Mises Institute

Recent comments from JD Vance and Pete Hegseth brought the relationship between the US and its allies in Europe into the spotlight. The unfortunate truth is that most of Europe is deep in a self-imposed decline. US taxpayers should not be forced to have any part of it.

Read the article here: https://mises.org/mises-wire/trump-cannot-allow-declining-europe-drag-us-down

Be sure to follow the Guns and Butter podcast at https://Mises.org/GB

America’s residential mortgage market is mostly controlled by government. Ryan McMaken and Alex Pollock talk about how government corporations like Fannie Mae are fueling America’s housing affordability crisis.

For articles and other media by Alex J. Pollock, visit https://Mises.org/Pollock

Register for Our Enemy The Bureaucracy now at https://Mises.org/Phoenix25

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Josh Hendrickson is the chair of the Economics Department at the University of Mississippi. He recently brought to Twitter's attention a 41-page document released in November by Stephen Miran, the Harvard PhD whom Trump has nominated as the new chair of the Council of Economic Advisors. The document spells out a strategy of using tariffs and deregulation to Make America Great Again.

The 41-Page Tariff Document: https://Mises.org/HAP487a

Josh's X Thread Detailing the Document: https://Mises.org/HAP487b

Can tariff increases make up for the future revenue losses from extending the income tax reductions from President Trump’s first term? This latest political hot potato is a false scenario and a dangerous one. It puts our standard of living at a critical crossroads.  Mark Thornton identifies the missing road signs.

See also "Why Smart People Are Rightly Confused About Tariffs" (Unanimity Podcast): https://Mises.org/U4

Enter the raffle to win a ticket to the Mises Institute's April 26 event in Phoenix at https://Mises.org/phoenixraffle25. The deadline to enter is April 1. Winners will be announced the week of April 7. To learn more about "Our Enemy, The Bureaucracy," visit https://Mises.org/phoenix25

Be sure to follow Minor Issues at https://Mises.org/MinorIssues.

Ryan McMaken and Zachary Yost try to figure out if there is any consistent philosophy that guides Donald Trump’s foreign policy.

Register for Our Enemy The Bureaucracy now at https://Mises.org/Phoenix25.

The World at War by Ralph Raico: https://Mises.org/RaicoWar

Be sure to follow Radio Rothbard at https://Mises.org/RadioRothbard

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As Elon Musk takes on federal agencies, the Washington establishment is trying to frame him as an unelected plutocrat using government to help himself and other rich people at the expense of the poor. But these labels apply much more accurately to the establishment itself.

Read the article here: https://mises.org/mises-wire/why-they-really-hate-elon-musk

Be sure to follow the Guns and Butter podcast at https://Mises.org/GB

Recorded at Jekyll Island, Georgia; May 1992.

This lecture was presented to the Department of Economics of the University of Colorado on October 25, 1977. Special thanks to Mr. Fred Glahe for his generous donation of this lecture audio to the Mises Institute.

Biographical remarks about Lachmann (1906-1990). Then, Lachmann describes Austrian economics as being subjectivism (individual human action), a certain attitude to time (the future is unknowable), and a distrust of macroeconomic entities (they exist, but Austrians look at macro as mechanistic).

Lachmann recommends Menger, Jevons and Walras De-homogenized by William Jaffe for comparisons of these three Austrians. Weiser formulated the principle of opportunity cost. Lachmann says that Bohm-Bawerk’s chief question was what is the origin and nature of the rate of interest. Bohm-Bawerk kept working on the theory of capital. Menger did not like his theory.

Hayek called 1904-1914 the Golden Decade of the Austrian School. Mises in 1912 wrote his book on the theory of money and credit. In the 1920s a new generation came forward. Around Mises were Hayek, Haberler, and Fritz Machlup. Lachmann was a student and later colleague of Hayek at the London School of Economics. Hayek was most critical of Keynes’ thesis.

Lachmann speaks of the years in the wilderness, during which only Mises’ Human Action was a bright light. Lachmann, speaking in 1977, thinks Austrians are reviving.

This lecture was given to the Department of Economics of the University of Colorado on March 6, 1978. Special thanks to Mr. Fred Glahe for his generous donation of this lecture audio to the Mises Institute.

The term Austrian will include people like Shumpeter and Morgenstern. Competition is seen as a state of affairs of perfect knowledge and equilibrium by mainstream economists. This fails to provide explanations as to how those market prices have been achieved.

Austrians do not rely on the theory of perfect competition. Each individual reacts to the price which evolves from each of our actions. Austrians endorse Stigler’s concept of continuous upward notion from earlier rivalrous competition. Individuals are free to do the best they can in the market process. Market process is distinct from market equilibrium. Austrians see that at all times there are powerful forces to be discovered and taken advantage of – entrepreneurial profit opportunities. The market process is one of discovery. No outcome is ever known. One learns by experience.

"I make no apologies for being a champion of prosperity and its source, the free-market economy. It is what gives birth to civilization itself."

Narrated by Llewellyn H. Rockwell, Jr., 14 February 2006, pp. 25-40.