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Mark Prisk MP, Hayek and Mises


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Via Business Minister Mark Prisk wants to strip away the red tape – Telegraph: Friedrich von Hayek is a controversial choice as a pin-up. But a signed pamphlet that the Austrian-born economist wrote in 1980 entitled “Full employment at any price” is proudly framed on Business Minister Mark Prisk’s wall. In placing it there, the Conservative MP for Hertford and Stortford is following in a line of leading Tories to place their faith in one of the 20th century’s most […]

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Hayek v Keynes


Via www.zerohedge.com and econstories.tv, the choice in economics explained through the medium of music: See also Banks, economic interventionism and the cause of the credit crisis Now it’s looking like V for victory over recession

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Presentations of capital-based macroeconomics


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Though not for the faint-hearted, this first-class Powerpoint presentation of capital-based macroeconomics — based on Roger Garrison’s “Time and Money” — provides helpful animations explaining how the structure of production changes in response to saving and investment. It shows how malinvestment and overconsumption arise. The original home of these presentations is here, but they have also been updated to present and compare Keynesian circular-flow analysis and Hayekian means-ends analysis here.

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The manic depressive and the chronic depressive economy


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A couple of quotes from De Soto, pp 456-474. From “Effects the business cycle exerts on the banking sector”: Hence we can conclude that an inherent trend in the privileged exercise of fractional-reserve banking leads to bank consolidation and encourages bankers to develop and maintain close relations with the central bank as the only institution capable of guaranteeing banks’ survival in moments of crisis, situations banks themselves create regularly. Furthermore the central bank directs, orchestrates, and organizes credit expansion, making […]

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Bankrupt Britain: 340 people go bust every day – Times Online


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A human tragedy unfolds: BRITAIN is facing a bankruptcy timebomb with a record number of individuals and companies predicted to go bust this year. Begbies Traynor, the insolvency and restructuring group, reckons more than 35,000 firms could go under this year – equivalent to more than 95 a day. The figure would be 18% higher than during the previous peak in the 1990s crash. Nick Hood at Begbies said he would not be surprised if the number rose to 40,000 […]

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“The Pretence of Knowledge”: how economists come to make astrologers look good


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(Update: This post is attracting significant traffic, so I have indicated three Austrian-School primers throughout the text. Please click the images for the publications.) It seems everyone is talking about swine flu and the financial crisis, but they seem to be most persistently interested in what has gone wrong with the economy. After I explained the key points of this Nobel Prize Lecture by F A Hayek to my hairdresser this morning, she had confirmed in her mind what she […]

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Banks, economic interventionism and the cause of the credit crisis


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(This post is a precis of Huerta de Soto’s Money, Bank Credit and Economic Cycles pp650-653, presenting an argument which was famously expounded by von Mises in Socialism. Among the young idealists who were attracted to socialism after the Great War, who came through these arguments expressed in full to understand that they “had been looking for improvement in the wrong direction”, was F A Hayek, Author of The Road to Serfdom, Nobel Prize winner and proponent of the denationalization […]

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A Free-Market Monetary System


An interesting, if out-there, read from Hayek in 1977: When a little over two years ago, at the second Lausanne Conference of this group, I threw out, almost as a sort of bitter joke, that there was no hope of ever again having decent money, unless we took from government the monopoly of issuing money and handed it over to private industry, I took it only half seriously. But the suggestion proved extraordinarily fertile. Following it up I discovered that […]

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Gordon Brown to woo religious voters for next election


Labour’s period in office is becoming a parody of Hayek’s “The Road to Serfdom”. Which special interest group is next for favour? read more | digg story

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The road to serfdom


I just discovered that a long-lost friend is a Marxist. We agree that we are engaged in a fight for freedom, and so we return to the point on which the debate still turns: should we have a big state and trust the few or a small state and trust the many? State control or free competition? This debate is an old one, but few actually participate, never mind after researching both sides.

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