Monday, July 13, 2015

An 'Austrian' Economist's Advice for Greece and the EU

Ricahrd Ebeling emails:

Dear Bob,

I have a new article on the news and commentary website, “EpicTimes,” on, “An ‘Austrian’ Economist’s Advice for Greece and the EU.”

The news frenzy has focused on every twist and turn in the drama surrounding Greece’s negotiations with its European Union partners in the face of its unsustainable and unpayable accumulated government debt.

But it is worth stepping back and looking at Europe’s situation from a wider angle, which makes it clear that Greece’s economic crisis is simply a current and magnified example of the fiscal and general economic policy trends present in many of the EU member states.

Over 70 years ago, during the ongoing destruction of the Second World War, the famous Austrian economist, Ludwig von Mises, wrote several essays and monographs outlining the political, economic and cultural changes that needed to occur among the European nations for a postwar return to peace, freedom and prosperity after the disaster of collectivism, nationalism, and war.

His guidelines and suggestions still have worth in Europe’s current situation of high national debts, anti-growth taxation, anti-competitive regulations and restrictions over business and labor markets, plus the burden of the redistributive welfare state.

I summarize and explain Mises’ proposals for a return to a political philosophy of individualism and free market capitalism as a path out of the interventionist-welfare state, proposals that are as valid for the Europe of today as it was for a war-ravaged Europe almost three quarters of a century ago.


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