“If the interest rate Greece has to pay for its debts keeps rising, the country may have to default on its obligations. The euro has been sliding against the US dollar for weeks. Concerns about the public finances of eurozone countries Portugal, Ireland, Greece, and Spain, the so-called “PIGS,” have emerged in financial markets. Greece is facing
Europe is in turmoil once again. The sovereign-debt crisis threatens to spread from Ireland to Portugal and Spain. It all began with the financial crisis. Before the financial crisis, several governments of the eurozone , most notably those of Portugal, Italy, Ireland, Greece, and Spain (PIIGS), had been able to finance their deficits at
[Excerpted from Tragedy of the Euro (2010)] There has been a fight between the advocates of two different ideals from the beginning of the European Union. Which stance it should adopt: the classical-liberal vision, or the socialist vision of Europe? The introduction of the euro has played a key role in the strategies of these two visions. In
The late 1990s saw a strengthening of the International Monetary Fund’s core mandate as a global financial parent on the lookout for perceived instabilities to correct in the name of economic development. Several alterations in the scope of its operations following the crises of the previous 20 years had given the Fund a far wider range of policy
When it comes to deflation, even Austrian economists disagree. In contrast to those who favor a 100 percent–reserve system and the effect such a system would have on prices, Austrian defenders of a fractional-reserve, free-banking (FRFB) system still seem to harbor a fear of price deflation. Examples of this group include Steven Horwitz , George
[ Los Errores de la Vieja Economía • Juan Ramón Rallo • UNIÓN EDITORIAL, S.A.; 1st edition] The Austrian School of economics has provided the world with devastating critics of Keynes’s magnum opus The General Theory of Employment, Interest and Money ( TGT ) for a long time. Friedrich A. von Hayek, Jacques Rueff, Henry Hazlitt, Murray Rothbard,
A paper currency system contains the seeds of its own destruction. The temptation for the monopolist money producer to increase the money supply is almost irresistible. In such a system with a constantly increasing money supply and, as a consequence, constantly increasing prices, it does not make much sense to save in cash to purchase assets
Philip Mirowski, known for his book More Heat than Light: Economics as Social Physics, Physics as Nature’s Economics in which he criticizes neoclassical economics for adopting methods from the natural sciences, recently published a book on neoliberalism and the economics profession during the financial crisis. In Never Let a Serious Crisis Go to
En lo que se refiere a la deflación, incluso los economistas austriacos están en desacuerdo. Al contrario de quienes están a favor de un sistema de reserva del 100%, los defensores de un sistema de banca libre de reserva fraccionaria (BLRF) parecen seguir teniendo miedo a la deflación de precios. Ejemplos de este grupo incluyen a Steven Horwitz ,
La escuela austriaca de economía ha proporcionado al mundo críticas devastadoras de la obra magna de Keynes, La teoría general del empleo, el interés y el dinero desde hace mucho tiempo. Friedrich A. von Hayek, Jacques Rueff, Henry Hazlitt, Murray Rothbard, Ludwig Lachmann, Ludwig von Mises y William Hutt ya han proporcionado importantes
What is the Mises Institute?
The Mises Institute is a non-profit organization that exists to promote teaching and research in the Austrian School of economics, individual freedom, honest history, and international peace, in the tradition of Ludwig von Mises and Murray N. Rothbard.
Non-political, non-partisan, and non-PC, we advocate a radical shift in the intellectual climate, away from statism and toward a private property order. We believe that our foundational ideas are of permanent value, and oppose all efforts at compromise, sellout, and amalgamation of these ideas with fashionable political, cultural, and social doctrines inimical to their spirit.