Corners not craters: A “GDP Fetish” In today’s WSJ the ever insightful David Henderson reviews Keynesian Alan Blinder’s new book on the financial crisis After the Music Stopped . A highlight: Mr. Blinder is a strong believer in the ability of government regulation to solve problems and even prevent them in the first place. He sees the private
Robert Higgs in “ Monetary Policy and Heightened Price Volatility in Raw Materials Markets” provides a very good companion piece to Mark Thornton’s “ Where Is the Inflation? ” A highlight: As anyone who ponders the movements of the PPI from the late 1940s to the present can see, things are currently far from placid on the price front. In the
John B. Taylor is always worth the time to read when he comments on monetary policy. Today’s WSJ critique of Fed policy , John Taylor: Fed Policy Is a Drag on the Economy , is no exception. Some highlights: While borrowers like near-zero interest rates, there is little incentive for lenders to extend credit at that rate. “More broadly, the Fed’s
I was a guest on Power Trading Radio with John O’Donnell yesterday. HT to Mark Thornton. O’Donnell gives a nice plug to the Mises Institute at the end of the interview . February starts off with a bang as markets rally sharply on market optimism. Dr. John Cochran joins the show to discuss the differences between Keynes and Hayek, and how the
AGD at 50 and the Quote for the Week The first edition of Rothbard’s magnificent America’s Great Depression was published 50 years ago in 1963. Historian Paul Johnson in the introduction to the 5th edition (2000, LudwigVon Mises Institute) , called the book Rothbard’s “intellectual tour de force ” and argued that “It has stood the test of time.”
Mark Skousen, through his Economic Logic and The Structure of Production , has been leading the fight for years for a measurement of economic activity that more closely aligns with a capital structure based macroeconomics. GDP is truly a Keynesian–based view of the economy; a data set that often hampers rather than helps advance Austrian
Accounting and The Rise and Fall of Firms and Nations James Grant, presenter of the Henry Hazlitt Memorial Lecture at this year’s AERC, reviews The Reckoning . Success and failure of institutions and states raise and fall with the integrity of their balance sheets. As Grant observes, “successful societies—while they last—are those that properly
Frank Hollenbeck, in “ Why Keynesian Economists Don’t Understand Inflation ” argues that a fundamental shift in macro theorizing, shifting from the transaction version of the equation of exchange to the income form of the equation, particularly in theorizing about the demand for money is wrong theory and hence leads to bad policy and a inherent
Noah, commenting on “For More Jobs and Stability, Set the Economy Free” , points to second important observation in the linked commentary by Kevin Warsh – the spillover effect of Fed Policy, with significantly negative long run consequences, on the world economy. From his comment: The piece by Kevin Warsh that was linked in the article (“Finding
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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.