Category: Economics
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Leave the New Deal in the history books
Saturday’s Wall Street Journal contains an editorial (Leave the New Deal in the History Books) that contains a summary of the effect of the New Deal.
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The bailout reader
The events taking place in the financial market offer an illustration of the soundness of the Austrian theory of money, banking, and credit cycles, and Mises.org, which has long warned of precisely the scenario playing itself out today, is your source not only for analysis of these events but also the economic theory that helps…
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Big Government Is Not Stimulus
From the Center for Freedom and Prosperity Foundation. In less than four minutes, Dan Mitchell of the Cato Institute reviews the theory and history of Keynesian policies, and demonstrates that more government spending does not spur economic growth. The video is very timely since government spending has increased dramatically under Bush and now Obama wants…
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In a time of crisis, don’t forget what they had to say
In his recent Forbes Magazine, Peter Robinson delivers three quotes from some great Americans: Milton Friedman, Ronald Reagan, and William F. Buckley Jr. Two of the quotes made it to the “Featured thoughts” section of this blog. Robinson delivers some good analysis of the current economic situation, too. Click on In a time of crisis,…
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Who is Responsible for Inflation?
Walter Williams explains the difference between counterfeiting and monetary policy. He explains that “inflation results from an increase in the supply of money relative to the demand for money.” He asks who, then, is responsible for inflation? In the United states, who is able to create money? The answer, of course, is the Federal Reserve…
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Applying For Food Stamps: American Duty?
A television news story from yesterday in Wichita went like this: Television news anchor: “Some may think that using food stamps is a drain on the economy, but the truth is that’s really not right. Local organizers say using food assistance can help boost the economy during these tough times. One dollar of food assistance…
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The New Deal in Retrospect
Many people refer to incoming president Barack Obama as the next FDR. The myth of Franklin Roosevelt — primarily that he cured the Great Depression through his extreme interventionism — is starting to be exposed. In this review (The Disaster Called the New Deal) of Burton Folsom’s book New Deal or Raw Deal? How FDR’s…
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Ron Paul says “The Austrians were right”
Our government is “totally influenced by Keynesian economics.”
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New Deal Shouldn’t Be Our Template for Recovery
Can huge government spending programs rescue our economy? Amity Shlaes doesn’t think so: The New Deal is Mr. Obama’s context for the giant infrastructure plan his new team is developing. If he proposes FDR-style recovery programs, then it is useful to establish whether those original programs actually brought recovery. The answer is, they didn’t. New…
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Walter Block on Economics in One Lesson
Walter Block talks about Economics in One Lesson, perhaps the most approachable book about economics. And, it’s a free-market, liberty-friendly, Austrian approach. What could be better?
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Pat Buchanan Tallies the Total
The news from Washington over the past few months — $25 billion here, $700 billion there — is hard to keep track of. The amounts themselves are huge, but when added together, the sum is beyond comprehension. Pat Buchanan, in his column Socialist Republic, adds it up: Thus, we have the $700 billion Bush bank…
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New York Times: 10 Weeks of Financial Turmoil
The New York Times has a nicely-done interactive timeline of the events since September 7, 2008, when the government took over Fannie Mae and Freddie Mac. It holds video and links to news stories. It’s more than a little unsettling to replay these events. Click here to see the bad news.