All Posts Tagged With: "Austrian business-cycle theory"
Bottom Line
[T]here is no way for government macroeconomic policy to correct an incorrect perception of how [savings/consumption] plans have changed. There is no way for government to acquire the knowledge necessary to be able to coordinate individual plans. Such information simply does not exist. If it is going to ever exist it will be generated by [...]
24Jan2009 | Sheldon Richman | 0 comments | ContinuedPaul Krugman Flunks Capital Theory
Paul Krugman is said to have beat up on George Will during this joint appearance on ABC’s “This Week” back in November. But all Krugman really did was show that he, like Keynes, holds an unrealistic Play-Doh model of capital, as opposed to the heterogeneous, multistage, intertemporal structure-of-production model of the Austrian school. When Will [...]
21Jan2009 | Sheldon Richman | 0 comments | ContinuedDeflation: The Bogeyman of Bankers and Confused Economists
Excellent article on this currently popular topic from the FEE vault: The Dreaded D Word by Christopher Mayer
15Dec2008 | Mason Drake | 0 comments | ContinuedSave Us from Government Spending
If you’re a glutton for torment as I am, you watch cable-TV news shows most nights. These days the shows are feeding viewers a steady diet of 100-proof Keynesianism as the cure for our economic woes. Leading in this department is Chris Matthews of MSNBC’s “Hardball.” (I call it “Nerf Ball.” Matthews’s idea of a [...]
14Nov2008 | Sheldon Richman | 0 comments | ContinuedDid Greenspan Do It?
Nearly every free-market advocate believes that the ultimate cause of the current housing and financial mess is Alan Greenspan’s easy-money policy when he was chairman of the Federal Reserve. But now two solid free-market economists and researchers nonpareil — David Henderson and Jeffrey Rogers Hummel — have published a paper arguing that Greenspan did not [...]
12Nov2008 | Sheldon Richman | 0 comments | ContinuedTime and Money: The Macroeconomics of Capital Structure by Roger W. Garrison
Routledge • 2001 • 272 pages • $99.00 Reviewed by Robert Batemarco Although it was Tolstoy who said that “the highest wisdom has but one science—the science of the whole,” these words express with uncanny accuracy the practice of the Austrian school of economics. One of the hallmarks of that school is that it sees [...]
1Jun2002 | Robert Batemarco | 0 comments | ContinuedA Classic Hayekian Hangover
Roger Garrison is professor of economics at Auburn University and author of Time and Money: The Macroeconomics of Capital Structure (Routledge, 2001); Gene Callahan is author of Economics for Real People (Ludwig von Mises Institute, forthcoming). Do busts follow investment booms as hangovers follow drinking binges? Dubbing the idea “The Hangover Theory” (Slate, December 3, [...]
1Jan2002 | Roger W. Garrison | 0 comments | ContinuedMicrofoundations and Macroeconomics: An Austrian Perspective by Steven Horwitz
Routledge · 2000 · 276 pages · $100.00 Reviewed by Gene Callahan Professor Steven Horwitz of St. Lawrence University has written an important new book laying the foundation of an Austrian school approach to macroeconomics. Horwitz is not addressing only fellow economists: While this book is certainly not an introductory work (don’t give it as [...]
1Dec2001 | Gene Callahan | 0 comments | ContinuedWilhelm Röpke: A Centenary Appreciation
On January 30, 1933, German president Paul von Hindenburg appointed Adolf Hitler chancellor of Germany. One week later, on February 8, Wilhelm Röpke, a 32-year-old professor of economics at the University of Marburg, delivered a lecture in Frankfurt am Main with the title “End of an Era?” Röpke told his audience that Germany was in [...]
1Oct1999 | Richard M. Ebeling | 2 comments | ContinuedMoney and Gold in the 1920s and 1930s: An Austrian View
Joseph Salerno is a professor of economics in the Lubin School of Business at Pace University. In consecutive issues of The Freeman, Richard Timberlake has contributed an interesting trilogy of articles advancing a monetarist critique of the conduct of U.S. monetary policy during the 1920s and 1930s.[1] In the first of these articles, Timberlake disputes [...]
1Oct1999 | Joseph T. Salerno | 7 comments | ContinuedMarket Money and Free Banking
“If we want to have money, it must be something that cannot be increased with a profit by anybody, whether government or a citizen. The worst failures of money, the worst things done to money were not done by criminals but by governments, which very often ought to be considered, by and large, as ignoramuses [...]
1Oct1999 | Bettina Bien Greaves | 3 comments | ContinuedHayek Made No Contribution?
“If one asks what substantive contributions [F. A. Hayek] made to our understanding of how the world works, one is left at something of a loss. Were it not for his politics, he would be virtually forgotten.” This assessment was offered up late last year in the online magazine Slate by Paul Krugman, 1991 winner [...]
1May1999 | Roger W. Garrison | 0 comments | ContinuedMoney in the 1920s and 1930s
Richard Timberlake is a professor of economics retired from the University of Georgia, and author of Monetary Policy in the United States, An Intellectual and Institutional History (University of Chicago Press, 1993). This article is the first in a series. One of the most enduring and troublesome mysteries in economics is money: how it is [...]
1Apr1999 | Richard H. Timberlake | 3 comments | ContinuedWhy Are Austrians Unusually Bearish?
“Can capitalism survive? No. I do not think it can. . . .Can socialism work? Of course it can.” —Joseph A. Schumpeter[1] When the financial markets went into a tailspin in late October 1997, my doomsday colleagues appeared gleeful. “The bear [market] has begun,” predicted Gary North. “It isn’t going to end for about 10 [...]
1Jan1998 | Mark Skousen | 2 comments | ContinuedEconomics on Trial
Last month, I wrote about the long-standing debate between the Monetarists and the Austrians, which surfaces at practically every Mont Pelerin Society meeting. Both schools are ardent defenders of the free market, yet they fight incessantly over methodology and economic modeling.
1Mar1995 | Mark Skousen | 4 comments | Continued-
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