Mises, Rothbard, and Others in French

650px-New-Map-Francophone_WorldKurt Schuler writes:

Nearly two years ago I mentioned the French economist Philippe Nataf and his small but active publishing house, Editions Charles Coquelin. Its namesake Charles Coquelin was a 19th-century French classical liberal who wrote on banking and business cycles, among other topics. The publishing house issues works by French and other thinkers in the classical liberal tradition to the present. I recently saw Philippe again, and he informed me that Editions Charles Coquelin has now published translations of Ludwig von Mises’sTheory of Money and Credit and part of Murray Rothbard’s Man, Economy and State, with more to come. Among the older works of the publishing house is a 2005 biography of Jean-Baptiste Say. Readers interested in ordering these works can do so through the site of Editions Charles Coquelin or, for at least some books, Amazon France.

‘Everything we are told about deflation is a lie’

By Tim Price

[The Cobden Centre]

“The European Central Bank has given its strongest signal yet that it is prepared to embrace quantitative easing to prevent the euro zone from sliding into deflation or even a prolonged period of low inflation.”

- ‘Draghi strengthens QE signal’, Financial Times, April 4, 2014.

Yes, heaven protect Europe’s embattled citizens and savers from a prolonged period of low inflation. How could they possibly survive it ?

If history is any guide, probably quite well. As Chris Casey points out in his essay “Deflating the Deflation Myth,” the American economy during the 19th Century twice experienced deflationary periods of roughly 50 percent:

Source: McCusker, John J. “How Much Is That in Real Money?: A Historical Price Index for Use as a Deflator of Money Values in the Economy of the United States.” Proceedings of the American Antiquarian Society, Volume 101, Part 2, October 1991, pp. 297-373.

This during a period of “sustained and significant economic growth”. But just think of all those poor consumers, having to make the best of constantly falling everyday low prices.

In their research article ‘Deflation and Depression: Is There an Empirical Link?’ of January 2004, Federal Reserve economists Andrew Atkeson and Patrick Kehoe found that “..the only episode in which we find evidence of a link between deflation and depression is the Great Depression (1929-1934). We find virtually no evidence of such a link in any other period.. What is striking is that nearly 90% of the episodes with deflation did not have depression. In a broad historical context, beyond the Great Depression, the notion that deflation and depression are linked virtually disappears.”

In his 2008 essay ‘Deflation and Liberty’, Jörg Guido Hülsmann writes as follows:

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The Sad State of the Economics Profession

6726Frank Hollenbeck writes in today’s Mises Daily: 

Most economists today, however, have sold themselves to the enemy. They work for government agencies such as the IMF, OECD, World Bank, central banks, or academic institutions where their research is heavily subsidized by government agencies. To succeed they have to “toe the line.” You don’t bite the hand that feeds you.

Today, these economists and bought-and-paid-for journalists inform us of the dangers of deflationand the risks of “ low-flation,” and how the printing press will protect us from this catastrophe. Yet there is no theoretical or empirical justification for this fear. On the contrary, a stable money supply would allow prices to better serve the critical function of allocating resources to where they are most needed. The growth resulting from stable money would normally be associated with rapidly falling prices as was the case during most of the nineteenth century.

Audio: Lew Rockwell Discusses Anarcho-Capitalism With Ben Swann

We don’t need a ruling class, Lew Rockwell tells Ben Swann. (Mp3, 35 minutes)

10,000 New Books at the Mises Institute

From the March issue of The Free Market: 

Gary North Donates 10,000 Books to Mises Institute

Dr. North said that he decided to donate the library to the Institute as a way to assist the Institute’s Fellows and faculty. “The Mises Institute has very bright summer interns: Ph.D. candidates working on their dissertations, with the assistance of scholars.”

The library “is heavily oriented towards history and social science,” North explained, recalling that “not many economists are gifted historians the way Murray Rothbard was. He would have loved [the library].”

