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| Saturday, June 12, 2004 |
June 11, 2004Capital and InterestDavid J. HeinrichThese are notes from the lecture, Capital and Interest, given at the Mises University. Any errors are mine, feel free to point them out so that I can correct them. This lecture was given by Prof. Murphy. Money and Banking (lecture 8 of 32)David J. HeinrichThese are notes from the sixth lecture given at the Mises University. Any errors are mine, feel free to point them out so that I can correct them. This lecture was given by Prof. Hoppe. Calculation and Price Theory (lecture 7 of 32)David J. HeinrichThese are notes from the sixth lecture given at the Mises University. Any errors are mine, feel free to point them out so that I can correct them. This lecture was given by Prof. Salerno.
Continue reading "Calculation and Price Theory (lecture 7 of 32)" 100 Years of Medical RobberyDale SteinreichThe American Medical Association (AMA) was founded in 1847 around two propositions: one, all doctors should have a "suitable education" and two, a "uniform elevated standard of requirements for the degree of M.D. should be adopted by all medical schools in the U.S." In the days of its founding AMA was much more open--at its conferences and in its publications--about its real goal: building a government-enforced monopoly for the purpose of dramatically increasing physician incomes. It eventually succeeded, becoming the most formidable labor union on the face of the earth. [Full Article] Hail the Great Leader!Llewellyn H. Rockwell, Jr.We wake to the cultural equivalent of Mao's China or Lenin's Russia, in which the people are supposedly mourning the loss of the Great Leader. [Full article] The Crisis That Never WasJude BlanchetteAs we've seen with the manufacturing "crisis," the "outsourcing of America" is a total farce. As reported in today's NYT (registration required) and WSJ ($), the total number of jobs lost due to outsourcing was 4,633--only 2.5% of the 182, 456 jobs reported lost during the 1st quarter of this year. I've already emailed these articles to Lou Dobbs. Wages and Labor (lecture 6 of 34)David J. HeinrichThese are notes from the sixth lecture given at the Mises University. Any errors are mine, feel free to point them out so that I can correct them. This lecture was given by Prof. DiLorenzo. Time Preference and Interest (lecture 5 of 34)David J. HeinrichThese are notes from the fifth lecture given at the Mises University. Any errors are mine, feel free to point them out so that I can correct them. This lecture was given by Prof. Herbener.
Continue reading "Time Preference and Interest (lecture 5 of 34)" Praxeology: The Austrian Method (4 of 34)David J. HeinrichThese are notes from the fourth lecture given at the Mises University. Any errors are mine, feel free to point them out so that I can correct them. This lecture was given by Prof. Hoppe.
Continue reading "Praxeology: The Austrian Method (4 of 34)" June 10, 2004Russell on the Stock Market and GoldJim WaddellRichard Russell writes, in part: I’m asked what the U.S. government’s attitude is towards gold. My answer – their attitude is – “Leave gold alone, but definitely don’t encourage people to buy it.” Why do I say that? Answer – Month after month goes by and the authorities have still not OK’d a gold ETF. A gold ETF would allow Americans to buy gold easily; a gold ETF would supply almost instant liquidity to gold for the average retail buyer. A U.S. gold ETF hasn’t happened yet, although it’s happened in Australia and Britain. And you have to ask – WHY? Live Free, or Be KilledDavid GordonFrum and Perle have identified with great clarity a system of belief that threatens the world. This system requires all governments to conform to the policies of a single power. Those that refuse face violent overthrow. The ensuing military occupation by the dominant power is styled democracy; and, once people grasp its benefits, it is claimed that democracy of this sort will conquer the world. The authors’ depiction of this ideology cannot be bettered. It is the ideology they themselves defend. [Full article]
Value, Utility, and Price (lecture 3 of 34)David J. HeinrichI'm at the Mises University now, and I plan on transcribing my notes. This is the third lecture given. Any errors are mine, feel free to point them out so that I can correct them. This lecture was given by Prof. Herbener.
Continue reading "Value, Utility, and Price (lecture 3 of 34)" June 09, 2004The Marginalist Revolution (lecture 2 of 34)David J. HeinrichThis is the second lecture given at the Mises University. Any errors are mine, feel free to point them out so that I can correct them. This lecture was given by Prof. Salerno.
