Volume 15, No. 2 (Summer 2012) Austrian business cycle theory has been criticized on the basis of “rational expectations.” That is, reasonably high quality entrepreneurs—which are required for economic growth—should be able to foresee the business cycle and thereby avoid making malinvestments . As noted by Evans and Baxendale (2008), this
Volume 16, No. 2 (Summer 2013) Friedrich Hayek and Ludwig von Mises demonstrated that central planners will be unable to manage an economy rationally due to the problems of dispersed knowledge and the impossibility of economic calculation in a centrally planned economy. This paper adds to these two problems by suggesting a third: the computation
Volume 12, No. 2 (2009) Andrew Young (2009) suggests a capital-based theory for secular growth that is consistent with Austrian capital theory. He argues that investment in intangible capital can create secular growth through a combination of external effects (because intangible capital is nonrivalrous ), and opening paths for further
So, Joe Stiglitz is weighing in on the crisis with an article with Vanity Fair . His claims? Five major mistakes were made. #1: Firing the regulator inflation-fighter Paul Volcker in favor of free-marketeer Alan Greenspan #2: Gramm-Leach-Bliley AKA the “Financial Services Modernization” Act #3: “Applying the Leeches” – by which he means poorly
Paul Krugman has a recent post , giving two reasons why the free market cannot cure health care. As should be no surprise to a Mises.org reader, Krugman is quite wrong.Drawing from a classic article by Kenneth Arrow, Krugman gives two main reasons that health care is something that cannot be left to a free market. First, health care expenses are
Continuing in the fight for a 100% reserve banking system (or at least a system closer to that than the one we have), I just sent the following message to the Board of Governors. Naturally, feel free to copy-paste, or send them your own comments here . To the Board of Governors: As you know, recent PPI data shows a marked increase in Final Goods
Apparently, Secretary Geithner is going to China this weekend. In part, he’s going to be there to tell China to stop exporting so much. Which, of course, raises a serious question. If China stops exporting (as much) to the US, where will they get the dollars to lend our government so that we can repair our crumbling roads and bridges? The rather
Quarterly Journal of Austrian Economics 19, no. 1 (Spring 2016): 112–115 Robert P. Murphy’s Choice: Cooperation, Enterprise, and Human Action seeks to provide the reader with a “modern condensed treatment” of Ludwig von Mises’s Human Action . Robert P. Murphy is a long-time contributor to Austrian economics, and has been a serious student of
Volume 17, No. 4 (Winter 2014) KEYWORDS: John Maynard Keynes, marginal efficiency of capital, net present value, interest rates, central banking JEL CLASSIFICATION: E12, E22, E52, In his recent article, Edward W. Fuller (2013) compared the Keynesian Marginal Efficiency of Capital approach with the Austrian Net Present Value approach. While his
Quarterly Journal of Austrian Economics 19, no. 2 (Summer 2016) ABSTRACT: There is an emerging literature on the subject of skyscrapers and business cycles. Lawrence (1999) first noticed the correlation between important changes in the economy and the building of record-breaking skyscrapers. Thornton (2005) established a theoretical link between
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.
