800s or so saw more than one in four children die during their first year of life. Of those who made it through this
GDP Tells Us Little about the Health of an Economy
The government and the mainstream media's favorite economic statistic is gross domestic product (GDP). If GDP goes up, then the economy is doing well. If GDP shrinks, then the economy is doing poorly, or so it is assumed. It all seems
Joe Salerno on Rothbard’s History of Economic Thought
We wrap up our look at Murray Rothbard's sprawling two volume An Austrian Perspective on the History of Economic Thought with Dr. Joe Salerno, Rothbard's friend and colleague. This show covers the second volume exclusively, starting with the Frenchman JB
We’re Living in a Chaos Economy. Here’s How to End It.
The chaos economy we're witnessing is not the fault of the market economy. Rather prices in some areas of the economy need to rise so high and so fast to harmonize supply and demand that entrepreneurs can hardly keep pace. Original