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Three videos to start the Autumn


On levels of debt: On the madness of QE and the current economic consensus: On the battle of economic ideas:

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Hayek’s neglected truths about credit, capital and the trade cycle


Last night, I caught up with Martin Wolf’s November programmes for Radio 4 Analysis, which you can find here. He offered a predictable blend of commentators calling for more money printing, world central banking and greater global governance. It prompted me to look out Monetary Theory and the Trade Cycle (1933). Hayek wrote (emphasis mine): It is a curious fact that the general disinclination to explain the past boom by monetary factors has been quickly replaced by an even greater […]

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The Rule of Law


Please note: this post was written at my request by Michael Dowsett, after yet another European policy which breached the Rule of Law, as classically understood. – Steve The rule of law is a phrase which is widely used but perhaps little understood. Far from being merely the sum total of all the laws passed by a particular central or local administration plus courts to enforce them, the term ‘the rule of law’ draws on a higher concept of laws […]

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Remember, remember, the 5th of November


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As CNN reports, the V for Vendetta-style Guy Fawkes mask has inspired Occupy protesters around the world. CNN points out: Ironically Fawkes, far from being the anti-establishment hero he has come to be seen as in the years since his death, was a monarchist who merely wanted to replace the Anglican king with a Catholic queen. A transcript of his trial with co-conspirators is available here. It’s hard reading for one not accustomed to 17th century English but, in relation […]

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BBC Radio 4 Programmes – Keynes Vs. Hayek


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What caused the financial mess we’re in? And how do we get out of it? Two of the great economic thinkers of the 20th century had sharply contrasting views: John Maynard Keynes believed that government spending could create employment and longer term growth. His contemporary and rival Friedrich Hayek believed that investments have to be based on real savings rather than increased public spending or artificially low interest rates. Keynes’s biographer, Professor Lord Skidelsky, will take on modern day followers […]

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