US and European monetary policy upsets the markets

Bad news on the US economy resulted in equity markets closing on a high for the S&P and the Dow Jones indexes on Monday, May 18. But looking at market fundamentals, this is a paradox, writes Prince Michael of Liechtenstein. Economic bad news is likely to dissuade America’s central bank, the Fed, from tighter monetary policy. Cheap money will continue to be around and is likely to find its way into the stock market. …  Continue Reading:  GIS

No Diverse Populace Without Diverse Representation

Remarks about the latest Solidarity’s Shadow Report to the United Nations’ Committee on the “Elimination of All Forms of Racial Discrimination” by Herman Mashaba from South Africa:

Racial discrimination has affected, over the last 300 years of our recorded history, the lives of every person living in South Africa, and unfortunately continues to do so today. …  Continue reading->  Herman Mashaba


Goodbye to freedom as governments exert control

Europe was shocked by the news that America’s National Security Agency and Britain’s electronic eavesdropping agency GCHQ were spying on European politicians and citizens, writes Prince Michael of Liechtenstein. The leaks about German Chancellor Angela Merkel’s mobile phone being tapped by the Americans emerged in October 2013 from former CIA contractor Edward Snowden. She made the now-famous remark that, ‘Spying between friends, that’s just not done’ …  Continue Reading:  GIS

gottfried haberler 20. todestag

Rückblick auf ein erstaunliches Leben

Vor 20 Jahren, am 6. Mai 1995, starb Gottfried von Haberler 95-jährig in Washington D.C. Er zählte nicht nur zu den führenden Wirtschaftswissenschaftlern des 20. Jahrhunderts. Als Mitglied der vierten Generation der Österreichischen Schule der Nationalökonomie war er nach F.A. von Hayek oder K.R. Popper einer der letzten Überlebenden dieser unersetzbaren Generation klassisch gebildeter europäischer Gelehrter …  Weiterlesen:  Volksblatt, 6. Mai 2015 (PDF)

Sound Money through Monetary Competition

by Pedro Schwartz.

Money is the wild card of the capitalist game. In the past century, financial and monetary upsets recurred, with the Great Depression as the nadir. In the present century, just when the End of History was around the corner and political and economic democracy seemed victorious over all other social systems, the Great Recession hit. We do not yet have a complete picture of why this happened, but there is little doubt that our monetary arrangements proved defective. … Continue reading:  Sound Money (PDF)

Staatskonkurs als Chance für Griechenland

von Robert Nef.

Die zwingende Verknüpfung von Staatskonkurs, Euro-Ausschluss und EU-Ausschluss verbunden mit einer Kettenreaktion, die zum Zusammenbruch des Euro und der EU führen werde, ist eine von EU- Zentralisten und mit ihnen zunehmend verbandelten Bankern aufgebaute Drohkulisse, die leider von vielen Politikern und Wissenschaftlern gestützt und von den Medien fast kritiklos übernommen wird. … Weiterlesen:  Staatskonkurs als Chance

Die EU ist kein Rechtsstaat

Schweizerzeit-Interview mit Carlos A. Gebauer, Rechtsanwalt.

Undeutliche Rechtsbegriffe machen EU zum totalitären Gebilde. Mit einem neuen Buch versetzt Carlos A. Gebauer die EU-Turbos in einen Schockzustand. Anhand einer detaillierten und tiefgründigen Analyse der EU-Vertragswerke zeigt er auf, dass die EU das pure Gegenteil des selbst deklarierten “Raums der Freiheit, der Sicherheit und des Rechts ist” … weiterlesen -> EU kein Rechtsstaat

Greece and the Euro, All Over Again

Pedro Schwartz, An Economist Looks at Europe (Feb 2, 2015).

The inventors of the euro thought that by artificially constructing a single currency and imposing it on the nations of Europe they would strengthen the Union they were intent on building. The effect has been to deepen its divisions. The aim, for the Germans especially, was to build a solid currency of stable value issued by an independent central bank, along the lines of the Deutsche Mark and the Bundesbank …  Continue reading, download PDF:  Greece and the Euro

Brexit not Grexit is Europe’s problem

The outcome of the UK parliamentary elections on May 7 is very open with two new political forces in play – the anti-European Union UK Independence Party known as UKIP and the Scottish Nationalists. Their impact is quite in incalculable, writes Prince Michael of Liechtenstein …  Continue reading:  GIS

Secular stagnation must not be accepted

We are constantly receiving alarming news on the state of the global economy. Insufficient growth, first in the industrialised world, and now in the emerging markets. Free markets brought unprecedented growth to world economies, especially since the 1980s. Living standards increased, and hundreds of millions of people globally were freed from poverty …  GIS

8 vernon smith prize

Vernon-Smith-Prize: Call for Papers!

