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The Free Market 32, no. 12 (December 2014) Throughout the existence of the Fed, its officers and intellectual supporters understandably asserted that the government’s movement toward central banking was a most beneficial evolution. In a 1948 issue of The Federal Reserve Bulletin , for example, Fed Chairman Thomas B. McCabe asserted that money

  Quarterly Journal of Austrian Economics 19, no. 4 (Winter 2016) Whenever a new book on money and the business cycle from an Austrian perspective is published, the hope is that it will be another monumental contribution setting before the reader the best of monetary and business cycle theory. Alas, while Brian P. Simpson’s Money, Banking, and the

Brian Simpson (2017) in responding to my lengthy review of his two volume Money, Banking, and the Business Cycle , provides a welcome opportunity to identify the main distinctions between Simpson’s business cycle theory and Austrian business cycle theory (ABCT). Simpson’s earnest pleas to the contrary, I nevertheless remain unmoved that he

My friend and department Chairman  Jeff Herbener  has a chapter included in the new book  The Economic Theory of Costs: Foundations and New Directions   edited by Matt McCaffrey and published by Routledge. Herbener’s chapter is entitled “Time and the Theory of Cost” The abstract reads as follows: Production costs in Neoclassical models account for

Historically, Thanksgiving has been a feast day during which Americans are called upon to thank the Lord for the many blessings he has bestowed upon us. Richard J. Maybury and Gary Galles both explain the economic lessons to glean from the experience of the Pilgrims and both note that the primary reason for God’s blessing them with relative

When President Barack Obama wanted to curtail carbon dioxide emissions, he instructed his economic advisors to construct a way to calculate the emissions’ effect on society. The metric thus adopted by the EPA is called the “social cost of carbon” (SCC). Right from the start we should note an important distinction: Carbon is an element; carbon

The Free Market 27, no. 7 (July 2009)   A majority of Americans now give President Obama’s handling of the economy a negative rating, and many economists and city officials are concerned that Obama’s gargantuan stimulus effort has not given the expected quick boost to the economy. Some argue this is because funds have been slow in coming owing to

  Volume 3, No. 1 (Spring 2000)   While damning the free market with the faintest of praise,  Krugman’s  book  provides us with an excellent example of why it is so important to get the analysis  right before prescribing policy solutions for an economic problem. In  Krugman’s   case, bad analysis leads to bad policy recommendations. 

  Volume 6, No. 2 (Summer 2003)   In sum,  Economics and Culture  is a serious attempt to bring economic analysis to bear on cultural issues. It is a fine survey of the cultural economics literature and makes a number of good isolated insights regarding the survival of culture. However, these strengths are ultimately more than offset by ambiguous

  Volume 8, No. 2 (Summer 2005)   Symposium: On the Occasion of the Eighteenth Edition of Paul Samuelson’s  Economics It is no wonder that the vast majority of Americans do not know whom, if anyone, they should believe regarding economic pronouncements. Much of the credit for this intellectual legacy can be laid at the feet of Paul A. Samuelson,