Misese Instituut / Mises Institute Estonia

Misese Instituut on hariduslik organisatsioon mis avaldab regulaarselt artikleid oma veebisaidil Mises.ee. Lisaks korraldatakse konverentse, kursuseid ja loenguid ning kirjastatakse üldharivaid raamatuid. Mises Institute Estonia is educational organization that regularly publish articles on its website Mises.ee, it also holds conferences, educational courses and lectures. The Institute publishes books in Estonian popularizing economic science and libertarian political theory.

Mission: Instituudi eesmärgiks on Austria majanduskoolkonna mõtteviisi ja liberaalse maailmavaate tutvustamine ja edendamine Eestis. The purpose of the Institute is to promote and advance in Estonia the theories of Austrian School of Economics and classical liberal and libertarian political theories.

youtube.com

Lab-Grown Meat Is Coming to Your Supermarket. Ranchers Are Fighting Back.

Will regulations ever be really about protecting the little ones? Hint: unlikely. And the latest still-developing example is about the lab-grown meat.

https://youtu.be/NaGnMWBQMBE

The U.S. Cattlemen's Association petitioned the USDA to declare that "meat" and "beef" exclude products not "derived from animals." --- Subscribe to our YouT...

mises.org

The Ethics of Money Production | Jörg Guido Hülsmann

Instead of dismissing the cryptocurrency phenomenon as a bubble all together, one should also recognize the incredible entrepreneurial drive for privatization of the production of money.

As Guido Hülsmann succinctly stated in his classical book "The Ethics of Money Production": "There is a strong case in both economic and ethical terms for the idea that money production should be wholly private."

https://mises.org/library/ethics-money-production

mises.org This pioneering work by Jörg Guido Hülsmann, professor of economics at the University of Angers in France and the author of Mises: The Last Knight of Liberalism, is the first full study of a critically important issue today: the ethics of money production.

FEE

Tubli Eesti!

The emergence and consolidation of growth-boosting institutions took hundreds of years in countries like the UK and the US. However, in recent decades we have seen that the right policies can significantly speed up economic development.

Estonia is a paradigmatic example of this.

FEE

Things cost money. You may think that has nothing to do with you and everything to do with companies trying to squeeze money out of people. But economics tells a different story.

mises.org

"Big Data" Isn't Enough to Make Socialism Work | Tho Bishop

Warning to Tech-Utopians: https://mises.org/power-market/big-data-isnt-enough-make-socialism-work

mises.org When sharing Bob Murphy's excellent article today on the Knowledge-Calculation Debate, one of the most common responses has been "Murphy makes a good case, but why does this really matter?" Beyond the value of grasping intellectual nuance, I think this debate has actually increased in real world imp...

mises.org

The "Rights" of Animals

There is, in fact, rough justice in the common quip that "we will recognize the rights of animals whenever they petition for them." - Said Rothbard.

Apart from private ownerships of companion or utility animals ought to be respected just like other private properties, unclaimed animals remain rightless. For their fate could be subject to the men who come to claim their use, be it peaceful or violent way. Any conflict regarding how they should be treated is men's conflict.

Until there is specie other than human come forward and fight for their rights, the rights of animals still remain our emotional fight among ourselves void of rational reason.

https://mises.org/library/rights-animals

mises.org The assertion of human rights is not properly a simple emotive one, writes Murray Rothbard. Individuals possess rights not because we "feel" that they should, but because of a rational inquiry into the nature of man and the universe. In short, man has rights because they are natural rights. They are...

youtube.com

Lubeck and the Hanseatic League: The Birthplace of the Common Market with David Abulafia

Sunday sound history: Hansa/The Hanseatic League

Estonian former prime minister Mart Laar once referenced to the era of the Hansa League as "that the key to the cooperation between Estonia and Germany". https://www.valitsus.ee/en/news/hansa-league-model-economic-cooperation-between-estonia-and-germany-21091999

And some historian says the Hanseatic League could be the first common market lead by German worked from mid-13th to 16th centuries. https://www.youtube.com/watch?v=UV51rAFqiLE&t=1064s

But how did this loose coalition of Flying Dutchman--capitalists emerged as an empire without a State?