The 8th International Vernon Smith Prize for the Advancement of Austrian Economics is calling for papers. This years theme: Edward J. Snowden: Hero or Villain? If a hacker intercepted communications and attacked private computers, it would be a crime. Yet when it’s done by a government, it represents a necessary component of national security and the protection of an unspecified ‘public interest’ … Continue reading -> VSP 8


26-year old challenges Piketty

Graduate student Matthew Rognlie recently wrote in his blog post that the French economist’s argument misses a subtle but absolutely crucial point. Piketty might have got the pattern in reverse. Instead of the returns to capital increasing in perpetuity, they might be poised to decline. With that quick post, Rognlie was challenging the most politically earthshaking prediction about inequality and the economy in recent memory …  -> Washington Post


Black clouds hang over the ECB

The European Central Bank inaugurated its new 1.3 billion euro high-rise offices in Frankfurt, Germany, on March 18, 2015, in a small opening ceremony, but thousands of left-wing demonstrators from Germany and other European countries clashed with police to protest at the ECB’s role in austerity measures in Europe, writes Prince Michael of Liechtenstein. … Continue reading -> GIS


7. Vernon Smith Prize verliehen

Der nachfolgend zum Download angebotene Pressebeitrag über die Preisverleihung in Vaduz, Liechtenstein, erschien am 28. Februar 2015 in “Wirtschaft Regional”, Seite 19. -> PDF herunterladen (618 kb)

Europes Healthcare

Europes Healthcare

Austrian Economics applied by Dorothee Deuring

Healthcare in Europe has been a flag-bearer in developing new drugs and medical care to create the world’s healthiest and longest-living society. But it comes at huge cost to public funds. Harmonising healthcare across EU countries is one way while another could be greater provision of privately-funded high-quality healthcare. Germany spends 11 per cent of GDP on healthcare, with around 77 per cent being funded by the public sector … Continue reading ->  GIS: Europes Healthcare (PDF)


Gescheiterte Globalisierung

Die Weltwirtschaftskrise der 1930er Jahre war eine Folge gescheiterter Globalisierung. Ihre Nachkriegsfolgen und der Untergang von Demokratien im Lichte konkurrierender Erklärungen wurden gesammelt von Ekkart Zimmermann (München) und vorgetragen auf der Konferenz “Nach dem Großen Krieg – Vom Triumph zum Desaster der Demokratie 1918/19-1939″ am Hannah-Arendt-Institut, 6. Oktober 2014 … Weiterlesen -> Gescheiterte Globalisierung

Vernon Smith Prize 2014

Vernon Smith Prize Ceremony in Vaduz

The Vernon Smith Prize 2014, came to an end with a ceremony held for the three winners in Vaduz (FL) on February 23. Their winning essays can be downloaded here: VSP 2014

Prince Hans-Adam II, his brother Prince Philipp and their cousin Prince Michael all attended the 7th International Vernon Smith Prize for the Advancement of Austrian Economics in Liechtenstein.

Ekkart Zimmermann (Munich) was the Laudatio speaker for the winners. You can read the entire laudatio here: VSP 2014


PERC Fellowships

Austrian Economics applied: PERC offers a wide range of fellowships. The overarching goals of the various fellowships are to expose new scholars, students, environmental entrepreneurs, journalists, and policy makers to free market.  PERC allows scholars already familiar with free market environmentalism to find new applications, and generate research output, which can be published in various venues to help further demonstrate how property rights and markets are working to provide environmental quality. … Continue reading -> PERC


Haberler Conference: Schedule released

The XI. Gottfried von Haberler-Conference, organized by ECAEF (The European Center of Austrian Economics), Vaduz, Principality of Liechtenstein, will take place on Friday, May 29, 2015. Topic: “Seid umschlungen Millionen? Der Würgegriff grosser Staaten” (English: “Be embraced, you Millions? Downsize the States, Empower the People!”) This year’s conference schedule just has been released … Read more: GvH Conference


Currency war is destructive to global economy and trade

The euro is losing ground against the US dollar. The European Central Bank’s (ECB) policy of easy money and Quantitative Easing is outpacing the US Federal Reserve, which is indicating tightening money in the future, writes Prince Michael of Liechtenstein. Russia’s rouble is tumbling, and one of the world’s strongest economies, in Singapore, has announced that its Central Bank will intervene to weaken the currency and support Singapore’s competitiveness. … Continue reading -> GIS

European QE funds will not reach the economy

The European Central Bank’s decision to introduce a programme of Quantitative Easing (QE) is not a win-win situation but rather an expression of helplessness, writes Prince Michael of Liechtenstein in his latest GIS statement. The programme, agreed on January 22, 2015, allows the ECB to buy up to 60 billion euros a month in European sovereign debt from March 2015 until September 2016. The total will exceed one trillion euros …  Continue reading:  GIS

