© Christopher Ohmeyer

© Christopher Ohmeyer

On Tuesday evening, distinguished Professor, Economist, Historian and Author Deirdre McCloskey was awarded the 2014 Hayek Lifetime Achievement Award by the Austrian Economics Center at their annual Charity Gala at Gartenpalais Liechtenstein.

In accepting her award, McCloskey praised the Austrian School of Economics and explained her introduction to the field. As soon as I understood Economics, I became, in essence, an Austrian Economist. Before I even knew much about it, I understood that markets work without centralised erection, and they work through the cooperation of millions [of people].

McCloskey began her career in academia as an assistant professor of Economics at the University of Chicago, where she stayed for 12 years. McCloskey has since gone on to contribute to over 400 scholarly works and texts, including her recent trilogy The Bourgeois Era, which provides an engaging and highly persuasive argument for the existence of ‘ethical capitalism’.

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federicoargentinaby Belen Marty

The American continent faces severe economic problems, particularly currency instability, and the Fifth International Conference of Austrian Economics — held in Rosario, Argentina, on November 17-19 — zeroed in on solutions. The 140 attendees heard prescriptions such as the closure of central banks, a return to the gold standard, and trade liberalization under the premise that such freedom produces wealth.

The biennial event, organized by the Bases Foundation of Rosario at the Catholic University of Argentina, spanned economics, political philosophy, epistemology, and methodology.

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by Sydney Williams

A funny thing is happening on the way to the 2016 election. Youth, excitement and new ideas increasingly seem to be the province of Republicans. For decades – at least since Jack Kennedy – the Democrat Party has been the one associated with youth, vitality and concern for the needs of real people. However, with the long years they have spent in Washington, Democrats have morphed into a cynical, sanctimonious group of aging professional politicians. The smug Jonathon Gruber, now dismissed by Democrats for telling the truth, perfectly captured their Pecksniffian ways when he spoke of the “stupidity” of the average voter, of his and her inability to understand the magnanimity of what the Left was doing for the good of the common man.

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by Julian Adorney

As governments expand their control over society, it can be easy for liberty advocates to get discouraged. As Obamacare imposes mandates and price controls on private health care, as the Federal Reserve manipulates currency, and as stories of police abuse become more common, one can be forgiven for thinking that freedom is on the decline.

But in many ways, freedom is on the rise. Laws pile up, but entrepreneurs increasingly innovate around them. The evolution of the Internet — and the entrepreneurs who have capitalized on this platform to develop new technologies — are enabling users to do an end-run around government and offer competition to the State. In many areas where the State once held a monopoly, new technologies are offering people choices.

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by Sydney Williams

Caveat – I am not an economist, so the opinions expressed are mine based on little education, some experience and selective readings. Those more knowledgeable than I might properly challenge my findings. My bottom line is that modest deflation and inflation, by which I mean one or two percentage points, are not reasons for concern. It is when we get rapid changes in either direction that trouble ensues, as the U.S. experienced in the 1930s with deflation and in the 1970s with inflation, and which other countries have undergone to far greater extremes.

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by Llewellyn H. Rockwell Jr.

The term “anarcho-capitalism” has, we might say, rather an arresting quality. But while the term itself may jolt the newcomer, the ideas it embodies are compelling and attractive, and represent the culmination of a long development of thought.

If I had to boil it down to a handful of insights, they would be these: (1) each human being, to use John Locke’s formulation, “has a property in his own person”; (2) there ought to be a single moral code binding all people, whether they are employed by the State or not; and (3) society can run itself without central direction.

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by Tim Worstall

Perhaps we should be having more competition with government services?

A businessman who built his own £325,000 toll road to bypass roadworks is to close the shortcut after the local council invested £660,000 to finish repairs five weeks early. Mike Watts, 63, claims he will now not make a penny and will lose out on a profit of several thousand pounds after Bath and North East Somerset completed the work ahead of schedule.

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by Sheldon Richman

A freed market has the effect of peaceful cooperation controlling the means of production.

Does it mean that libertarians are social nonconformists on principle? Not at all. Some few libertarians may aspire to be, but most would see that as undesirable because it would obstruct their most important objectives. Lots of libertarian men have no problem wearing a jacket and tie, or shoes, socks, and a shirt, on occasions when that attire is generally expected.

Virtually all libertarians observe the common customs of their societies, just as they conform to language conventions if for no other reason than they wish to be understood. I don’t know a libertarian who would regard this as tyranny.

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by John Charalambakis

When we compare equity and oil markets over the course of the last four years it is easy to see that markets in the US are reaching record highs while oil prices are reaching record lows. Obviously, the Fed’s intervention has been a catalyst for the markets’ performance and the accompanying financial repression with zero-bound interest rates. We anticipate that the swing from quantitative easing to reverse repos in US monetary policy – at a time when the EU and Japan follow a path of quantitative easing – will result in waves of instability characterized by short periods of credit and liquidity freezes.

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by Sydney Williams

Mottos carved in granite over our nation’s universities carry words like “wisdom,” “truth,” “knowledge,” “virtue,” and “justice.” They are generally inscribed in Latin, which emits an even greater sense of solemnity and reverence. They are noble words that convey impartiality, places where contrary opinions can be debated and knowledge is imparted didactically. They suggest institutions from which students will graduate with unlimited possibilities.

Unfortunately those words lie. It is ideology not knowledge that students today are taught and that they master. Most of today’s great universities no longer search for an illusive “truth.”

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On Thursday, November 13th, Richard Ebeling was interviewed on the “Boom-Bust” segment on RT television on Ludwig von Mises and the Austrian Theory of the Business Cycle. Dr. Ebeling focused especially on the Austrian School’s critical importance and continuing relevance in the context of current Federal Reserve monetary policy with its easy money policies and interest rate manipulations of the last several years.

 

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