So what can the US Learn from Europe? Watch this interesting panel discussion to find out!
For the very first time, Free Market Road Show hits the American soil on November 11 in Lubbock, Texas. The panel discussion organized by The Austrian Economics Center and co-sponsored by The Free Market Institute focused on the European economic and political experience following the onset of the international financial and economic downturn. Each speaker addressed different aspects and what caused the crisis and the role that government fiscal, monetary and regulatory policies have played in prolonging – and, in some cases, worsening – economic conditions throughout the European Union and in countries on the periphery of the European Union.
Dr. Barbara Kolm discussed the impact of labor laws and regulations on unemployment among the general working population and, in particular, young men and women in European countries. “Overregulation of the labor market and minimum wage destroy opportunities for the young generation and lead to high youth unemployment,” said Dr. Kolm.by
by Enrico Colombatto
Dramatic falls in the price of oil have persuaded a number of oil exporters that major rebounds are unlikely soon. Russian authorities have revised all their forecasts for the next three years, and are likely to implement broader policies to tackle what they had initially considered a mere budgetary problem. The prevailing strategy – until recently – was to let the rouble slide to balance its rouble-denominated government budget and reduce imports. But prospects of recession, inflation, trade imbalances and greater budgetary imbalances call for a new approach. The next moves will be a mix of mild rouble depreciation, more relaxed monetary policy and regulation of foreign transactions at a cost of higher inflation.by
by Sydney Williams
“Why, sometimes I’ve believed as many as six impossible things before breakfast.” The White Queen was responding to Alice’s disbelief as to her alleged age. In today’s world, with its unfunded (or poorly funded) pensions, we are asked by corporate CEOs, union leaders, politicians and pension fund trustees to believe another impossible thing – that everything is hunky-dory in the world of pension and health obligations to retirees. Additionally, they seem blasé about the achievability of 8% per annum growth, when calculating expected returns.by
Economists have always been envious of the practitioners of the natural and exact sciences. They have thought that introducing the methods of natural sciences such as a laboratory where experiments could be conducted could lead to a major breakthrough in our understanding of the world of economics.
But while a laboratory is a valid way of doing things in the natural sciences, it is not so in economics. Why is that so?
A laboratory is a must in physics, for there a scientist can isolate various factors relating to the object of inquiry.
Although the scientist can isolate various factors he doesn’t, however, know the laws that govern these factors.by
by Zac Tate
The rouble has weakened by 50% against the dollar this year, 22% this month and 11% yesterday, leading the Central Bank of Russia to raise interest rates today to 17%. The rise comes amidst a backdrop of falling oil prices, the effects of geopolitical sanctions and the growth of protectionist trade policies.by
A specter is haunting the world, the specter of two percent inflationism. Whether pronounced by the U.S. Federal Reserve or the European Central Bank, or from the Bank of Japan, many monetary central planners have declared their determination to impose a certain minimum of rising prices on their societies and economies.
One of the oldest of economic fallacies continues to dominate and guide the thinking of monetary policy makers: that printing money is the magic elixir for the creating of sustainable prosperity.by
by Jeffrey Tucker
People are rioting in the streets, bombs are falling on innocents, we get daily reports of torture and massive human suffering. What can we do?
We can make bread.
Bread is the oldest symbol of what it means for human hands to create things rather than destroy them. When you make bread, you realize the dream of how human action can exceed and even defy the sum of its parts. Bread feeds rather than destroys, delights instead of demoralizes, reveals the new rather than wallows in the old.by
by Sydney Williams
War is never pretty. In fact, as General Sherman (who would have known) once declared, it was Hell. In the history of the 87th Regiment of the 10th Mountain Division, the regiment in which my father served in World War II, Captain George F. Earle wrote that after Nazis pretended to surrender and then killed their intended captors, “Company C (my father’s company) took no further Prisoners of War.”
In an act of war on September 11, 2001, a group of nineteen Islamic terrorists killed three thousand people in three strikes against the U.S. Further attacks were widely expected.by
The debate whether or not cryptocurrencies are “money” has put a spotlight on the Menger-Mises Regression Theorem. As stated, the theorem posits that a non-fiat money must have had value before it became a money. Some have used currencies’ lack of antecedent value as knocking it off the money pedestal or as forcing cryptocurrencies to ignominiously piggyback on fiat currencies’ own regressions.by
by Karen Horn
Most people like to walk down to the farmer’s market to get some vegetables. Doing one’s groceries at the market feels a bit as if the countryside has come to town, and with it the good old days. The market stands are small, the produce is alluring, the farmers have wrinkles in their face and honest dirt under their fingernails. People love the market. This market. The market however, i.e. the more abstract market, associated with capitalism, doesn’t seem to have a similar warmth to it at all.by