Flat Tax Is Picking Up Steam in Italy

by Alvin Rabushka | Your friendly proprietor recently returned from a trip to Italy where he met with leading Italian politicians and participated in a standing room only conference on the benefits of a 15% flat tax on personal and business income for Italy. Armando Siri, president and founder of the New Italian Party (PIN), first introduced the 15% flat tax to the Italian public … Continue reading ->

2015 Summer Research Collquium, Mason University, VA

Call for Papers: 2015 Summer Research Colloquium

The Institute for Humane Studies, (Mason University, VA) is calling for Papers for the 2015 Summer Research Colloquium. This colloquium brings together top scholars in the humanities and social sciences with student peers for the purpose of giving grad students the unique opportunity to receive constructive criticism of their current work presented in a cordial, interdisciplinary setting.

Eligible proposals must be related to the classical liberal intellectual tradition. Applicants must be currently enrolled in a graduate degree program or entering their graduate studies no later than Fall 2015. Proposals from within the humanities, social sciences, and related scholarly disciplines are encouraged. We welcome both working papers and finished drafts. … Continue reading -> Summer Research Colloquium


True Entrepreneurship happens in free market economies

Address by Herman Mashaba at the Inaugural Herman Mashaba Lecture on Entrepreneurship at Central University of Technology, Bloemfontein (South Africa) in November 2014.

Just over two years ago I received a surprise call from this university with the notice to award me with an Honorary Doctorate in Business Administration by the Faculty of Management Sciences. Now two years later, another total surprise to start an annual Herman Mashaba Lecture on Entrepreneurship. I feel particularly honoured and humbled by this recognition. This annual lecture dedicated to the promotion and development of entrepreneurship could not have come at the better time in the short history of our new country. Entrepreneurship, in particular the promotion of small business development, is something I have dedicated the latter part of my life to … Continue reading -> True Entrepreneurship


Die EU ist kein Rechtsstaat

Mit einem neuen Buch versetzt Carlos A. Gebauer die EU-Turbos in einen Schockzustand. Anhand einer detaillierten und tiefgründigen Analyse der EU-Vertragswerke zeigt er auf, dass die EU das pure Gegenteil des selbst deklarierten «Raums der Freiheit, der Sicherheit und des Rechts ist … Continue reading -> Schweizerzeit


Swiss National Bank showed responsibility in ending policy

The Swiss National Bank (SNB) stabilised the Swiss Franc (CHF) against the euro at a rate of not less than CHF1.20 to one euro for more than three years. Whenever the Swiss franc appreciated beyond this hurdle the SNB bought foreign currency to keep the value of the CHF low … Continue reading -> GIS

Vernon Smith Prize Winners announced

ECAEF announced the winners of last year’s Vernon Smith Prize. 1st price: David J. Hebert (USA), 2nd price: Daniel Sanchez Pinol Yulee (Spain), 3rd price: Andreas Kohl Martinez (France). The winning essay can be read here at soon after the winners ceremony, which takes place on February 23, 2015 in Vaduz, Liechtenstein. Continue reading: VSP 7

Hauptsache alle Menschen sind gleich arm

Hubert Milz kommentiert Pikettys Buch “Das Kapital im 21. Jahrhundert”. Auf einem Symposium des Lord Acton Kreises in Wien wurde Thomas Pikettys Buch eingehend analysiert und einer systematischen Kritik unterzogen. Weiterlesen: ECAEF News

Staatsschulden im 21. Jahrhundert

Communism’s Comeback?

by Vaclav Klaus | In the countries of Central and Eastern Europe, we are currently remembering the 25th anniversary of the fall of Communism, one of the most irrational, oppressive, cruel and inefficient political systems in history … Continue Reading: ECAEF News


Alvin Rabushka presents Flat Tax

If you like to be updated on the Flat Tax, watch Alvin Rabushka’s speech at the Institute of Economic Affairs in London, held on November 19, 2014. It’s a 45 minute presentation on why the Flat Tax is good for Britain. Click here ot watch the video: ECAEF News

Vernon Smith Prize

7th Vernon Smith Prize

The winners of the 7th International Vernon Smith Prize for the Advancement of Austrian Economics will be announced on February 5, 2015 here at, and invited to present their papers at a special event in Vaduz (Principality of Liechtenstein) on February 23, 2015.
Continue Reading: VSP 7


Das Sterben der Fiat-Währungen

Stehen wir vor Hyperinflationen? Zum Thema “Fiat-Währungen” erreichte uns  eine neue, sehr alarmierende Graphik von Dr. Werner von Tabarelli. Er ist Geld- und Währungsexperte sowie Stiftungsrat der European Center of Austrian Economics Foundation. Klicken Sie auf das Bild. Hyperinflation

