Interventionism

"Economic trends are finally beyond the control of the political class."

The downward manipulation of the interest rate drives a wedge between the (real) market interest rate and the societal time-preference rate, and therefore wreaks havoc with the economy's intertemporal production structure.

For socialism is not a system; it is a disease. The "something for nothing" mentality is, in fact, an economic cancer.

Austrian economists are not fooled, because they reject the idea of empirical data in the validation of theory in the social sciences.

"The Fed was set up to inflate, and that is what it does."

"The division of labour is limited by the extent of the market." The extent of the market, however, is best defined by entrepreneurs and consumers, not regulators.

The real threat to humanity comes from governments growing ever more powerful in the name of fighting climate change.

We suggest that inflation is not rises in prices as such but the debasement of money.

Presented at the Mises Institute’s Brown Bag Seminar series on 30 October 1996.

Recorded at the Mises Institute’s Brown Bag Seminar series on 9 October 1996.