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[This article is from chapter 5 of Human Action. Robert Murphy has written a study guide for this chapter, available in HTML and PDF. This chapter follows "A First Analysis of the Category of Action."] 1. Time as a Praxeological Factor The

The US and other countries of the Western world are divided by ever more stark ideological differences, to put it mildly. Because most people live in societies where the power to make some of the most important choices and to

The global recovery has slowed down significantly since the peak of the reopening effect in June 2021. What many expected would be a multiyear cycle of above-trend growth is proving to be a more modest bounce. Furthermore, according to Bloomberg

For a while the postwar ideological climate seemed to be the same as during the war: internationalism, statism, adulation of economic planning and the centralized state, were rampant everywhere. During the first postwar year, 1945–46, I entered Columbia Graduate School,

Conservatism is allegedly grounded in a recognition of the natural limits of humanity. But when it comes to free trade, conservatives throw all that out the window. Original Article: "Conservatives and the Free Trade Straw Man" This Audio Mises Wire is generously

Runaway house price inflation continues to characterize the U.S. market. House prices across the country rose 15.8% on average in October 2021 from the year before. U.S. house prices are far over their 2006 Bubble peak, and remain over the

From those who view America as an irredeemably racist nation to those who believe the 2020 election was stolen, Americans are losing confidence in the political system at remarkable rates. For two straight elections, Americans have questioned the legitimacy of the

A. Bimetallism Government imposes price controls largely in order to divert public attention from governmental inflation to the alleged evils of the free market. As we have seen, "Gresham's Law"—that an artificially overvalued money tends to drive an artificially undervalued money

In the past few weeks, I’ve been involved in an email exchange about the differences in methodology between the Austrian school and the Chicago school. The correspondence has revealed some surprising misunderstandings of a key Austrian view, demonstrated preference, and

Mayor Lori Lightfoot chided businesses for not doing enough to protect themselves from theft. But Chicago's government does a lot to prevent private businesses from doing this. Original Article: "What Chicago's Mayor Gets Wrong about Private Security" This Audio Mises Wire is