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Mises University Live Webcast Schedule

July 20, 2014 in Economics

By Ryan McMaken


This schedule will link you directly to each streaming video session as they happen.

Click the lecture titles below at the scheduled times to watch the live webcasts on YouTube.

July 20–26, 2014 • Mises Institute

• All times are central daylight time except where noted.

For the full PDF schedule including non-webcast sessions, click here.

Sunday July 20

7:00 p.m. WelcomeJeff Deist

7:15 p.m. Faculty IntroductionsJoseph Salerno

8:00–9:00 p.m. The Role of Austrian Economics in the Liberty MovementWoods

Monday July 21

9:00–10:00 a.m. The Birth of the Austrian SchoolSalerno

10:15–11:15 a.m. Subjective Value and Market PricesHülsmann

11:30 a.m.–12:30 p.m. Praxeology: The Method of EconomicsGordon

1:30–2:30 p.m. The Division of Labor and Social OrderHerbener

2:45–3:45 p.m. MoneyEngelhardt

4:00–5:00 p.m. Austrian Capital TheoryGarrison

6:00 p.m. An Evening with Judge Napolitano

Tuesday July 22

9:00–10:00 a.m. EntrepreneurshipKlein

10:15–11:15 a.m. Calculation and SocialismSalerno

11:30 a.m.–12:30 p.m. An Austrian Critique of Mainstream EconomicsBlock

1:30–2:30 p.m. Monopoly, Competition, and AntitrustDiLorenzo

2:45–3:45 p.m. The Place of Finance and Financial Markets in a Free SocietyHülsmann

4:00–5:00 p.m. The Economics of Fractional Reserve BankingHerbener

Wednesday July 23

9:00–10:00 a.m. The Austrian Theory of the Business CycleGarrison

10:15-11:15 a.m. Everyday Logic of EconomicsGordon

11:30 a.m.–12:30 p.m. Concurrent Sessions

Contemporary Challenges to Austrian EconomicsMurphy

The Time Preference Theory of Interest & Its CriticsHerbener

1:30–2:30 p.m. Hayek and Keynes: Head to HeadGarrison

2:45–3:45 p.m. FDA and Consumer WelfareHiggs

4:00–5:00 p.m. Concurrent Sessions:

Contrasting Views of the Great DepressionMurphy

Environmental and Resource EconomicsTerrell

Thursday July 24

9:00–10:00 a.m. How War Leads to Big GovernmentHiggs

10:15–11:15 a.m. The Case for Privatization—of EverythingBlock

11:30 a.m.–12:30 p.m. The Robber Barons and the Progressive EraWoods

1:30–2:30 p.m. The Corrupt Origins of Central Banking in AmericaDiLorenzo

2:45–3:45 p.m. Concurrent Sessions

Energy PolicyMurphy

Prediction and the Business CycleThornton

4:00–5:00 p.m. Four Things the State is NotWoods

Friday July 25

9:00–10:00 a.m. Common Objections to CapitalismTerrell

10:15–11:15 a.m. Hayek and Friedman: Head to HeadGarrison

11:30 a.m.–12:30 p.m. Concurrent Sessions

Gold Standards: True and FalseSalerno

Economics of Tariffs and SmugglingThornton

1:30–2:30 p.m. Concurrent Sessions

Anti-Market MythologyDiLorenzo

Economics of Science and TechnologyKlein

2:45–3:45 p.m. Concurrent Sessions

Issues in the Economics of Medical CareTerrell

Errors, Business Cycles, and Government StimulusEngelhardt

4:00–4:45 p.m. Faculty Panels

Theory and MethodEngelhardt, Garrison, Gordon, Herbener, Klein, Salerno

Policy and HistoryBlock, DiLorenzo, Murphy, Terrell, Thornton, Woods

Saturday July 26

9:00–10:00 a.m. Concurrent Sessions

Theory and HistoryGordon

Applications of Austrian Economics to Business and ManagementKlein

10:15–11:15 a.m. Concurrent Sessions

The Cultural …read more


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Philipp Bagus Debates Franz Hörmann on Money

July 20, 2014 in Economics

By Ryan McMaken

In this audio debate, Philipp Bagus, author of The Tragedy of the Euro, debates Franz Hörmann. Here is
an interview with Hörmann to provide some additional context.

The debate is in German, but Dr. Bagus provided a summary of the debate for us in English:

I explained why competition is good and leads to better and cheaper products; why interest is inherent to human action; why, without prices, economic calculation is impossible; why the market is the best instrument to reduce scarcity and a means of cooperation; why our monetary system is socialist, etc.

Hoermann believes that scarcity is artificially induced by companies, and he thinks that everyone should do what he likes to do and the product of their labors can be transferred to other people who want it. Scarcity would end. No money for exchanges, interest, or prices is needed. He believes that the technology exists now to create the end of scarcity.

