All Posts Tagged With: "macroeconomics"
Fearing Hayek
I’m sensing some panic in the air. Certain people seem mighty concerned that other people are . . . discovering Hayek. As a W. S. Gilbert character might say, Oh horror!
9Dec2011 | Sheldon Richman | 2 comments | ContinuedScientism and the Great Power Nexus
President Obama wants to create jobs. His political life depends on it. So the President recently used the bully pulpit to propose a “jobs” bill that would include heavy spending on infrastructure. Journalists wanted to know what the bill would do. They turned to economists. These experts, armed with the most sophisticated methods available, gave [...]
30Nov2011 | Max Borders | 5 comments | ContinuedMacroeconomics Needs SMUT
The value of anything, including labor and what it produces, is never disembodied: It is must be valuable to someone for something.
20Sep2011 | Sandy Ikeda | 19 comments | ContinuedWhere To Begin?
Choosing the right unit of analysis is more than an academic exercise. It’s a matter of poverty and prosperity, even of death and life.
6Sep2011 | Sandy Ikeda | 3 comments | ContinuedPresident Obama Urges Banks to Lend
“President Obama exhorted the nation’s biggest banks on Monday to make ‘extraordinary’ efforts to increase lending, even as some of those firms are racing to distance themselves from government control.” (Washington Post, Tuesday) This makes perfect sense. If banks don’t engage in risky lending again, how ever will the government be able continue “rescuing” them. [...]
15Dec2009 | Mike Van Winkle | 0 comments | ContinuedWorld War II Ended the Great Depression?
In his 2008 book, The Return of Depression Economics and the Crisis of 2008, Paul Krugman writes: “The Great Depression in the United States was brought to an end by a massive deficit-financed public works program, known as World War II.” He has since repeated this bon mot in a number of columns and television [...]
23Oct2009 | Richard W. Fulmer | 29 comments | ContinuedHow Much Money Does an Economy Need?
In How Much Money Does an Economy Need? Hunter Lewis addresses some of the most fundamental questions of monetary policy in a question-and-answer format. For a subject often clouded by technicalities, the language is refreshingly plain. Sometimes too plain, perhaps, to satisfy an academic economist. But academic economists aren’t the intended audience. The book can [...]
15Oct2009 | Lawrence H. White | 1 comment | ContinuedMainstream Macro in an Austrian Nutshell
While the events that have unfolded over the past year have required some outside-the-box theorizing by mainstream macroeconomists, the econo-mists of the Austrian school can offer a straightforward, fill-in-the-blanks explanation by drawing on the theory first articulated by Ludwig von Mises and then developed by Friedrich A. Hayek.
24Apr2009 | Roger W. Garrison | 15 comments | ContinuedA Microeconomist’s Protest
The conventional macroeconomic diagnosis and proposed cures ignore many important structural or microeconomic factors.
1Apr2009 | Mario Rizzo | 27 comments | ContinuedPolicy-making at the Macro Level
We recently received a question, which may be on many people’s minds, so I thought I’d post the response.“Is it possible for an economist to make decisions based on a complete set of economic data at the macro level?”Your question goes to the heart of the Austrian (Misesian) critique of standard economics. The preliminary answer [...]
10Feb2009 | Sheldon Richman | 0 comments | ContinuedBottom 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 | ContinuedWhy Are Economists So Misunderstood?
Here is a puzzle. I’m at a social gathering that includes some doctors. One doctor is discussing a prescription drug for a particular ailment. I interrupt with a lengthy discourse on the medication, explaining that the doctor’s understanding is faulty. He has misunderstood the most important applications of the drug. His analysis of the side [...]
1Jan2004 | Russell Roberts | 8 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 | 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 | ContinuedThe Government Is the Stabilizer?
Stability is the perennial issue in macroeconomics. The economist’s judgment about the stability of the market economy stems from what Joseph Schumpeter called the “pre-analytic vision.” To illustrate the point, Schumpeter specifically used John Maynard Keynes and his pre-analytic vision: Markets are inherently unstable; the government is the stabilizer. This belief, or vision, was held [...]
1Jan2000 | Roger W. Garrison | 2 comments | ContinuedGermany and the Third Way
Norman Barry is professor of social and political theory at the University of Buckingham in the United Kingdom. He is the author of Business Ethics (Macmillan, 1998). At least two things exercise political and economic commentators on Europe: the meaning and policy significance of the “third way” and the current malaise in the German economy. [...]
1Nov1999 | Norman Barry | 0 comments | ContinuedFrom Here to Economy: A Shortcut to Economic Literacy
The echoes of John Maynard Keynes still resonate across the intellectual and policy terrain traveled by economists. Thankfully, though, these echoes seem to be growing fainter with each passing year. From Here to Economy serves as an example of such developments. Author Todd Buchholz provides an interesting overview of the economics world, though his book [...]
1Feb1996 | Raymond J. Keating | 0 comments | Continued-
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