All Posts Tagged With: "macroeconomics"

World 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 appearances. [...]

23Oct2009 | Richard W. Fulmer | 6 comments | Continued

How 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 | Continued

Mainstream 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 | 10 comments | Continued

A Microeconomist’s Protest

The conventional macroeconomic diagnosis and proposed cures ignore many important structural or microeconomic factors.

1Apr2009 | Mario Rizzo | 8 comments | Continued

Why Are Economists So Misunderstood?

Russel Roberts is a professor of economics at George Mason University and the J. Fish and Lillian F. Smith Distinguished Scholar at the Mercatus Center. He is the author of The Invisible Heart: An Economic Romance.
Here is a puzzle.
I’m at a social gathering that includes some doctors. One doctor is discussing a prescription drug for [...]

1Jan2004 | Russell Roberts | 8 comments | Continued

The 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 | 0 comments | Continued