You are browsing the archive for 2014 January 03.

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The Mises View: The Usefulness of Austrian Economics

January 3, 2014 in Economics

By Mises Updates

“There is a need to make contemporary and mainstream economics more useful, or relevant, or applicable, and I think the way to do that is to embrace the teachings and writings of the Austrian economists.”

Peter G. Klein explains how Austrian Economics offers unique insights. Klein is the Mises Institute’s Executive Director and Carl Menger Research Fellow. For more information, visit the Mises Institute online at mises.org.

To enroll in Klein’s forthcoming Mises Academy course, visit http://Academy.Mises.org

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Source: MISES INSTITUTE

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Austrian Economics and Interventionism in Japan

January 3, 2014 in Economics

By Mises Updates

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Writes Marc Abela in today’s Mises Daily: 

As is the case with Canada and Sweden, Japan has succeeded in achieving a relatively decent economy despite the very invasive and massive burden imposed by the taxing authorities. Taxes are very high at all levels in Japan. The rate is 50 percent for inheritance and death taxes; corporate taxes hit 40 percent very rapidly for almost all businesses; any decent individual income will put you in the 40 percent bracket; and then you have municipal taxes, prefectural taxes, property, vehicle, liquor, tobacco, gasoline, and others taxes. The list is nearly endless. Numerous and cumbersome government regulations prevent new entries to industry and being able to compete with the archaic corporate mammoths known as “zaibatsu” (Mitsubishi, Mitsui, Sumitomo, Yasuda, and a few others) who control and own most of the industries, and make changes at a glacial pace. In fact, since government regulations are so exceedingly high, it can be argued that most businesses and most industries are defacto “nationalized” and behave like state-owned enterprises.

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Source: MISES INSTITUTE

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Mises New Year Message: Peace

January 3, 2014 in Economics

By Mark Thornton

Gary Wolfram writes a New Year’s outlook about Mises’s message of peace and cooperation. He notes that Mises understood the coming of the Great Depression and WWII in his classic book Liberalism because he saw the nations of the world moving away from liberalism and towards various sorts of socialism.

Mises wrote Liberalism to convince the world that if we all adopted the philosophy of liberalism we could avoid World War II and the Great Depression.

As we begin the new year, imagine if everyone in the world adopted the philosophy of liberalism — if everyone believed in peace and we all lived in an economic system based upon social cooperation. Then, by the end of 2014, the conflicts of the world would be resolved.

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Source: MISES INSTITUTE

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Thomas Woods Interviews David Stockman

January 3, 2014 in Economics

By Mises Updates

Senior Fellow Thomas Woods interviews former Reagan budget director David Stockman on why Paul Krugman is wrong on the deficit and on monetary policy, how the Fed enriches and impoverishes, and where the U.S. economy is likely to go:

Audio, approx. 28 minutes.

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Source: MISES INSTITUTE