…read more


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Congratulations to Xavier Méra

July 20, 2014 in Economics

By Ryan McMaken

Xavier Méra, a Rothbard Graduate Seminar alum and former Mises Fellow, emails:

Two weeks ago or so, I successfully defended my PhD dissertation on the “political economy of derivatives markets” at the University of Angers. The jury was a half Austrian, half mainstream one, including a prominent professor in the field from the University of Paris 1 Panthéon-Sorbonne.

I would like to take the occasion to thank the Mises Institute for the support offered through the fellowships which helped me to go through this.

…read more


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Mises U Starts Tomorrow! Don’t Miss Free Live Streaming of Your Favorite Speakers

July 20, 2014 in Economics

By Jeff Deist

MU banner

Join the Mises Institute as we welcome more than 130 students from all over the world to our Auburn campus! Mises U 2014 is a full week of Austrian scholarship that can’t be found anywhere else on the planet.

Judge Andrew Napolitano, Tom Woods, Walter Block, Bob Murphy, Robert Higgs, Tom DiLorenzo, and many other other scholars are among this week’s faculty.

Here are just a few highlights:

Tom Woods: Four Things the State is Not.
Walter Block: The Case for Privatization- of Everything.
Judge Andrew Napolitano: The Constitution and the Free Market
Guido Hulsmann: The Cultural Consequences of Fiat Money

The full schedule is here.

Stream the speakers live on YouTube here, or enroll and participate as an online student here.

…read more


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Meeting Terrorists Is a Journalist’s Duty, Not Sedition

July 20, 2014 in Economics

By Swaminathan S. Anklesaria Aiyar

Swaminathan S. Anklesaria Aiyar

If I was offered a meeting with Hafiz Saeed, head of the Lashkar e-Toiba, what would be my reaction? I would seize the opportunity with glee. Any self-respecting journalist should be delighted to get such a scoop.

Yet when Ved Prakash Vaidik, a senior Hindi journalist, met Saeed in Pakistan, Indian politicians and TV anchors went into a frenzy of jingoistic hysteria. Some actually demanded Vaidik’s arrest, as though it is criminal for journalists to meet terrorists. Sorry, but professional ethics globally require journalists to meet the worst villains. Journalists are communicators, not judges or executioners. To meet bad characters is their professional duty. They can of course decline it if sounds dangerous.

Hafiz Saeed is a terrorist and killer. Even the US has put a price on his head. But Saeed’s sins pale in comparison with the mass murders of Hitler and Stalin, Suharto and Idi Amin, Pinochet and Mobutu.

Did journalists boycott these mass murderers? No, they tried hard to secure interviews with the biggest killers in history: that was their professional duty.

Sorry, but professional ethics globally require journalists to meet the worst villains.”

Some critics may say it is okay to meet mass killers who are political leaders, but not terrorists.

I find that morally repugnant. How can mass murder be morally okay and professionally acceptable for those who are in power but not for those still seeking power?

But whatever the distinctions between killer in power or out of power, they have no bearing on journalistic ethics. Journalists the world over have always tried to interview terrorists, taking grave risks.

Within India, Maoists have over the years killed more people than the Lashkar-e-Toiba. But do journalists refuse to meet Naxalites? No. Are meetings of journalists with Naxalites denounced as sedition or crimes meriting arrest? Not at all. On the contrary, Arundhati Roy happily goes on a guided tour of Maoist territory and comes back with glowing reports on how fabulous the killers are, and how they are really Gandhians with guns.

Other journalists condemn the Maoists even while being willing to interview them.

Some critics may argue that Indian Maoists do not threaten our sovereignty, but a Pakistani like Saeed does. That’s rubbish. Maoists seek the overthrow of the state, and jeer at notions of sovereignty. The most famous Naxalite of all, Charu Mazumdar, started the uprising in Naxalbari in the 1960s.

He declared, famously, that “China’s Chairman …read more

Source: OP-EDS

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The Subprime Auto Loan Bubble

July 20, 2014 in Economics

By Mark Thornton

A New York Times investigation has revealed another bubble, in this case, subprime loans on used cars. Of course this is not a surprise given the Federal Reserves ultra loose monetary policy and near zero percent interest rates that has forced banks, insurance companies, and just about everyone else to scamper to earn some return on their capital.

Auto loans to people with tarnished credit have risen more than 130 percent in the five years since the immediate aftermath of the financial crisis, with roughly one in four new auto loans last year going to borrowers considered subprime — people with credit scores at or below 640.

The explosive growth is being driven by some of the same dynamics that were at work in subprime mortgages. A wave of money is pouring into subprime autos, as the high rates and steady profits of the loans attract investors. Just as Wall Street stoked the boom in mortgages, some of the nation’s biggest banks and private equity firms are feeding the growth in subprime auto loans by investing in lenders and making money available for loans.

And, like subprime mortgages before the financial crisis, many subprime auto loans are bundled into complex bonds and sold as securities by banks to insurance companies, mutual funds and public pension funds — a process that creates ever-greater demand for loans.

Just another example of the surreptitious damage the Federal Reserve is inflicting on the economy in order to help the Big Banks.

…read more