The books arrived today:

photo (8)2

 

May 4 Is the Deadline for Applications to the Rothbard Graduate Seminar

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Rothbard Graduate Seminar

JUNE 8-13 2014

Sponsored by Alice Lillie

The purpose of the Rothbard Graduate Seminar is to provide an intense study of Misesian and Rothbardian economic analytics, along with the substantive conclusions of that research in related fields.

The core text is Economic Controversies, which each attendee will receive.  The schedule is forthcoming.  Welcoming remarks and discussions take place over dinner Sunday June 8. Sessions begin Moday morning June 9 and end Friday late afternoon June 13.

Attendance is limited to a small number of exceptional students who are pursuing graduate degrees in economics, history, philosophy, law, political science, and business disciplines and who seek a career in academia or research.

Apply here.

The IMF is Dead Wrong on Low Interest Rates

Hot Orange Interest Rate BorderBrendan Brown writes in today’s Mises Daily:

In its just-published World Economic Outlook the IMF trumpets the view that the real level of equilibrium interest rates worldwide has declined substantially since the 1980s and is now in slightly negative territory. There is a good Irish word to describe this story: baloney.

The IMF authors (“Perspectives on Global Real Interest Rates,” April 2014) cite three factors accounting for their hypothesized decline in rates: substantially higher savings in the emerging market economies, an increased riskiness of equity relative to bonds coupled with an increased demand for safe assets, and finally, a persistent decline in investment rates in advanced economies especially since the recent global financial crisis. They are oblivious to two huge potential errors in their analysis.

 

All Videos from ‘Inflation: Causes, Consequences, and Cure’

From the April 11 Seminar: Inflation: Causes, Consequences, and Cure. A seminar for High School and College Students

(Six Videos)

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Did the US Provoke the Axis Powers?

758px-The_USS_Arizona_(BB-39)_burning_after_the_Japanese_attack_on_Pearl_Harbor_-_NARA_195617_-_EditIn her latest hit piece on the Mises Institute, WaPo’s Jennifer Rubin quotes a David Weigel hit piece on the Mises Institute in which Weigel attacks David Gordon and Ralph Raico for daring to criticize Winston Churchill.  The occasion for these remarks is a comment made by Rand Paul about American policy before 1941:

“There are times when sanctions have made it worse,” Paul said. “Leading up to World War II, we cut off trade with Japan. That probably caused Japan to react angrily. We also had a blockade on Germany after World War I that probably encouraged some of their anger.”

It’s not my job to defend Rand Paul, but as Weigel notes, these ideas are likely influenced by this article, and this article.

Rubin’s purpose in mentioning it is to imply that merely mentioning established facts about the pro-war behavior of the American regime prior to world War II somehow constitutes sympathy for the Axis powers. Such an assertion is nonsense, of course, since the Japanese and Nazi states are responsible for the actions of the Japanese and Nazi states. Pointing out that Roosevelt’s regime was doing everything it could to provoke a war with the Japanese, on the other hand, simply highlights the barbarity of the American state in putting its own citizens in danger and seeking a conflict that led to the placing of Japanese Americans in concentration camps, and the enslavement of millions of Americans through conscription. Reducing every conflict to a comic-book-like battle between good guys and bad guys, on the other hand, is just the sort of thing that people like Rubin live for.

For those who actually seek a more complete and detailed view of the lead-up to the Second World War, see Robert Higgs’s article based on this video:

Cognitive Dissonance on Minimum Wages and Maximum Rents

OLYMPUS DIGITAL CAMERAGary Galles writes in today’s Mises Daily:

Both the minimum wage and rent control, despite the fact that the first forces prices up and the second forces prices down, reduce the quantity of the good in question exchanged. That makes them counterproductive “solutions” to the problems faced by those who are unable to sell enough of their labor services or unable to purchase enough housing services. But the rhetoric employed disguises the fact that they make the central problem worse rather than better.

For the low-skilled, minimum wage advocates frame the issue as “If you could earn more per hour, you would be better off.” But that sneaks in the false assumption that wanting to work more at higher wages means you will be able to work more, when those wages are imposed by government.