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The Dow Jones Average and other market indicators tend to fall these days on each new report of increased prosperity. Or so it seems. The unemployment rate drops another tenth of a percent; stock prices take a nose dive. The most recent GDP figures suggest higher-than-expected economic growth; bond holders take a beating. How do high employment

[Review of Bob Woodward, Maestro: Greenspan’s Fed and the American Boom . New York: Simon and Schuster, 2000, pp. 270. This review originally appeared January 12, 2001.]   Economists who learned their monetary theory by reading Mises, Hayek, and Rothbard will find Woodward’s Maestro an exercise in frustration. If it’s any consolation, so too will

In these times of faltering growth and worries about a relapse into recession, we ask pointed questions about the competency of our leaders and policymakers. Is Mr. Bush not doing his job? Is Mr. Greenspan not doing his? There is plenty of finger-pointing to be done, but to bring the original culprit into view, we must step back from the current

Elisabeth Bumiller reports in the Washington Post (”Bush’s $2.2 Trillion Budget Proposes Record Deficits,” 2/04/03) that a budget deficit of $304 billion is forecast for the current fiscal year—with higher deficits to follow. (These figures, she notes, leave the costs of a war with Iraq out of account.) Mitchell E. Daniels Jr., the White House

As reported in Alan Ebenstein’s recent biography (2001), “Mr. Fluctooations” emerged as Hayek’s nickname at LSE in the 1930s—because he so often used that word, pronouncing it each time with a heavy Austrian accent. And his lectures on industrial fluctuations were accompanied by a full complement of graphics that depicted the economy’s capital

Although Ben Bernanke has pledged to ensure a continuity between the Greenspan policies and his own, he differs in several important respects, including his endorsement of “inflation targeting.” Greenspan has always been against it. But Bernanke’s idea of “inflation targeting” is in need of some deconstruction. First and foremost, it means that he

[This article originally appeared in the Quarterly Journal of Austrian Economics .] Interest has a title role in many pre-Keynesian writings as it does in Keynes’s own General Theory of Employment, Interest, and Money (1936). Eugen Boeöhm-Bawerk’s Capital and Interest (1889), Knut Wicksell’s Interest and Prices (1898), and Gustav Cassel’s The

“My article did not contain any problematic math; it contained no math at all — because the Austrians recognize that the relationship between cause and effect is not a quantitative relationship.” – Roger Garrison In his dismissive response to my recent Freeman article (” Mainstream Macro in an Austrian Nutshell ,” May 2009), Brad DeLong provides

[From Dissent on Keynes , edited by Mark Skousen, 1992] He Isn’t but He Is There is a story about a young job candidate interviewing for an entry-level position in the geography department of a state university. One senior faculty member, whose opinion of our modern educational system was not especially high, asked the simple question, “Which way

[ Economic Freedom and Interventionism: An Anthology of Articles and Essays • By Ludwig von Mises • Selected and edited by Bettina Bien Greaves • Irvington-on-Hudson, New York: Foundation for Economic Education, 1990. This review was first published in The Review of Austrian Economics (1991)] Admirers of Ludwig von Mises will welcome this new