Republican Richard M. Nixon closed the gold window Aug. 15, 1971, breaking the last monetary link with the precious metal. During the next three decades, prices as measured by the CPI more than quadrupled, or, put another way, the value of the U.S. dollar has fallen to 24 cents. Meanwhile, the dollar has lost more than two-thirds of its value
Quarterly Journal of Austrian Economics 19, no. 3 (Fall 2016): 302–306 Entrepreneur Andrew Carnegie (1835–1919) emigrated to the United States from Scotland at age 12, working entry-level jobs (bobbin boy, messenger, telegraph operator) that taught him about the importance of initiative and self-taught education. At age 17, Carnegie became a
Volume 3, No. 1 (Spring 2000) An entire generation of students has been taught to accept efficient market theory (EMT) as gospel. They have learned about investing in securities in an academic environment that rejects fundamental analysis. With the Austrian School of economics as his starting point, Frank Shostak has begun the process of
Volume 8, No. 1 (Spring 2005) Austrians have demonstrated that recessions—and depressions—are the inevitable result of central bank intervention in the economy. The book’s greatest weakness is its inference that all economists critical of the 1920’s credit structure were somehow real-bills ideologues. Kaza, Greg. “Review of A History of the
Volume 9, no. 1 (Spring 2006) References to the works of the economists and economic schools of thought are a relatively recent development in texts of reviews published by Federal Reserve System member banks. Text references in reviews were rare in the central bank’s first half-century (1914–1964) of operation. Explicit references to
Volume 9, No. 2 (Summer 2006) Joseph T. Salerno (2003) argues economic growth has occurred in periods of deflation. The Austrian School’s broad understanding of deflation is underscored by the four definitions offered by Salerno (growth deflation, cash-building deflation, bank credit deflation, and confiscatory deflation). Keynesians , by
CANTOR’S DIAGONAL ARGUMENT: AN EXTENSION TO THE SOCIALIST CALCULATION DEBATE by Robert P. Murphy. The socialist calculation debate is one of the most famous episodes in the history of the Austrian School. Provoked by Ludwig von Mises’s original salvo in 1920, the debate forced socialist theorists to refine their position TOWARD A CALCULATIONAL
Volume 15, No.3 (Fall 2012) This volume brings together highly important and relevant essays from distinguished authors, all of which are firmly anchored in the tradition of the Austrian School of Economics. The authors not only explain theoretically the causes of the current European economic and political crisis, but also point out, on the basis
Volume 13, Number 2 (Summer 2010) This paper is a review of Austrian School references in business cycle studies published by the National Bureau of Economic Research. The NBER’s business cycle chronology is limited by its exclusion of the Panic of 1819, described by Rothbard (1962). Another limitation of most NBER cycle literature is a
Volume 13, Number 4 (Winter 2010) The Cantillon effects cited in Thornton (2005) are a consequence of the central bank, and result in entrepreneurial errors during expansions in the NBER’s US business cycle chronology. Completion of the Woolworth Building and other skyscrapers coincide with NBER-identified contractions when the errors are
What is the Mises Institute?
The Mises Institute is a non-profit organization that exists to promote teaching and research in the Austrian School of economics, individual freedom, honest history, and international peace, in the tradition of Ludwig von Mises and Murray N. Rothbard.
Non-political, non-partisan, and non-PC, we advocate a radical shift in the intellectual climate, away from statism and toward a private property order. We believe that our foundational ideas are of permanent value, and oppose all efforts at compromise, sellout, and amalgamation of these ideas with fashionable political, cultural, and social doctrines inimical to their spirit.
