Austrian School

At the very end of last week, the results of a study commissioned by the Ministry of Labor and Social Policy and conducted by the Bulgarian Academy of Sciences were published, which concluded that: "Minimum social security income (MSI) and the minimum wage (MW) do not negatively affect employment and do not reduce it." These are ...

Almost six years after the bankruptcy of Lehman Brothers, which officially marked the beginning of the latest global financial crisis and the subsequent Great Recession, almost all international institutions of the rank of the International Monetary Fund (IMF) continue to strongly advise governments around the world to use various forms of fiscal and …

The outbreak of World War I in 1914 came as no surprise to Mises. Unlike most of his contemporaries, however, he rejected the wild nationalism and imperialism that had gripped European societies, leading to the outbreak of war and ultimately the end of the relatively liberal period in Europe. As an artillery officer …

Ludwig von Mises was born on September 29, 1881 in Lemberg (Lviv, present-day Ukraine), but grew up and spent the first half of his life in the Austrian capital of Vienna. After returning to Vienna (most likely between 1883 and 1897), the Mises family rented a house in the suburbs at Friedrichstrasse 4, which today …

Having barely emerged from recession, the European economy is showing negligible growth and, by all accounts, is on the verge of entering a deflationary spiral. A situation similar to that in Japan, which lost two decades of no economic progress. It is time for tough measures from the ECB, warn world-renowned financial analysts and …

Frank Hollenbeck The gap between rich and poor continues to widen. In 1975, the richest 1% of the population held 8% of the economic pie; now they own over 20%. This is a striking change from the 1950s and 1960s, when the richest owned just over 10%. Research by Emmanuel Saez has shown that between …

Investors, libertarians and computer enthusiasts have a new topic to discuss and it is Bitcoin. The popularity of the online currency is growing in direct proportion to its price, which has quadrupled in two months. It is difficult to remain indifferent to what is happening, and that is why some, with undisguised optimism, see Bitcoin as the money of …

And is it necessary to think that we are living better until a point when we will have to pay the price for it?! Looking back at economic history, the problem is not in the answer to the question itself, but in how it will be read and what lesson it will leave, because, as a general …

The 24th anniversary of the fall of the Berlin Wall (November 2013) gives us a good reason to look back at the economic and philosophical foundations of Marxism; of the “scientific” communism that was supposed to lead humanity to the inevitable final stage of history and the end of the dialectical clash between classes. We all know what this experiment led to…

There is no topic that has generated as much controversy in economics as the "rationality" of economic agents. Critics of "homo- oeconomicus" deny both its existence and the ability of economics to explain real processes and phenomena. This is the so-called "bad input/bad output" problem, i.e. when you build a structure based on wrong assumptions, the results made ...