Continue reading "The Marginalist Revolution (lecture 2 of 34)" Mises and the Foundation of Austrian Economics (lecture 1 of 34)David J. HeinrichI'm at the Mises University now, and I plan on transcribing my notes. This is the first lecture given. Any errors are mine, feel free to point them out so that I can correct them. This lecture was given by Prof. Huelsmann. Why isn't Austrian economics taught?
Continue reading "Mises and the Foundation of Austrian Economics (lecture 1 of 34)" Mayer on Monetary CollapseRobert BlumenBill Bonner's daily economic and financial commentary, The Daily Reckoning, features frequent Mises.org author Christopher Mayer (publisher of an economic-financial letter, Capital and Crisis) on monetary collapse (go to link then scroll about half way down.) Mayer takes an Austrian view on the manner that the boom and bust cycle is driven by the central bank, presents a brief history of central banking, and muses about what might have happened had central banks not developed along the lines that they had. (Bonner is the author of one of the more interesting and Austrian-oriented financial books in the last year; see Mark Thornton's review.) Also of interest last week from the DR is another piece on the housing bubble, In ARMS' Way. Continue reading "Mayer on Monetary Collapse"The Myths of ReaganomicsMises.org News and UpdatesEveryone seems to agree that Reagan slashed the size and scope of government. There's only one problem: the facts show the complete opposite. Murray N. Rothbard exposes the truth about the Reagan years: its vast spending increases, tax increases, protectionism, regulation, dangerous foreign economic policy, and Keynesian-style debt finance. Judged by Reagan's own rhetoric, Reaganomics was a huge failure and a hoax. [Full article] See also, new in the Study Guide: "The Case Against the Flat Tax" by Murray Rothbard. June 08, 2004Reagan RevisionismJeffrey TuckerTwo excellent pieces from The Free Market archives, written by Sheldon Richman: Why the FCC should dieStephen W. CarsonCNET news.com, the popular (top 100 web site) tech news site issues a fatwa against the FCC: Fans of Rothbard's revisionist treatment of President Hoover, note: The Silent Partner in Family DeclinePer Henrik HansenThere are many reasons for the decline of the family, lifestyle choice among them. These are all channels through which it is not unreasonable to claim that the welfare state, directly and indirectly, plays an important role in the gradual disintegration of the family. When the welfare statists claim that they are providing safety, security and quality of life for the citizens, remember that this this coerced public service is crowding out the voluntary private alternative. [Full article] June 07, 2004The Spillover EffectsGuestFrom John Dolce: Classic article: the airlines are blaming governments for their oil related losses, while Southwest has turned a tidy profit by hedging against rising oil prices. capitalism is free tradeGil GuilloryNoam Chomsky says: "I doubt very much that you met a capitalist who believes in free trade. To my knowledge, that is close to a non-existent category. What "free trade" was he talking about? Certainly not WTO, NAFTA, etc. They are remote from any notion of free trade." Continue reading "capitalism is free trade"Reaganism and Military KeynesianismJeffrey TuckerRothbard on Reagan's economics: "Amidst the intellectual confusion, however, a few dominant tendencies, legacies from their glory days, remain among Keynesians: (1) a penchant for continuing deficits, (2) a devotion to fiat paper money and at least moderate inflation, (3) adherence to increased government spending, and (4) an eternal fondness for higher taxes, to lower deficits a wee bit, but more importantly, to inflict some bracing pain on the greedy, selfish, and short-sighted American public. The Reagan Administration managed to institutionalize these goodies, seemingly permanently on the American scene." Rothbard on Reaganism as politics: "Systematic betrayal was the precise meaning and function of the Reagan administration. So effective was Ronald Reagan as a rhetorician, though not a practitioner, of freedom and small government, that, to this day, most conservatives have still not cottoned on to the scam of the Reagan administration. For the 'Reagan Revolution' was precisely a taking of the revolutionary, free-market, and small government spirit of the 1970s, and the other anti- government vote of 1980, and turning it into its opposite, without the public or even the activists of that revolution realizing what was going on." The Human Impact of Factor MobilityMises.org News and UpdatesIf we were to restrict American companies to only hiring American programmers, writes Clifford Thies, in order to protect American programmers' jobs, the obvious response of the rest of the world would be to forbid American companies from selling their software and related products and services to their consumers. We would suffer a collapse of exports, and we would wind up "protecting" only a diminished number of jobs for American programmers. The same is true in many industries. [Full article] Fannie a Central Bank of