Current Austrian scholarship: Fillieule compares Austrian macroeconomic models, Thornton discusses Rothbard on the economics of slavery, Er’el Granot on reswitching, bitcoin and the regression theorem, seven book reviews, and more.
The Quarterly Journal of Austrian Economics (QJAE) is a refereed journal that promotes the development and extension of Austrian economics and the analysis of contemporary issues in the mainstream of economics from an Austrian perspective.
The QJAE Blog Editors and Editorial Board Submission Information
The Relevance of Bitcoin to the Regression Theorem: A Reply to Luther
Does the emergence of bitcoin invalidate the regression theorem? William Luther argues that it does, but Pickering here contends that Luther's view misinterprets the regression theorem.
Review: The Bitcoin Standard: The Decentralized Alternative to Central Banking
This book is a rarity: a reasonable treatment of bitcoin from the point of view of Austrian economics.
Review: Narrative Economics: How Stories Go Viral and Drive Major Economic Events
Brendan Brown reviews "Narrative Economics," which argues that "economic fluctuations are substantially driven by contagion of oversimplified and easily transmitted variants of economic narratives."
Review: Prosperity and Liberty: What Venezuela Needs…
David Gordon reviews Prosperity and Liberty, a compilation of essays on Venezuela's wrecked economy and plans for reconstruction, edited by Rafael Acevedo.
Review: Beyond Brexit: A Programme for UK Reform
George Pickering reviews the Policy Reform Group's Beyond Brexit: A Programme for UK Reform, a series of essays on the Great Recession and Britain's retreat from the global economy's forefront.
Review: Indebted: How Families Make College Work at Any Cost
Jeffrey Degner reviews Caitlin Zaloom's Indebted: How Families Make College Work at Any Cost and finds that while the anthropological approach led to interesting anecdotes, Zaloom's economics fall short.
Rothbard on the Economics of Slavery
Published here for the first time is Rothbard's note on the economics of antebellum slavery. Mark Thornton comments on the paper, which criticizes the method of the New Economic History.
An Overlooked Scenario of “Reswitching” in the Austrian Structure of Production
Reswitching indicates that the average production period is not necessarily a decreasing function of the interest rate. Granot's generic model of the structure of production shows behavior resembling reswitching.
The Wealth Effect and the Law of Demand: A Comment on Karl-Friedrich Israel
Addressing a problem that Karl-Friedrich Israel perceived in Salerno's chapter "The 'Income Effect' in Causal-Realist Price Theory," Salerno contends that Israel's resolution implies a denial of the law of demand.
A Note on Some Recent Misinterpretations of the Cantillon Effect
Sieroń comments on Book and Sumner regarding the Cantillon effect, arguing that the Austrian analysis of the Cantillon effect is correct.
Remembering Ulrich Fehl, German Economist and Prominent Scholar with a Deep Knowledge of Austrian Economics
Ulrich Fehl, professor emeritus at Marburg University, passed away November 9, 2019. Prof. Fehl is remembered in this tribute by his student, Peter Engelhard
Remembering Ulrich Fehl, German Economist and Prominent Scholar with a Deep Knowledge of Austrian Economics
Ulrich Fehl, professor emeritus at Marburg University, passed away November 9, 2019. Prof. Fehl is remembered in this tribute by his student, Peter Engelhard
The Marginal Revolutionaries: How Austrian Economists Fought the War of Ideas
David Gordon reviews Janek Wasserman's "The Marginal Revolutionaries" and finds some concerning errors and misunderstandings.
Economics in Two Lessons: Why Markets Work So Well, and Why They Can Fail So Badly
David Gordon reviews John Quiggin's "Economics in Two Lessons," an effort to correct Hazlitt's "Economics in One Lesson" by adding "important truths about the limitations of the market."
The Macroeconomic Models of the Austrian School: A History and Comparative Analysis
Three Austrian macroeconomic models—those of Böhm-Bawerk, Hayek, and Garrison, are reviewed and compared. At a general level, they share several important characteristics.