Phelps’ critical paragraph on Austrian “overinvestment” theory does not seem to acknowledge that the market process takes place in real time, not in a diagram, nor does it address consumer time preference. It seems a pure production-oriented critique that leaves out the teleological purpose of production--consumption. Yet, he allows corporate
Don’t you just love the statement: “unemployment has risen because of falling employment...” The NBER staff has been brushing up on their Herbert Hooverisms.
I was unaware of the details of the Vietnamese catfish import barriers . All I knew of “basa” was that it didn’t have the musty taste of Louisiana catfish; and so, made a more tasty “blackened catfish” dinner than the real thing. No wonder the domestic catfish industry wants Vietnamese catfish kept out; it is cheaper and tastes better than
Paul Craig Roberts’ statement before the US-China Economic and Security Review Commission (9-25-03) poses an interesting challenge: “I suggest for your consideration that comparative advantage, which permits free trade to create gains for trading partners, has been undermined by the international mobility of factors of production. Instead of
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.