Mises Media

Today, the term "Austrian economics" is used to designate two very different paradigms.

This essay was originally published in 1993 in the Review of Austrian Economics, Volume 6, Number 2.

Understanding history is not about understanding formulas or narratives. Instead, we must understand the people who made history, their motives, and their goals.

Original article: https://mises.org/mises-wire/history-not-mathematical-calculation

The modern state doesn’t get its power from the consent of the governed. Instead, it creates crises and then uses coercion to demand obedience.

Original article: https://mises.org/mises-wire/stop-fighting-your-neighbor-mechanics-state-power-and-how-opt-out

Has silver become a Giffen good, the famous textbook anomaly where higher prices supposedly lead to higher demand? In this episode, Mark Thornton argues the story is compelling... but wrong. Mark explains why recent surges in silver demand amid rapidly rising prices don’t overturn the law of demand. They reflect shifting demand curves as market conditions, expectations, and classifications change. The bottom line is that silver is not a paradox: it’s a timely lesson in how markets adjust while economic laws hold.

"What Are Giffen Goods? Definition, Examples, and Economic Insights" by Andrew Bloomenthal (Investopedia): https://mises.org/MI_162_A

"Did Silver Break a Fundamental Law of Demand?" Money Metals' Weekly Market Wrap Podcast (December 10, 2025): https://mises.org/MI_162_B

"Money Costs, Prices, and Alfred Marshall" by Murray Rothbard (Man, Economy, and State with Power and Market): https://mises.org/MI_162_C

“Notes on the History of the Giffen Paradox” by George J. Stigler (The Journal of Political Economy, April 1947): https://mises.org/MI_162_D

"Giffen Behavior: Theory and Evidence" by Robert T. Jensen and Nolan Miller: https://mises.org/MI_162_E

“Gray and Giffen Goods" by Etsusuke Masuda and Peter Newman (The Economic Journal, December 1981): https://mises.org/MI_162_F

“Beware of Giffen-ish Vibes in the Money Market” by Tim Hartford (Financial Times, May 2025): https://mises.org/MI_162_G

“Sir Robert Giffen and the Great Potato Famine: A Discussion of the Role of a Legend in Neoclassical Economics,” by Terrence McDonough and Joseph Eisenhaur (Journal of Economic Issues, September 1995): https://mises.org/MI_162_H

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Ryan McMaken of the Mises Institute and Christopher Calton of the Independent Institute talk about why politicians want higher home prices. Even Trump now admits he wants higher home prices, and it's because older voters want their asset prices to go up forever. 

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

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Modern political economy is based upon a Machiavellian belief in might makes right. Yet, political power cannot accomplish what free markets and private property rights have done in lifting billions of people out of poverty.

Original article: https://mises.org/mises-wire/machiavelli-dead-why-politics-without-property-rights-rules-and-moral-limits-cannot-work

From time to time, the American people need to be reminded who is the boss. The boss is the US government. The citizenry are the serfs, the servants, the subordinates.

Original article: https://mises.org/power-market/ruthlessness-and-brutality-us-government

On this episode of Power and Market, Ryan, Connor, and Tho discuss the fallout from the release of the Epstein Files and what it means for how the masses view the elite.

Don't forget, the Mises Institute's first event is coming up on February 21st in Oklahoma City. Join us for a look at Entrepreneurship Beyond Politics.

Are you a grad student interested in Austrian economics? Consider the Mises Institute Summer Fellowship program this summer. Click here for more details.

Restoring the rule of law and Constitutional government on immigration—something wrecked by Trump's rule-by-decree with federal agents—is vastly more important than expelling illegal immigrants.

Original article: https://mises.org/mises-wire/trump-immigration-and-ice

Bob applies Mises’ taxonomy of money and the regression theorem to Bitcoin, asking whether it should be classified as commodity or fiat money and whether Austrian theory really rules out Bitcoin ever becoming money.

Related:

• Mises's The Theory of Money and Credit: Mises.org/HAP536a
• Bob's Study Guide to The Theory of Money and Credit: Mises.org/HAP536b
• Bob's Primer on Bitcoin: Mises.org/HAP536c

Politicians don’t build prosperity. Entrepreneurs do. Join Keith Smith, Caitlin Long, Ryan McMaken, Per Bylund, and Timothy Terrell for our first event of 2026: Mises.org/HAHC

The Mises Institute is giving away 100,000 copies of Hayek for the 21st Century. Get your free copy at Mises.org/HAPodFree