Home MortgagesRobert BlumenIn a recent speech to the UBS Financial Services Conference, Fannie Mae CEO Franklin Raines described the role of the GSEs in a way that sounds very analagous to what central banks do. (This quote was reported by The GSE Report). Continue reading "Fannie a Central Bank of Home Mortgages"June 06, 2004The Free Market at Work for the Common ManDavid J. HeinrichAmong the enemies of freedom and economic liberty, one often hears the claim that the free market harms those who are less well off, and that The State needs to step in and make things right. Yet, precisely the opposite is true. Vesdia is a company dedicated to micro-investing approaches to help the average person save money for major financial goals, such as college or retirement. StockBack and Ne$tEggz help individuals save for retirement. BabyMint helps parents save for their children's college expenses. June 05, 2004Iraqi Loot and the FedJeffrey TuckerHow did hundreds of millions of dollars in new bills find their way to the Iraqi central bank during a period of extreme economic sanctions? This probing NYT story provides no final answers but following the trail proves fascinating enough. Economic Commentary from Morgan StanleyRobert BlumenMorgan Stanley economist Stephen Roach provides some of the more interesting economic commentary coming out of the large financial firms. Although he is not an Austrian he often reaches some similar conclusions as many of the analysts on the Mises site. Roach has been one of the few skeptics of the economic recovery among major analysts. This week features Roach's commentary The Mother of All Carry Trades, a skeptical critique of the orgy of debt-financed consumption that the Fed's policy of low interest rates has encouraged, and the consequences of trying to unwind it ("it will take nothing short of a miracle to extricate the self-indulgent American consumer from this mess."). Also on the Morgan Stanley site this week is Andy Xie on the Hong Kong housing market. This week on the Mises site, Mark Thornton writes "Housing bubbles typically do not pop like a balloon; they don't even crash like stock markets. Rather, the air in housing bubbles tends to leak out slowly—painfully slowly". Xie's article provides a case study of this process in action as speculative buyers who were willing to overpay based on the prospect of further appreciation are having trouble unloading their properties. June 04, 2004Don't Dare to Double-ClickKaren De CosterBefore the Microsoft Haters dare to blame Microsoft for this one, remember that anywhere and everywhere there is a government freebie, gift of monopoly, or protective scheme (patent/copyright), there is a willing participant looking to benefit from it. Remember that Amazon.com patented the one-click purchasing option, and then of course, there's patenting a hyperlink. (Warning: click on hyperlink at your own risk of being sued for royalties later.) However, my favorite patent of all time is perhaps the one that patents a certain method of swinging on a swing. (click on "images") As Wired wrote recently, there exists a civil liberties group - the Electronic Frontier Foundation - that is trying to overturn dubious patents. Online Rothbard Treatise: Progress by LeapsMises.org News and Updates Since the last blog item on this ongoing project, the following have been uploaded in html (this is in addition to the full text already available in pdf). With these uploads, Man, Economy, and State is complete, and Power and Market is one -third complete. Buy the book here. To support this project and help pay for bandwidth, go here. CHAPTER 10—MONOPOLY AND COMPETITION Power and Market Taxation and Domestic Free TradeMises.org News and Updates
In this paper it is argued that the domestic division of labor and trade is organized according to the same principle as the international division of labor and trade – the Ricardian comparative advantages. Continue reading "Taxation and Domestic Free Trade"Housing: Too Good to be TrueMark ThorntonWhat the prophets of the new housing paradigm don't discuss, is that real estate markets have experienced similar cycles in the past and that periods described as new paradigms are often followed by periods of distress in real estate markets, including foreclosure sales, bankruptcy and bank failures. The case of Japan's real estate bubble is instructive. [Full article] June 03, 2004Celebrate CobdenJ.H. HuebertToday at the Mises Institute's Economy, Society, & History seminar (which you really are unfortunate for missing), Joseph Stromberg made sure to remind us that it's Jefferson Davis' birthday. All well and good, but more worthy of birthday recognition than any politician is Richard Cobden, who was born 200 years ago today. Donald Boudreaux offers a nice tribute (and follow-up), and directs us to this pro-free trade, pro-peace birthday editorial from The Scotsman. And see Gary Galles' article, "Richard Cobden: Activist for Peace." Austrian Economics and the Political Economy of FreedomRichard EbelingFrom my Mises lecture at the 2004 Austrian Scholars Conference: It is no wonder that so many of freedom’s friends have been influenced by the Austrian