Read more at: https://mises.org/wire/hanseatic-league-empire-commerce

10 February 2016: In the first lecture of the 2016 History of Capitalism series, David Abulafia, Professor of Mediterranean History at Cambridge University, ...

misesthemovie.com

Mises The Movie

Annetage, et see aset leiaks!
http://www.misesthemovie.com/

misesthemovie.com Documentary about Life, Work and Legacy of Ludwig von Mises

youtube.com

Words & Numbers: Is UBI Better Than Welfare?

Wednesday short debate: Is UBI Better Than Welfare?

https://www.youtube.com/watch?v=rp4oBYSfSJo

A viewer recently asked us what Words & Numbers thought of Universal Basic Income. Antony Davies likes the idea of it, provided it’s done well, but doesn’t t...

mises.org

Foreign Capital Investment: The Antidote to Global Inequality

Sunday sound economics: Foreign Capital Investment: The Antidote to Global Inequality. Wrote Mises in 1958.

"The standard of living is lower in the so-called developing countries because the average earnings for the same type of labor is lower in those countries than it is in some countries of Western Europe, Canada, Japan, and especially in the United States. If we try to find the reasons for this difference, we must realize that it is not due to an inferiority of the workers or other employees. There prevails among some groups of North American workers a tendency to believe that they themselves are better than other people — that it is through their own merit that they are getting higher wages than other people."

But "the difference is not personal inferiority or ignorance. The difference is the supply of capital, the quantity of capital goods available. In other words, the amount of capital invested per unit of the population is greater in the so-called advanced nations than in the developing nations."

"It is a fact that the scale of wages is determined by the amount a man's work increases the value of the product. If a man works with better and more efficient tools, then he can perform in one hour much more than a man who works one hour with less efficient instruments. It is obvious that 100 men working in an American shoe factory, equipped with the most modern tools and machines, produce much more in the same length of time than 100 shoemakers in India, who have to work with old-fashioned tools in a less sophisticated way."

"So I fully agree with the ultimate goal of raising the standard of living everywhere. But I disagree about the measures to be adopted in attaining this goal. What measures will attain this end? Not protection, not government interference, not socialism, and certainly not the violence of the labor unions (euphemistically called collective bargaining, which, in fact, is bargaining at the point of a gun).

To attain the end, as I see it, there is only one way! It is a slow method. Some people may say, it is too slow. But there are no short cuts to an earthly paradise. It takes time, and one has to work. But it does not take as much time as people believe, and finally an equalization will come."

And this slow way is "if you increase capital, you increase the marginal productivity of labor, and the effect will be that real wages will rise."

Read the full original article at:
https://mises.org/library/foreign-capital-investment-antidote-global-inequality

mises.org [Economic Policy: Thoughts for Today and Tomorrow (1979), Lecture 5 (1958)]

youtube.com

Peter Schiff on the Estate Tax

Wednesday short video: On Estate Tax (Inheritance Tax) and its single most detrimental effect on economy.

https://youtu.be/ukqRjraMjpw

Audio taken from the Peter Schiff Show Podcast Episode 186 http://www.schiffradio.com/kill-the-estate-tax-to-save-jobs-ep-186/ Music: Crowd Hammer Kevin MacL...

youtube.com

Free Market Economics: Uber, Airbnb, & Feastly vs Government Regulation - Learn Liberty

Wednesday short video: #SharingEconomy vs. Government Regulations

https://youtu.be/qvsPXKJe05Q

Free Market Economics: The sharing economy connects people with services like Uber, AirBnB, and Feastly. Despite these new ways to connect, many regulators w...

Misese Instituut / Mises Institute Estonia

Pühapäevane Põhjalik Majandusteadus: Heaoluriigi piin, mis toimub meie naabriga?

Sunday sound economics: The Agony of the Welfare State, Finnish Style

In 2016, Finland recorded the lowest number of newborn babies in 148 years, or since the great famine of 1868. The Finnish fertility rate has fallen to 1.57 per woman and the number of people under 20 years of age as a percentage of the working age population is the lowest among Nordic countries at less than 40%, down from 60% in 1970.

