All Posts Tagged With: "boom-bust cycle"
A Return to Gold?
“Lenin is said to have declared that the best way to destroy the Capitalist System was to debauch the currency. . . . Lenin was certainly right. There is no subtler, no surer means of overturning the existing basis of society. . . .The process engages all the hidden forces of economic law on the [...]
30Nov2011 | and John L. Chapman | 13 comments | ContinuedCrisis Economics: A Crash Course in the Future of Finance
Nouriel Roubini and Stephen Mihm’s book on the great subprime crisis gets off to a good start by dismissing as a red herring the “tired” argument attributing the boom to “greed” and focusing instead on “changes in the structure of incentives . . . that channeled greed in new and dangerous directions.” These included programs [...]
30Nov2011 | George A. Selgin | 2 comments | ContinuedProgressive Intolerance
Television pundits increasingly express an attitude that is at once arrogant and ignorant: The people who oppose Keynesian economics—specifically an increase in government deficit spending to create jobs and jumpstart the economy—are the same kind of people who also believe that the earth is only several thousand years old (rather than 4.5 billion), that evolution [...]
26Oct2011 | Sheldon Richman | 7 comments | ContinuedMore Government Action Needed for Job Recovery?
Would it come as a shock to hear one of the best-known apologists for government intervention in the economy admitting that it hasn’t worked (so far)? This is exactly what Nobel Prize-winning economist and uber-Keynesian Paul Krugman does in a New York Times column, stating, “[W]e are not now and have never been on the [...]
26Oct2011 | Tyler Watts | 1 comment | ContinuedHow the Economy Works
This book is slim. It’s also well written, which is always a surprise when the author is an academic economist. But don’t let the concision and breezy style fool you. UCLA economics professor Roger Farmer offers a big idea that he’s convinced will reduce both the frequency and size of economic booms and busts. Unfortunately [...]
22Jun2011 | Donald J. Boudreaux | 2 comments | ContinuedCentral Banking Beats Free Banking?
In “More Bits on Whether We Need a Fed,” a November 21 Marginal Revolution blog post, George Mason University economics professor Tyler Cowen questions “why free banking would offer an advantage over post-WWII central banking (combined with FDIC and paper money).” He adds, “That’s long been the weak spot of the anti-Fed case.” Free banking [...]
23Mar2011 | Fred E. Foldvary | 3 comments | ContinuedI Like Hayek
Who should take the place of Keynes to lead economics into the 21st century? Should it be the economics of Friedman, Ludwig von Mises, Joseph Schumpeter, or F. A. Hayek? While all four have much to offer, I favor Hayek. I am not alone.
1Sep2001 | Mark Skousen | 0 comments | ContinuedThe Economy Is Cyclical?
According to a memorable title, “Business Cycles Aren’t What They Used to Be—and Never Were” (Gerald Sirkin, Lloyd’s Bank Review, v. 104, 1972). In today’s political and economic environment, we need to be clear about which characteristics endure and which ones can and do change over time. We might begin with a reminder about characteristics [...]
1Sep2001 | Roger W. Garrison | 0 comments | ContinuedEconomics on Trial
In today’s robust global economy, the wheat represents genuine prosperity—the new products, technologies, and productivity generated by capitalists and entrepreneurs. It represents real economic growth and when harvested, reflects a true higher standard of living for everyone. Under such conditions, stock prices are likely to rise.
1Sep2000 | Mark Skousen | 0 comments | ContinuedRisk and Business Cycles: New and Old Austrian Perspectives
Leland B. Yeager is Ludwig von Mises Distinguished Professor Emeritus of Economics at Auburn University. The Austrian theory of the business cycle describes how expansion of money and credit can cause recession or depression. Perhaps under political pressure to cut interest rates, the monetary authorities expand bank reserves. Business firms find credit cheaper and more [...]
1Sep1998 | Leland B. Yeager | 1 comment | ContinuedHow Real Is the Asian Economic Miracle? A Reprise
“In retrospect, all fools become wise.” —Ludwig von Mises In the November/December 1994 issue of Foreign Affairs, Stanford economist Paul Krugman wrote a controversial article titled “The Myth of Asia’s Miracle.” He argued that, like Stalinist Russia and other centrally planned economies of Eastern Europe, the Southeast Asian nations were authoritarian and engaged in “growth [...]
1Apr1998 | Mark Skousen | 0 comments | ContinuedEconomics on Trial
European Unemployment: The Age of Ignorance, Part II “This persistence of high unemployment in the European Community is a major puzzle.” —Charles R. Bean, “European Unemployment: A Survey,“ Journal of Economic Literature, June 1994 “Is This the Age of Ignorance—Or Enlightenment?”, my most controversial column, was published in the June 1994 issue of The [...]
1Jan1995 | Mark Skousen | 0 comments | Continued-
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