Creative design of statistics cannot solve the persistent crisis. The core of the problem lies in a misguided economic policy that zombifies the Japanese economy and thus undermines prosperity.
The world now has the impossible choice of permanently reduced productivity and slower economic growth — or the mass bankruptcy of a significant percentage of the economy.
Where there is no business at all, business can be neither good nor bad. There may be starvation, and famine, but no depression in the sense in which this term is used in dealing with the problems of a market economy.
Can credit expansion in one part of the world infect a laissez-faire economy with a boom-bust cycle? Block, Engelhardt, and Herbener argue that the laissez-faire economy is largely sheltered.
So how about it, Mr. Powell? A real economy operates without ultra-low interest rates and activist central bank stimulus.
The Anti-Corn-Law League was the best financed and the most highly organized political pressure group that Britain has ever witnessed.
What causes financial crises, domestic and global, is the underlying, continuing credit expansion.
The Austrian story fits the facts of the housing boom—and bust—much better than the preferred narrative of Market Monetarists.
Austrian economics in particular provides the historian with a theoretical apparatus that equips him with the ability to make disembodied statistics tell a coherent and accurate story.
F.A. Hayek's many contributions to the Austrian school of economics are highlighted by Peter Klein.