Staatsschulden im 21. Jahrhundert

Schulden im 21. Jahrhundert

Daniel Stelter, Gründer des Forums Beyond the Obvious und davor Senior Partner und Managing Director bei The Boston Consulting Group (BCG), widerlegt mit seinem neuen Buch “Die Schulden im 21. Jahrhundert” Thomas Piketty. Stelter zeigt eindrucksvoll, dass Piketty die Bedeutung der Schulden unterschätzt.
Weiterlesen: Buchempfehlung


Collapse of the Welfare State

Will the end of a daydream turn into a nightmare? The first International Jacques Rueff Conference will be a one-day conference, organized and hosted by ECAEF (European Center of Austrian Economics Foundation, FL) in co-operation with CEPROM (Center of Economic Research for Monaco, MC). Mark you Calendar: Monaco, Nov. 6, 2015. Read more: ECAEF News

Abolishing Cash a Danger for Society’s Freedom

Kenneth Rogoff is one of today’s most influential and brilliant economists. He is a professor at Harvard University and was, for some years previously, Chief Economist of the International Monetary Fund (IMF). His opinions are hugely influential and, in his opinion, negative interest rates are necessary to stimulate the economy further in today’s crisis, writes Prince Michael of Liechtenstein. Various GIS reports have mentioned that monetary measures can support the economy but cannot be the sole driver. The success of these measures is more than doubtful.
Continue reading -> GIS

Pope Francis’ Lesson for Europe

Pope Francis gave a wonderful message of hope to Europe and showed a most profound knowledge of Europe’s challenges when he visited the European Parliament on November 25, 2014, writes Prince Michael of Liechtenstein. The Holy Father, a Jesuit from South America, gave guidance to Europe, which is not strange considering our common Christian heritage. The Pope praised the wisdom of the European Union’s founding fathers in launching a huge peace project. But he emphasised rightly, that unity does not mean uniformity and that the increasing harmonisation within the EU is detrimental to the great European idea and tradition.  Read more: GIS


XI. Gottfried von Haberler Conference

The XI. Gottfried von Haberler-Conference, organized by ECAEF (The European Center of Austrian Economics), Vaduz, Principality of Liechtenstein, will take place on Friday, May 29, 2015. Topic: “Seid umschlungen Millionen? Der Würgegriff grosser Staaten” (English: “Be embraced, you Millions? Downsize the States, Empower the People!”) Program will be announced here at in due course.


At Last, a Better Way to Economic Measure

This is the press release and additional information about Gross Output, the new macro statistic now being published quarterly by the US Bureau of Economic Analysis. It is the first macro statistic issued by the US since GDP was invented in the 1940s and is the biggest triumph in supply-side economics since Hayek won the Nobel Prize 40 years ago.  Read more: Press Release


Europe’s economic predicament

Europe was shocked this week when forecasts were reduced for what was already only tentative economic growth in the eurozone. The news should actually be good. There is, in theory, a plentiful supply of money at close to no cost to enhance consumption, construction and investment in business …  Continue reading: GIS


7th Vernon Smith Prize 2014

LAST Call for Papers! The 7th International Vernon Smith Prize is calling for essays on the topic: “Trusting Politicians with Our Money is like Leaving a Cat in Charge of a Cream Jug”. First Prize EUR 4,000. Second Prize EUR 3,000. Third Prize EUR 2,000. Deadline: November 23, 2014. Continue reading: VSP 7


The Revival of Nationalism

Pedro Schwartz: This is the year when we commemorate the start of the I. World War, a ghastly conflict in great parts attributable to the fanning of nationalistic feelings by politicians and soldiers playing power games. The human cost of that war should have forever put an end to the cultivation of tribal feelings in Europe. It was not to be … Continue reading:


Europe follows Japan as Abenomics misses target

When Prime Minister Shinzo Abe returned to office in December 2012, the core of his programme consisted of relaunching Japan’s economy which has been stagnating for more than 20 years in a deflationary trap, writes Prince Michael of Liechtenstein. His programme consisted of a number of ‘arrows’ – measures to fix the economy – which were called ‘Abenomics’ … Continue reading: GIS

jean tirole gewinnt nobel preis 2014

Jean Tirole gewinnt Nobel-Preis

 Jean Tirole gewinnt den Nobel-Preis 2014. Damit ist er nach G. Debreu (1983) und M. Allais (1988) der dritte Franzose, dem dieser Preis verliehen wurde. Jean Tirole ist Professor an der Universität Toulouse. Weiterlesen: ECAEF News


Was an Pikettys Thesen dran ist

Von Hanno Lorenz. Nun liegt es auch auf Deutsch vor: “Das Kapital im 21. Jahrhundert” von Thomas Piketty, jenes Buch, das in den USA und von dort nach Europa ausstrahlend für ein ökonomisches Werk ungewöhnlich viel Medienaufmerksamkeit bekam … Weiterlesen: Agenda Austria