Long-term interest rates are on the rise and there is no shortage of explanations from the usual suspects. One thing the pundits miss, however, is the role of time preference in determining interest. The Austrians do not make that error.

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Long-term interest rates are on the rise and there is no shortage of explanations from the usual suspects. One thing the pundits miss, however, is the role of time preference in determining interest. The Austrians do not make that error.
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The great free-market classical liberal William Leggett believed that Americans do not need politicians telling us on which days Americans ought to be thankful.
The biggest mistake America has ever made since the nation’s founding was the conversion of the federal government from a limited-government republic to a...