Writing in the Wall Street Journal on December 23 , Robert Lucas expresses approval of the Fed’s latest reduction of its target range for the Federal Funds Rate to approximately zero, calling it “welcome.” Lucas notes that this policy does not leave the Fed without the ability to inject additional reserves into the banking system, because it can
The Free Market 26, no. 1 (January 2008) Margaret Atwood’s poem “Siren Song” begins: This is the one song everyone would like to learn: the song that is irresistible: the song that forces men to leap overboard in squadrons even though they see the beached skulls. Our rulers know how to sing that song, and they sing it day and night. The
Here is a note that I wrote Guido Hulsmann, author of Mises: The Last Knight of Liberalism : I have finally finished reading your great book about Mises. When I use the word “great,” I mean not simply that it weighs at least a kilo and contains more than 1,000 pages. I mean most of all that it is a magnificent scholarly achievement. I can’t
We are advised against speaking ill of the dead. In this regard, I am safe, I suppose, because Paul A. Samuelson , whom I intend to criticize, remains alive, although he will soon be 93 years old and therefore cannot be long for this world. When I was first learning economics, in the 1960s, Samuelson was held up by my teachers as the greatest
Think back. Think far, far back into the past. Think all the way back to the last week of September 2008. Historians tell us that at that time many Americans took leave of their senses. Despite all the evidence of their own eyes, ears, and noses, they became persuaded that the world as they had always known it stood on the verge of utter
In my 1997 article “Regime Uncertainty,” which now appears in slightly revised form as the first chapter of my 2006 book Depression, War, and Cold War , I presented several different kinds of evidence in support of my hypothesis about the rise, fall, and consequences of regime uncertainty: a traditional historical narrative of relevant events; a
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.