economists. In the last 100 years, they have been the true political economists of liberty. The Austrian school of economics has enriched our understanding of the market economy and advanced the cause of freedom in our time. Rothbard on MeyerMises.org News and UpdatesNew in the Study Guide: Frank S. Meyer: The Fusionist as Libertarian Manqué, by Murray N. Rothbard Meyer's confusion, and the basic problem with conservatives' understanding of libertarianism, is that libertarianism per se does not offer a comprehensive way of life or system of ethics, as do, say, conservatism and Marxism. Copenhagen ConsensusMark ThorntonHere is a group of prominent mainstream who got together to solve all the world's problems in an efficient fashion. The first step was to assume you have $50 billion to spend. The second step was to spend it. Here is their wish list. More Air for the BubbleMark ThorntonEven HUD is getting into the act of expanding the housing bubble. The newest program from the Housing and Urban Development Department will provide grants to low-income families to pay their down payment. The current inability of many to do so, according to HUD Secretary Alphonso Jackson, is "the single-greatest obstacle to homeownership." The Pervasiveness of Monetary SocialismJude BlanchetteSome 110 years ago, Carl Menger, the first Austrian economist, remarked that, "Even at this day we have no satisfactory theory of money." While path-breaking discoveries in economics have furthered our knowledge and understanding of money during the past century, the diffusion of this knowledge has been limited to intellectuals and small enclaves of Austrian thinking. When talking of the popular press and the conservative and liberal economic commentators, Menger’s maxim holds equally true today. [FULL ARTICLE]
Five Smooth StonesLlewellyn H. Rockwell, Jr.The government is never more arrogant than in the war-planning stage. It presumes all knowledge of time and place. It claims that it can anticipate every action and every reaction. It believes that nothing is more powerful than power itself, and so bombs dropped from the air can make any people anywhere bend to the wishes of the superstate. A government that believes in its own foreign policy omniscience and omnipotence is a dangerous government, not just to foreign peoples but also to its own citizens. [Full article] The Rivers Run Through ItErich MatteiTransportation throughout the network of the nation's waterways, at one time the arteries of domestic commerce, has become nothing less than a state-woven web of interventionist circuitry and waste. It is also no secret to the public that there is widespread nepotism, porkbarrelling, and featherbedding amongst the river pilot ranks. Reformist measures do not address the fundamental problem: river socialism. [Full article] June 02, 2004Good piece on inflation/deflationChristopher MayerA nice thoughtful piece by our man, Robert Blumen, on the the inflation and deflation debate. He takes a good look at some deflationist arguments in a fair and even-handed manner from an Austrian viewpoint. An excerpt: Continue reading "Good piece on inflation/deflation"Stromberg's lecture today, from Mises MediaMises.org News and UpdatesFrom Mises Media: Joseph Stromberg speaks on "States, Soveriegnty, and History" Wireless at the InstituteMises.org News and UpdatesIf you have applied or been accepted to a conference this summer (Mises University 1 or 2, for example), know that the Mises Institute now has wireless internet access in addition to all the LAN lines in the building. No charge. The Road Away From SerfdomStephen W. CarsonArnold Beichman writes in honor of the 60th anniversary of Hayek's classic in the Washington Times: The Austrian-born Hayek who died in 1992, explained what he called "the extended order of human cooperation, an order more commonly, if somewhat misleadingly, known as capitalism." In his later book, "The Fatal Conceit: The Errors of Socialism," he elaborated on his thesis, namely socialism could never work, no matter how it came to pass, whether by revolution and dictatorship, as in the onetime Soviet Union, or by the ballot box, as in postwar Great Britain. Socialism to Hayek, a Nobel Laureate, had become a code word for the "economics of scarcity." Studying Capitalism by George ReismanMises.org News and UpdatesTwo undergraduate courses that use George Reisman’s book Capitalism: A Treatise on Economics are now available to enroll in at National University of San Diego. Continue reading "Studying Capitalism by George Reisman"The Fed Cannot Fix ItselfFrank ShostakThe Fed is always claiming to come up with new ways to make monetary policy less damaging to the economy. But Frank Shostak argues that this isn't possible. A policy of intervention always benefits some individuals at the expense of other individuals. It always leads to a redistribution of real wealth and weakens the process of wealth formation. No monetary rule, no matter how carefully designed, will change that. [FULL ARTICLE] Kristof gets it right, againJude BlanchetteNicholas Kristof, in todays NY Times(registration required): |
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