Paul Krugman, in a most recent post , argues “Backward moves the macroeconomic debate” with “the result that our economic discourse is significantly more primitive now that it was 70 years ago.” Per Krugman, this backward movement is apparent in the use by some opponents of active demand management policy, such as Amity Shlaes, and of the
Mark Skousen has been the leading advocate for better measures of economic activity ─ measures that better reflect an Austrian-Say based perspective of how an economy actually works ─ measures that better reflects the importance of production and investment in driving the economy and employment. His preference, gross domestic expenditure (GDE), as
In today’s Wall Street Journal , Edward C. Prescott and Lee E. Ohanian provide some important commentary on the causes of continuing slow recovery, the Bush-Obama-Fed Great Stagnation . Their conclusion: Surveys of small-business owners clearly indicate that changes in economic policy are required to reverse this trend. Chamber of Commerce surveys
The ‘ grumpy’ John H. Cochrane provides some interesting commentary on the “ The failure of macroeconomics ” in today’s WSJ. Missing – recognition of Higgs’s important ‘regime uncertainty’ and the Mises-Hayek-BIS view of credit-booms recently highlighted here and here in warnings from the Bank of International Settlements of central bank excesses.
Paul Krugman is at it again – distorting or misinterpreting work by other economists to attack critics of today’s central bank driven low interest rate environment and to defend policy status quo or to push for even more stimulus. This time the economist is Knut Wicksell whose work in both monetary theory and capital theory was part of foundation
Several days ago I highlighted John H. Cochrane’s critique of modern macroeconomics . In today’s Wall Street Journal Austrian Economist Mario J. Rizzo provides an excellent comment on Cochrane’s defense of modern modeling techniques. “Mr. Cochrane’s excessive scientism is on display when he pooh-poohs Paul Krugman’s critique regarding the “haze of
Without mentioning it, Michael Boskin provides supports Robert Higgs’s contention the Regime Uncertainty is a, if not the, major contributing factor to the current stagnating economy. Per Higgs, regime uncertainty is a “pervasive lack of confidence among investors in their ability to foresee the extent to which future government actions will alter
Some great contributors. This might even be worth the high price: Including contributions from David Howden, Guido Hulsmann, Thomas DiLorenzo, Thomas Woods, Robert Murphy, Shawn Ritenour, Jeffrey Herbener, Mark Thornton, William Barnett, Peter Klein, Lucas Engelhardt, and Douglas French. T he book was edited by David Howden and Joseph Salerno, and
A recent “ Notable and Quotable ” in the Wall Street Journal highlights insights from Steve Forbes and Elizabeth Ames’s new book Money: How the Destruction of the Dollar Threatens the Global Economy—and What We Can Do About It . There is much to like in this short excerpt. Echoing Roger Garrison on the housing crisis , Forbes and Ames point out,
Don Boudreaux at Café Hayek highlighted yesterday’s Wall Street Journal article by Mary Anastasia O’Grady where she asks “ What Really Drove the Children North”? Her answer, “Our appetite for drugs caused the violence that made life unbearable in much of Central America.” O’Grady, through Marine Corps Gen. John Kelly who now heads the U.S.
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.