St. Augustine of which the wonderful sigh comes from: “Lord, give me chastity, but not equal,” was not a “strange saint.” He knew only from the interplay of virtue, self-restraint and temptation. Like all intellectuals of the ancient world he knew the myth of Odysseus, who anticipates his own weakness and can be tied to the mast in order to be able to resist future temptations. Readmore…
“If the joint account in the restaurant by the number of diners shares, then each ordered lobster and beef tenderloin.”Everywhere in Europe, the credit-financed party ends. The financial hangover is large, economic disillusionment is spreading in Southern Europe more than anywhere else. Readmore…
By Ludwig von Mises and Friedrich A. von Hayek developed Austrian business cycle theory is an excellent explanation of the financial crisis. The ÖKT based on Carl Menger and Eugen von Böhm-Bawerk's capital theory developed. Their main finding is that human actions and investments take time. To investment projects successfully through to completion, real savings are necessary in order to maintain production factors employed in the projects. Readmore…
In the U.S., the pursuit of happiness of the human constitution. Even the economists are, in principle, always in search of happiness – directly and indirectly. However, the luck was not always lucky, but often referred to as wealth or welfare. And so the problem begins even to know: What exactly is happiness and how can it be measured? This was recently discussed by Rainer Maurer in public policy blog. Readmore…
Alan Greenspan, chairman of the U.S. Federal Reserve 1988 – 2006, wrote in his essay “Gold and Economic Freedom” in 1966:”In the absence of the gold standard, there is no way to protect savings from confiscation through inflation. There is no safe store of value. The financial policy of the welfare state requires that there be no way for the owners of wealth to protect themselves. Readmore…