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Posts Tagged ‘Austrian economics’

Anthony MigchelsCongratulations to Anthony Migchels, author of realcurrencies.wordpress.com, for his other site, recoveringaustrians.wordpress.com, making it into Commodity HQ’s Top 40 Austrian Economics Blogs.

Anthony has sourced many of my articles at Exposing Faux Capitalism, and it’s good that at least one site critical of Austrian Economics is included in a Top 40 list of Austrian Economics blogs.

I previously interviewed Anthony on my July 23, 2012 episode of my radio show.

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The Ludwig von Mises Institute

From their About page:

The Ludwig von Mises Institute was founded in 1982 as the research and educational center of classical liberalism, libertarian political theory, and the Austrian School of economics.

It is the mission of the Mises Institute to place human choice at the center of economic theory, to encourage a revival of critical historical research, and to advance the Misesian tradition of thought through the defense of the market economy, private property, sound money, and peaceful international relations, while opposing government intervention as economically and socially destructive.

However, from their Donate page:

The Mises Institute is a 501(c)(3) so contributions are deductible to the full extent the law allows. Ludwig von Mises Institute for Austrian Economics, Tax ID 52-1263436

They hate government so much, they’re a government-sanctioned and regulated tax-exempt 501(c)(3) organization.

Now their justification, I’m sure, is that they’re serving the best interests of the Austrian School of economics by facilitating a way for the Institute and its supporters to remove as much from the government’s tax base as their operations and donors can afford.

However, a legal requirement of their tax-exempt status is compliance with regular reporting requirements and regulations of the Internal Revenue Service, the government agency whose forerunner was formed in 1862 during the Civil War administration of President Abraham Lincoln, which senior Mises fellow, Thomas DiLorenzo, aggressively attacks in his articles, and has aggressively attacked in his books, The Real Lincoln and Lincoln Unmasked.

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Thomas DiLorenzo

At his February 9, 2011 testimony to Congress, Professor of Economics at Loyola University Maryland, Thomas DiLorenzo, asserted:

“Monetary policy under the direction of the Federal Reserve has a history of creating and destroying jobs. The reason for this is that the Fed, like all other central banks, has always been a generator of boom-and-bust cycles in the economy.”

What he fails to point out, however, are the boom-and-bust cycles that were created in the United States without a central bank. Namely, from 1837 to 1913.

A simple Wikipedia search for “panic of” shows articles for the financial panics of 1837, 1857, 1873, 1884, 1890 and 1907.

So much for the implication, whether intended or not, that financial panics are rare without a central bank.

“It was not the Fed’s subsequent restrictive monetary policy of 1929–1932 that was the problem, as Milton Friedman and others have argued, but its previous expansion.”

DiLorenzo needs to argue for that based on his Austrian economist notion that inflation is nothing more or less than an increase in the money supply, and therefore, the cause of so many of the ills in the economy, and not other reasons, such as unpayable debts.

The question I have for him and other Austrian economists is, without an increase in the money supply, where is the money supposed to come from to pay interest on the debts issued by banks and other lenders?

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In an interesting and hopeful sign that the Austrian economics advocates over at LewRockwell.com tolerate commentators with viewpoints that diverge significantly in certain key areas from their narrative, at least from prominent commentators, I see that LRC has published around 300 articles by Paul Craig Roberts since 1995.

While they certainly share his disdain for neocons and an interventionist foreign policy, they certainly wouldn’t agree with Roberts’ lamenting of airline deregulation in his August 12, 2010 article, “Unregulated Greed has Destroyed the Capitalist System,” as one prominent example of such divergence.

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According to Thomas Luongo, writing for LewRockwell.com, it does.

He states:

Since being “converted” to both libertarianism and, by extension, Austrian economics I have developed a passion for money.

I’d classify myself as a libertarian, and I’m certainly no supporter of the Austrian school of economics, primarily due to its advocation of a gold standard, as described in this article by Lew Rockwell, founder of the Mises Institute.

For me, a libertarian is someone who believes that limited government is the most likely to protect the liberties of the people whom it governs, and that shouldn’t necessitate an economic system based on a scarce resource such as gold.

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