Economic Indicators

Wind Power Is a Disaster in Texas, No Matter What Paul Krugman Says

In the wake of February’s tragic power outages in Texas, during which 4.5 million households suffered service interruptions, partisans on both sides have been quick to interpret the events as confirmation of their preferred energy policies. With news images of helicopters deicing frozen turbines, conservatives lambasted Texas’s increasing reliance on wind power as the villain […]

Economic Indicators

Capital and Labor Both Suffer under Minimum Wage Mandates

President Biden and the Democratic Party have pushed hard to more than double the national minimum wage from $7.25 per hour to $15 per hour over the next four years. This aggressive intervention in the functioning of labor markets has been heavily criticized, including in two recent Mises Wire articles. Resorting to both theoretical arguments […]

Economic Indicators

Why Europe’s Left Wants a European Financial Superstate

In an open letter to the EU Commission with the title Joint Letter: Reshaping the European Fiscal Framework, on February 17, 2021, a coalition of left-wing and green politicians, think tanks, and trade unions unsurprisingly led by George Soros made an appeal for a permanent common EU budget with the possibility of borrowing to support investments […]

Economic Indicators

The EU’s Woes Are a Political Problem, Not an Economic One

The problem with the European Union is not that it seeks to integrate Europe’s economies. The problem comes from attempts to integrate politics as well.  Original Article: “The EU’s Woes Are a Political Problem, Not an Economic One“ This Audio Mises Wire is generously sponsored by Christopher Condon. Narrated by Michael Stack.  

Economic Indicators

What Rothbard’s Defense of Religion Teaches Us about Resisting the Covid State

Murray Rothbard died more than a quarter century before the outbreak of the covid mania and tyranny, but if he were alive today, he wouldn’t be surprised to see that the most common resistance at an institutional level comes from churches. Original Article: “What Rothbard’s Defense of Religion Teaches Us about Resisting the Covid State“ […]

Economic Indicators

The Economics and Ethics of Government Default, Part II

The economic analysis of repudiation applies to the debt of all levels of government and to all countries. The central question is not how big the government is or how much it owes, but rather whether the debt is funded by taxes. Original Article: “The Economics and Ethics of Government Default, Part II“ This Audio […]

Economic Indicators

The Fed’s Money Supply Measures: The Good News—and the Really, Really Bad News

Last week the Fed announced that, retroactive to May 2020, its M1 money stock measure would include savings deposits, which were reclassified as transaction accounts similar to other deposit components of M1 such as demand deposits and other checkable deposits (i.e., NOW accounts and ATS accounts). Previously, savings deposits were considered to be nontransaction accounts […]

Economic Indicators

The V-Shaped Recovery Never Happened

In a display of unconvincing enthusiasm, NBC reported today that payroll employment “surged” in February. Specifically, total nonfarm payrolls (seasonally adjusted) grew 379,000, month-over-month which was above the expected increase of 210,000. That might sound great to some, but a closer look suggests jobs growth is quite a bit more sedate than the media narrative […]

Economic Indicators

To Understand Economics, First Understand Private Property

In Man, Economy, and State, Murray Rothbard expounds the principles of economics by reconstructing an economy from the ground up. Following the practice of classical economists, he opens the book by imagining Robinson Crusoe alone on an island. After identifying the operative laws that apply even to isolated individuals, Rothbard’s second chapter considers Crusoe on […]

Economic Indicators

The True Cost of Taxation Is Much Higher Than Your Tax Bill

If we look beyond the mere tax revenue totals, we begin to understand that the cost of taxation to society is far higher than the tax revenue raised and that the costs to society of taxation grow faster than the size of government. Original Article: “The True Cost of Taxation Is Much Higher Than Your […]