Wednesday, January 27

Author: Mises Institute

Understanding the Roots and Causes of Inflation
Mises Insitute

Understanding the Roots and Causes of Inflation

by Ludwig von Mises [This is the fourth lecture from Mises's "Economic Policy: Thoughts for Today and Tomorrow"] If the supply of caviar were as plentiful as the supply of potatoes, the price of caviar—that is, the exchange ratio between caviar and money or caviar and other commodities—would change considerably. In that case, one could obtain caviar at a much smaller sacrifice than is required today. Likewise, if the quantity of money is increased, the purchasing power of the monetary unit decreases, and the quantity of goods that can be obtained for one unit of this money decreases also. When, in the sixteenth century, American resources of gold and silver were discovered and exploited, enormous quantities of the precious metals were transported to Europe. The result of this inc...
The Economics of Working from Home
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The Economics of Working from Home

by Harald Eustachius Tomintz Strict lockdowns imposed by governments to slow the spread of COVID-19 continue to force more and more people around the planet into a “work from home” setup. This is problematic for a number of reasons as the citizens of countries around the world have to go about work and entrepreneurial activities under a number of restrictions: Tomas Forgac summarized major problems encountered by people who try to go on with their lives amidst quarantine requirements. Others have already commented on policies related to government action against COVID-19, so rather than analyze such restrictions directly, this article will focus on insights and lessons learned from applying Austrian perspectives of time coordination to the difficulties present in the global phe...
Why Americans Abandoned Smuggling in Favor of Lobbying and Welfare
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Why Americans Abandoned Smuggling in Favor of Lobbying and Welfare

by James Talocka The American public’s hunger for liberty has decidedly diminished since colonial times. How has a people who once embraced subversive behavior in the name of liberty become complacent with an intrusive government? The difference between the attitudes of colonial smugglers and contemporary Americans toward their respective governments provides some insight. In colonial America, smuggling was pervasive and largely embraced by the public. George H. Smith in his article “Americans with Attitudes: Smuggling in Colonial America” notes that smuggling was not restricted to a small class of otherwise immoral outlaws, but was practiced even by upstanding and religious merchants. Swaths of merchants had no qualms about defying British trade restrictions and were ofte...
A Host of New Programs and Regulations Coming from the Biden Administration
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A Host of New Programs and Regulations Coming from the Biden Administration

by Robert Aro It’s called the American Rescue Plan! By now everyone has heard about the $1.9 trillion bill which includes a $15 national minimum wage and $1,400 stimulus checks. CNN captures the essence of the rescue package quite well: Bigger stimulus checks. More aid for the unemployed, the hungry and those facing eviction. Additional support for small businesses, states and local governments. Increased funding for vaccinations and testing. There’s a lot in the plan, yet it amounts to nothing more than the government allocating resources on our behalf. It requires either central planning for millions of businesses, as is the case with the minimum wage, or giving money to certain people or sectors in society, as we see with stimulus c...
The FDA Botched Covid Testing in 2020. Nothing Has Changed Since Then.
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The FDA Botched Covid Testing in 2020. Nothing Has Changed Since Then.

by Dave Albin Ah, the covid-19 test results—much maligned by some and worshipped by others! As part of the ongoing covid-19 pandemic, the results of covid-19 tests are repeatedly blasted at us from many places, often with analysis. It is easy to understand why this is the case. News media and information outlets of all types can present the absolute numbers of positive tests and data trends, which are easy to find, and many viewers can seemingly grasp what’s happening and where. And people are concerned about the spread of a novel virus and what it might do to them, their families, and their communities. In short, this is information that people demand. As such, they will get it. It’s important to understand the basics of the two main types of tests being used to dete...
Small States, Global Economy: Is Empire Necessary?
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Small States, Global Economy: Is Empire Necessary?

by Jeffrey M. Herbener [This talk was delivered on October 27, 2006, at Imperialism: Enemy of Freedom, the 2006 Mises Institute Supporter's Summit. The audio is available in MP3 from Mises Media.] Deepak Lal, a prominent, pro-market, development economist wrote the following words in his 2004 book, In Praise of Empires: Empires have been natural throughout human history. Most people have lived in empires. Empires and the process of globalization associated with them have provided the order necessary for social and economic life to flourish. By linking previously autarkic states into a common economic space, empires have promoted the mutual gains from trade adumbrated by Adam Smith. Therefore, despite their current bad name, empires have promoted peac...
“Victim-Centered” Justice Is a Threat to Due Process
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“Victim-Centered” Justice Is a Threat to Due Process

by Wendy McElroy “Trauma-informed justice” has percolated in academia and activism for decades. It is now knocking on the door of local police departments to demand changes that could upend the basics of how people relate to law enforcement. The approach converts the police into social workers or therapists and erases the due process upon which traditional Western justice hinges. It also increases the odds of wrongful convictions. Trauma-informed justice—sometimes called “victim-centered” justice—involves an interview methodology in which the police prioritize empathy for an accuser who is automatically considered to be a victim. Rooted in trauma-informed feminist therapy of the 1960s, the methodology is especially favored for allegations of sexual abuse, such as domestic viole...
The Myths Behind the “Capitalism Is Racist” Claim
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The Myths Behind the “Capitalism Is Racist” Claim

by Lipton Matthews Though numerous studies prove the contrary, it is still widely assumed that capitalism perpetuates racism. Celebrities and academics incessantly broadcast the message that capitalism engenders racism. For example, recently on Twitter, superstar athlete Andre Iguodala informed his followers that capitalism cannot be divorced from racism: “Capitalism and racism go hand in hand. And you can’t have one without the other.” Equally scathing is the blistering declaration of sociologist Edna Bonacich in an academic review: “Capitalism and racism are closely connected….The huge wealth of America’s white-owned corporations rests on the backs of the hard labor of workers, many of whom are people of color.” Despite the popularity of anticapitalist rhetoric, it ...
Let’s Abolish Those Presidential Medals of Freedom
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Let’s Abolish Those Presidential Medals of Freedom

by James Bovard The Washington Post is outraged that Donald Trump has sullied one of Washington’s most hallowed honors—Presidential Medals of Freedom. After the White House announced plans to bestow the medals on two Republican members of Congress and a football coach, the Post thundered that “Trump just underlines his own unworthiness when he makes a mockery of the Medal of Freedom….This president cannot be trusted to hand out medals.” The Post editorial concluded with the obligatory uplift of the season: “Thankfully, the Oval Office will soon be occupied by a president—himself a rightful recipient of the Presidential Medal of Freedom—who understands and will honor the traditions of the presidency.” Did Biden receive the Medal of Freedom for ...
Yet Another Study Shows—Yet Again—That Lockdowns Don’t Work
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Yet Another Study Shows—Yet Again—That Lockdowns Don’t Work

by Ryan McMaken Although advocates for covid-19 lockdowns continue to insist that they save lives, actual experience keeps suggesting otherwise. On a national level, just eyeballing the data makes this clear. Countries that have implemented harsh lockdowns shouldn’t expect to have comparatively lower numbers of covid-19 deaths per million. In Italy and the United Kingdom, for example, where lockdowns have been repeatedly imposed, death totals per million remain among the worst in the world. Meanwhile, in the United States, states with with the most harsh lockdown rules—such as New York, New Jersey, and Massachusetts are among the states with the worst total deaths. Lockdown advocates, of course, are likely to argue that if researchers control for a variety of other variables, ...