On 15th January, Dr Barbara Kolm, Director of the Austrian Economics Center, delivered the Keynote Presentation Between Stagnation and Recovery at the British Embassy’s annual UK Trade and Investment Forum for 2015.
Dr Kolm’s presentation gave a brief but poignant review of Europe’s performance following the financial crisis, urging political leaders to put continuous structural reform back on the agenda.
“The EU economy is struggling to shake off its lethargy. Since the crisis struck, most Member States have been unable to generate or sustain strong economic momentum. While the recovery from such a deep crisis had been expected to be very subdued, the persistence of weak growth dynamics suggests that the EU’s current predicament is particular.”by
One of the great debates today between left and right is whether government stimulus is worth it. The left says “yes, early and often.” And the right says “only in the right circumstances.” Unsurprisingly, both left and right are completely off — stimulus is the quickest way to impoverish an economy.
To see why, we’ll start with America’s most famous burglar, Richard Nixon.
Nixon is said to have remarked that “We are all Keynesians.” This is probably true; everybody Richard Nixon listened to was “all Keynesians.” And even today nearly every talking head on TV or in major newspapers is “all Keynesians.” Right-wing, left-wing, it’s just a big pile of Keynesians.by
by Bruce Anderson
It is surprisingly hard to kill bad ideas. Often, they seem to be like the wicked Witch in Narnia. Even when she loses a battle with Aslan, she somehow survives, hides away – and waits for another opportunity to deploy her malice, Thus it is with socialism.
In the 1980s, it seemed as if free marketeers and Conservatives had won decisive victories on both sides of the Atlantic. The passion of Margaret Thatcher turned market economics into moral nostrums; the homespun wisdom of Ronald Reagan made Americans feel good while reminding them of their core values. It was almost a renaissance of that much underrated President, Calvin Coolidge: the business of America is business.by
Federico N. Fernández has recently interviewed Prof. Dr. Erich Weede for the Free Market Diaries. Needless to say, Erich Weede possess a keen intellect coupled with an encyclopedic knowledge. He is a bright enlightened man who is more than worthy of our attention. We can undeniably learn a lot from him.
In this first part, Dr. Weede talks about the current state of Europe.by
Conservative pundits are supposed to be hard-nosed and economically savvy, but when it comes to tax reform they can be as emotional and misguided as progressives.
The question of tax reform may be a moral issue, but it only makes sense to discuss reform if the conversation is grounded in economics.
Unfortunately, when discussing “tax reform,” American pundits on both the Right and Left often ground their analyses on simple fallacies. I’ll expose three widespread myths about tax reform.by
by Rein Lang
In 1991, after having de facto restored its national independence, Estonia started with a relatively blank slate in many areas. What we did, however, have was the cornerstone of our national legal system – the Constitution which was passed by a referendum and an understanding of the legal system as a whole based on legal continuity. By 1940 Estonia had established a legal order based on continental law, which is rightfully also called the German-Austrian legal system.by
Thriving tech companies may feel threatened by proposed net neutrality legislation, but the CEO of one ailing high-tech has-been thinks that the regulation-in-waiting may be his beleaguered company’s salvation.
Net neutrality — the contentious idea that government intervention is required for consumers to access Internet content quickly and easily — is absurd to anyone who understands innovation, but BlackBerry CEO John Chun is already suggesting ways to expand the idea to give his company a leg up against its competitors.by
by Sydney Williams
The FCIC (Financial Crisis Inquiry Commission), the Commission of which Representative Phil Angelides (D-CA) was chairman, reached nine main conclusions as to the cause of the near credit collapse in 2008, not one of which cited the role played by Congress, prior Administrations, or Fannie Mae (FNM) and Freddie Mac (FRE). The Commission was comprised of ten people, five Senators and five Representatives. Six were appointed by Democrats and four by Republicans. It was like having the fox investigate the stealing of chickens.by
You can’t throw a rock these days without hitting someone who’s talking about entrepreneurship and why we need to encourage more of it. In the public and private sectors — especially in higher education — innovation, enterprise, and entrepreneurship are buzzwords like never before.
A big beneficiary of this trend is the field of social enterprise. Unlike ordinary businesses, the conventional explanation goes, social enterprises use their commercial activities to promote a broader aim of human well-being rather than simple profit maximization.by
The European Central Bank has announced its intention to create out of thin air over one trillion new Euros from March 2015 to September 2016. The rationale, the monetary central planners say, is to prevent price deflation and “stimulate” the European economy into prosperity.
The only problem with their plan is that their concern about “deflation” is a misguided fear, and printing money can never serve as a long-term solution to bring about sustainable economic growth and prosperity.by
by Iain Martin
On Sunday evening, the BBC showed the first part of the landmark documentary on the Holocaust from 1985. Shoah was directed by Claude Lanzmann.
Everything you have ever heard about the overwhelming power of that remarkable and controversial film is true. If you were unaware of it, or if you haven’t seen it, I recommend that you try to find a way to get a copy.by