Making economic sense phần 1 pps

[...]...xii Making Economic Sense in 19 91 to make a populist case for radical monetary reform, and a brief but moving obituary of Mises published in 19 73 No matter how specialized and distant from reality the economic profession becomes, Rothbard proves it is always possible to communicate truth more broadly In... Hillsdale College December 2005 Making Economic Sense 1 IS IT THE “ECONOMY, STUPID”? O ne of the persistent Clintonian themes of the 19 92 campaign still endures: if “it’s the economy, stupid,” then why hasn’t President Clinton received the credit among the public for our glorious economic recovery? Hence the Clintonian conclusion that the resounding Democratic defeat in November, 19 94, was due to their failure... foundations) I xviii Making Economic Sense had just read an entire book on the history and current applications of chaos theory—and that’s how I knew that Rothbard had apparently done the same, because his essay contains references to names and subtle points that suggest a deep understanding What’s particularly ironic is that I had read this essay years earlier, when Making Economic Sense first appeared,... detailed history of the Great Depression, two volumes on the history of economic thought, several methodological articles, as well as an incredibly lucid text on economic principles With the specialization of the modern economics profession, these feats alone would be unusual: You do either economic theory, economic history, history of economic thought (if you don’t care about getting a job, at any rate),... contained in this political analysis In the first place, it’s crude economic determinism, what is often called “vulgar Marxism.” While the state of the economy is certainly important in shaping the public’s political attitudes, there are many non -economic reasons for public protest First published in February 19 95 3 4 Making Economic Sense The public is particularly exercised, for example, about crime,... least with inflation, people are still reaping some of the benefits of exchange If bread rises to $10 a loaf, this is unfortunate, but at least you can still eat the bread But if taxes go up, your money is expropriated for the benefit of politicians and bureaucrats, and you are Making Economic Sense 11 left with no service or benefit The only result is that the producers’ money is confiscated for the... volume originally ran in the the Free Market, a monthly newsletter put out by the Ludwig von Mises Institute, which was founded in 19 82 to promote and advance the legacy of Rothbard’s beloved mentor Ludwig von Mises (18 81 19 73) was the undisputed champion of the Austrian School of economics during his lifetime (The term “Austrian” refers to the nationality of the Introduction to the Second Edition xv School’s... investment But deficits have a far greater crowding-out effect than overall spending, since deficits 10 Making Economic Sense financed by the public obviously tap savings and savings alone, whereas taxes reduce the public’s consumption as well as savings Thus, deficits, whichever way you look at them, cause grave economic problems If they are financed by the banking system, they are inflationary But even if... together, so that Milton xvi Making Economic Sense Friedman and Ludwig von Mises (or Murray Rothbard) are “basically saying the same thing.” This issue of the proper foundation of economic science is one major example of the error of such careless grouping; in exact contradiction to the view of Mises and Rothbard, Milton Friedman is famous for his defense of positivism in economics, i.e., the application... economist forecast the depth of the 19 81 82 depression, and none predicted the strength of the 19 83 boom The next time you are swayed by the jargon or seeming expertise of the economic forecaster, ask yourself this question: If he can really predict the future so well, why is he wasting his time putting out newsletters or doing consulting when he himself could be making trillions of dollars in the stock . . . . . .450 11 4 Ludwig von Mises: 18 81 19 73 . . . . . . . . . . . . . . . . . . . . . . .452 11 5 Margit von Mises: 18 90 19 93 . . . . . . . . . . . . . . . . . . . . . . .455 11 6 The Story of. William Harold Hutt : 18 99 19 88 . . . . . . . . . . . . . . . . . . . .443 11 2 Friedrich August von Hayek: 18 99 19 92 . . . . . . . . . . . . . .446 11 3 V. Orval Watts: 18 98 19 93 . . . . . . . . . .11 0 31 The Flag Flap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .11 3 32 Clintonomics: The Prospect . . . . . . . . . . . . . . . . . . . . . . . .11 6 33 Clintonomics