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Why Keynes Was Wrong about Unemployment
Large-scale unemployment is another name for a surplus in the labor market. Equilibrium is a state which markets will naturally move toward as buyers and sellers look for mutually advantageous exchanges. Firms can always get some value from additional labor, even under pessimistic forecasts of sale prices and quantities. Workers earning zero wages can improve their situation by accepting a job even if they do not accept the first offer. Therefore, a labor market in surplus will absorb unemployed labor at a lower wage. When a market is in surplus, the direction the price must go toward equilibrium is down.
The great free-market economist Milton Friedman was not perfect in his theories as he, too, supported governments controlling the money supply and the monetary policies reinforcing such a system.[1] The .06/04/2021 12:17:54PM EST.
Mises on Nationalism, Colonialism, and the Right of Self-Determination
For Mises, liberalism first emerged and expressed itself in the nineteenth century as a political movement in the form of “peaceful nationalism.” Its two fundamental principles were freedom or, more concretely, “the right of self-determination of peoples” and national unity or the “nationality principle.” The two principles were indissolubly linked. The primary goal of the liberal nationalist movements (Italian, Polish, Greek, German, Serbian, etc.) was the liberation of their peoples from the despotic rule of kings and princes. Liberal revolution against despotism necessarily took on a nationalist character for two reasons. First, many of the royal despots were foreign, for example, the Austrian Hapsburgs and French Bourbons who ruled the Italians, and the Prussian king and Russian Czar who subjugated the Poles. Second, and more important, political realism dictated “the necessity of setting the al
The Crushing Loss Of The Gold Standard
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The Federal Reserve has Failed and Inflation is Destructive), inflation inherently discloses government intervention in a free market system and society. This includes monetary intervention as in 1973 when President Nixon claimed that the Smithsonian Agreement[1] was the “greatest monetary agreement in the history of the world.”[2] Murray Rothbard explains how the Smithsonian Agreement “provide[d] a virtual textbook illustration of our analysis of the inevitable consequences of government intervention in the monetary system.” Essentially, government intervention to “help” the economy, always hurts the economy.
The “greatest monetary agreement” as Nixon called it, “collapse[d] in a little over a year. Each “solution” has crumbled more rapidly than its predecessor, […] each set of unsound inflationist interventions has collapsed of its own inherent problems, only to set the stage for another round of i