It is becoming evident that the “beneficiaries” of the most advanced welfare states are not reproducing rapidly enough to pay for the benefits that they are receiving and are therefore “endangering” the “long-term survival” of the “more generous” welfare states.

A prescient essay that Ludwig von Mises wrote in 1953 had pointed out how the British Empire and Europe fell for the same trap, only that Mises did not foresee what's happening in the 21st century is far worse.

Read the full essay again from Mises at:

https://mises.org/library/economic-freedom-and-interventionism/html/p/115

mises.org

Books / Digital Text

Sunday sound economics: The Agony of the Welfare State, Finnish Style

In 2016, Finland recorded the lowest number of newborn babies in 148 years, or since the great famine of 1868. The Finnish fertility rate has fallen to 1.57 per woman and the number of people under 20 years of age as a percentage of the working age population is the lowest among Nordic countries at less than 40%, down from 60% in 1970.

It is becoming evident that the “beneficiaries” of the most advanced welfare states are not reproducing rapidly enough to pay for the benefits that they are receiving and are therefore “endangering” the “long-term survival” of the “more generous” welfare states.

A prescient essay that Ludwig von Mises wrote in 1953 had pointed out how the British Empire and Europe fell for the same trap, only that Mises did not foresee what's happening in the 21st century is far worse.

Read the full essay again from Mises at:

https://mises.org/library/economic-freedom-and-interventionism/html/p/115

mises.org For about a hundred years the Communists and interventionists of all shades have been indefatigable in predicting the impending final collapse of capitalism. While their prophecies have not come true, the world today has to face the agony of the much glorified policies of the Welfare State.

youtube.com

Do You Have the Courage to Dissent?

Wednesday short video: despite the strong social conformity pressure, if you have a minority view and dare to speak up, there is a good chance that somebody will be emboldened by your example and do the same.
https://youtu.be/0X3LwmZ8oZ4

Ever felt like you disagree with everyone around you, but don’t dare to speak up? These famous experiments by Solomon Asch and Richard Crutchfield show you m...

mises.org

Why Is the Euro Still Gaining Against the Dollar?

Sunday sound economics: Why Is the Euro Still Gaining Against the Dollar?

Despite the fact that, the ECB will keep buying 60 billion euro a month in bonds, maintain its zero interest-rate policy, and keep this “stimulus” as long as it takes, until inflation growth and GDP growth are stable. A strong euro is justified for several reasons:

- First, the European Union’s trade surplus is at record highs, and 75 percent of Eurozone trade happens between eurozone countries.
- Higher exports and the continued recovery of internal demand in European member countries strengthen the euro.
- The third is the perception of weakness of the U.S. government and its inability to push through key reforms.

However, a strong euro has very significant implications for the EU economy and the ECB’s policy:

- The strong euro puts exports to its main outside trading partners — the United States (20.8 percent of exports in 2016) and China (9.7 percent) — at risk
- The currency also has a high impact on tax revenues in Europe. A 10 percent rise of the euro against the dollar is equivalent to an 8 percent drop in earnings and leads to lower corporate tax revenues

If the euro continues to strengthen, the EU economic recovery is at risk. So the eurozone is stuck between a rock and a hard place. It cannot stop the stimulus because deficit spending governments cannot live with higher financing costs, and increasing the stimulus to weaken the currency simply doesn’t work anymore.

The only way out is structural reforms, but most governments are afraid of them even in good times, let alone when the going gets tough.

Read full article at:
https://mises.org/library/why-euro-still-gaining-against-dollar

mises.org The primary purposes of the incorrectly named “unconventional monetary policies” are to debase the currency, stoke inflation, and make exports more competitive. Printing money aims to solve structural imbalances by making currencies weaker.

youtube.com

What Are the Dangers of Too Much Debt?

Wednesday short video: What are the dangers off too much debt?

It is a video from 2012, fast forward to 2017, global debt has grown another $50 trillions to $217 trillions or 327% of global GDP. (https://www.reuters.com/article/emerging-debt-iif/emerging-market-borrowing-spree-lifts-global-debt-to-record-217-trillion-iif-idUSL8N1JP1B6)

https://www.youtube.com/watch?v=ID4xay5RITY

Interest payments on U.S. government debt are three times spending in the Iraq and Afghanistan wars already, and that is with the lowest interest rate we hav...

store.mises.org

Liberty or Equality: The Challenge of Our Times

Sunday sound book recommendation: "Liberty or Equality: The Challenge of Our Times."

