All Posts Tagged With: "business cycle"
Consumption Can Drive Economic Growth?
Perhaps one of the biggest misconceptions about America’s recent period of high growth is that consumption was the principal driver behind it. Embodied as the notion of a so-called wealth effect, the misconception is so deeply entrenched that its internal contradictions are overlooked and alternative views are simply ignored. As it is, this misguided thinking [...]
1Nov2001 | Christopher Lingle | 7 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 | ContinuedAmerica’s Great Depression by Murray N. Rothbard
Ludwig von Mises Institute · 2000 · 368 pages · $29.00 Reviewed by Roger W. Garrison It may not be conventional to review the fifth edition of a book that appears several years after its author’s passing. But America’s Great Depression is not a conventional book. It is written with verve and aplomb. And its [...]
1Sep2001 | Roger W. Garrison | 1 comment | ContinuedNothing Left to Buy?
America is now in the middle of an unparalleled economic expansion. In the fourth quarter of 1999, the economy grew at the frenetic rate of 6.9 percent. The Dow climbs upward. Even some so-called serious people have started to wonder if the business cycle has been abolished. I think we’ll manage to have a recession [...]
1Jun2000 | Russell Roberts | 0 comments | ContinuedThe Hayek-Keynes Debate: Lessons for Current Business Cycle Research by John P. Cochran and Fred R. Glahe
Edwin Mellen Press • 1999 • 200 pages • $89.95 Unlike some, this book’s title accurately reveals the theme and goal of the text. The authors have set for themselves an admirable task. In a book of only about 200 pages they review the debates that occurred during the 1930s between F. A. Hayek and [...]
1Apr2000 | Larry J. Sechrest | 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 | ContinuedWe Need a Global Fed?
Some economic pundits see every instance of economic disorder as proof of the defects of capitalism and of the need for more extensive government regulation of the economy. It never seems to cross their minds that government regulations might even destabilize markets. A recent example of such thinking comes from Jeffrey E. Garten, dean of [...]
1Feb1999 | George A. Selgin | 0 comments | ContinuedAre Financial Markets Inherently Unstable?
“There is an urgent need to recognize that financial markets, far from trending towards equilibrium, are inherently unstable.” —George Soros1 In the aftermath of the collapse of emerging economies in Asia, eastern Europe, and Latin America, many prominent economists and speculators, from Paul Krugman to George Soros, have called for government intervention in financial markets. [...]
1Jan1999 | Mark Skousen | 3 comments | ContinuedSamuelson’s Last Hurrah
As readers of The Freeman know, this column has documented the dramatic changes in Samuelson’s thinking over the past few years.[1] Along with the rest of the economics mainstream, he has shifted gradually from standard Keynesian analysis to the Classical model of Adam Smith.
1Mar1998 | Mark Skousen | 2 comments | ContinuedHas Capitalism Failed or Succeeded? The Tale of Two Graphs
The Great Depression of the 1930s brought us Keynesian economics and a broad shift in emphasis from the classical study of economic growth to concern about economic fluctuations and how to subdue the boom-bust business cycle. Postwar textbooks, led by Paul Samuelson’s Economics, focused primarily on the ups and downs of the capitalist system and how government policy could ameliorate the business cycle.
1Aug1997 | Mark Skousen | 0 comments | ContinuedLearn to Earn
Philip Murray is an associate professor of economics at Webber College in Babson Park, Florida. If anyone doesn’t know U.S. economic history or how exciting business can be, wait until this book makes its mark. Although Peter Lynch and John Rothchild direct this book to a young audience, older readers will also find several worthwhile [...]
1Nov1996 | Philip R. Murray | 0 comments | ContinuedThe Failure of the New Economics
Dr. Peterson is Distinguished Lundy Professor of Business Philosophy Emeritus at Campbell University, North Carolina. In the beginning was Say’s Law—supply creates demand. But that was the “old economics.” Now, glory be, we’re blessed with the “New Economics”—demand creates supply—thanks to the “new” dazzling 1936 paradigm of The General Theory of Employment, Interest and Money [...]
1May1996 | William H. Peterson | 0 comments | ContinuedWhat Do You Make of This Graph?
In the 1960s, the heyday of Keynesian economics, economists spoke optimistically of an end to the dreaded business cycle. Then came the stagflationary jolt of the 1970s, the credit crunch and banking crisis of the 1980s, and Japan’s depression of the 1990s. In short, the business cycle seems alive and kicking.
Now, however, comes a graph recently published by the National Bureau of Economic Research (NBER) showing that the cycle has been tamed since World War II, resurrecting the “business cycle is dead” thesis. The graph is printed below.
1Mar1996 | Mark Skousen | 1 comment | ContinuedMacroeconomics Reconsidered
Mr. Swan, a recent graduate of Grove City College, is a member of FEE’s staff and a graduate student at New York University. Mark Skousen’s reconstruction in The Freeman of the debate between the Austrian and Monetarist schools on the trade cycle challenges the economics profession. In recent “Economics on Trial” columns, Skousen hands down [...]
1Jul1995 | Kyle S. Swan | 0 comments | Continued-
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