Updating Robert Higgs’s “Gross Domestic Private Product”
Although once controversial, government purchases are now included in GDP measurements. But, it may be still useful to remove these purchases from GDP.
Business Cycles
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Can Technology Prevent a Recession?
Technology doesn't tell us much about whether we're prone to a recession. The much larger issue is inflation-induced misallocation of resources.
A Mathematical Version of Garrison’s Model
We develop a mathematical framework of Garrison's model and apply it to increase in savings, secular growth, and Austrian business cycle theory.
End Game for the Global Economy
Central banks never recovered and "normalized" their balance sheets after the 2008 crisis. That means the current system is very fragile.
There Are Two Types of Credit — One of Them Leads to Booms and Busts
Mises made a distinction between credit that is backed by savings, and credit that is not. The second type plays a key role in the boom-bust cycle.
Will China Trigger the Next Global Recession?
China has many problems, but it also has a high savings rate, a limited welfare state, and a rising middle class.
Video: Joseph Salerno Explains the Benefits of Deflation
Joseph Salerno spoke on "Why Falling Prices Are Good for Business" at Ramapo College in New Jersey on October 4.
The Stinky Japanese Bond
Central banks have been on a bond-buying spree. This is good for governments deep in debt. But it is a risky and dangerous policy for the rest of us.
Economic Growth Requires More Than Low Interest Rates
With such low interest rates, shouldn't we be experiencing a boom? The problem is, a solid economy requires much more than just low interest rates.