Is democracy really a sacred totem in the current western public discourse, or the western rationalistic tradition should still reject the notion of thought-taboo?

Sometime in the 18th century, the word equality gained ground as a political ideal, but the idea was always vague. In this treatise, Erik von Kuehnelt-Leddihn argues that it reduced to one simple and very dangerous idea: equality of political power as embodied in democracy. He marshals the strongest possible case that democratic equality is the very basis not of liberty, as is commonly believed, but the total state. He uses national socialism as his prime example. He further argues the old notion of government by law is upheld in old monarchies, restrained by a noble elite. Aristocracy, not democracy, gave us liberty. On his side in this argument, he includes the whole of the old liberal tradition, and offers overwhelming evidence for his case. In our times, war and totalitarianism do indeed sail under the democratic flag. This book, capable of overturning most of what you thought you knew about political systems, was first published in 1952.

Here is one excerpt from the book:
"""
Democracy, let us repeat, is concerned With the question of who should be vested with ruling power;
While liberalism deals with the freedom of the individual, regardless of Who carries on the government. A
democracy can be highly illiberal, While on the other hand an absolute ruler could be a thorough liberal
—Without being for this reason the least bit democratic. Even a dictator, theoretically, could be a liberal (see
above, pp. 3, 10). Though admittedly the likelihood of a modern dictator having this propensity is very small
because, as the leader of an ideologically—inclined mass party, he will have strong majoritarian (and thus totalitarian) tendencies. A purely military dictatorship based on the bayonets and sabres of a handful of
professional soldiers has greater liberal potentialities (one has only to compare Franco, Oliveira Salazar and
Pétain With Hitler, Mussolini and Stalin).
"""

You can also find the full book at: http://store.mises.org/Paperback-P362.aspx

store.mises.org

youtube.com

Contra Krugman excerpt on Price Gouging

Wednesday short listening challenge: "Price Gauging"

If you found it despicable, can you listen through and hold your knee-jerk reaction for 5 minutes?

https://www.youtube.com/watch?v=UXgcAwjbGCc

Tom Woods and Bob Murphy discuss "price gouging" in the wake of Hurricane Harvey. Taken from Episode 102 of the Contra Krugman podcast, which was originally ...

Economics and Humanity

Sunday sound philosophy: Economics and Humanity (Excerpted from "Human Action, Ludwig von Mises")

Human action (praxeology) is a science of studying economics through the investigation of human decision-making. Like any other sciences, it does not value, but it provides acting man with all the information he may need with regard to his valuations. It keeps silence only when the question is raised whether life itself worth living.

There is only one thing that is certain about the individual's future — death. Seen from the point of view of this ultimate and inescapable outcome, all human striving appears vain and futile. But whatever the future may have in store for him, he cannot withdraw from the necessities of the actual hour. As long as a man lives, he cannot help obeying the cardinal impulse, the élan vital. It is man's innate nature that he seeks to preserve and to strengthen his life, that he is discontented and aims at removing uneasiness, that he is in search of what may be called happiness.

Human reason serves this vital impulse. Reason's biological function is to preserve and to promote life and to postpone its extinction as long as possible. Thinking and acting are not contrary to nature; they are, rather, the foremost features of man's nature. The most appropriate description of man as differentiated from nonhuman beings is: a being purposively struggling against the forces adverse to his life.

It is true, praxeology and economics do not tell a man whether he should preserve or abandon life. Life itself and all the unknown forces that originate it and keep it burning are an ultimate given, and as such beyond the pale of human science. The subject matter of praxeology is merely the essential manifestation of human life, viz., action.

You can also read the full excerpt from:
https://mises.org/blog/economics-and-humanity

mises.org It is customary to find fault with modern science because it abstains from expressing judgments of value. Living and acting man, we are told, has no use for Wertfreiheit; he needs to know what he should aim at. If science does not answer this question, it is sterile.

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