Money creation was far from excessive in the 1920s. More significant factors leading to the Great Depression include the monetary contraction that began in 1929 and the French repatriation of gold that started in 1927.
History of Economic Thought
When Professor Stiglitz says that his neo-socialism is the only alternative to the failed neo-liberalism of our time, he is merely saying: let me impose upon you the economic planning schemes that I consider the good, fair, and just ones for you, in place of those other command-economy coercers who want to take you down “wrong” collectivist paths compared to mine.
The video AIER is putting together with the highest professional standards seeks to present both their views fairly and accurately but in a way that it is entertaining and informative. It will inspire further study and a real dedication to ideas.
Because economics is more complex than most of what’s studied in the natural sciences, no set of rules of inquiry will ever fully eliminate the need for judgment calls by the researcher. And judgment calls are where our biases truly have teeth.
Hayek worked in the context of the near death of civilization in the world wars, near-universal enthusiasm for socialism among the intellectuals, and repeated exhortations in the face of periodic economic troubles that this time really was the Final Crisis of Capitalism.
The eco-fascist screed from the New Zealand murder comes across as crude and low-level, the wild ramblers of a trash-talking 20-something raised on 4chan, 8chan, and the most hateful parts of the Internet. It was not always so. Men with the same views, much more sophisticated in expression but just as violent in effect, once came from the Ivy League, occupied the highest levels of social and professional achievement right here in the U.S., and remained heroes of “Progressivism” for many decades after the Second World War.
Neither consumers of expert opinion nor experts themselves will ever fully transcend their biases, nor should they. But when experts disagree, it behooves us to avoid as best we can hunkering down into black-and-white thinking that conveniently accommodates those preexisting biases.
This great variety of influential books testifies to the richness of the libertarian scholarly tradition. It’s filled with remarkable works of scholarship that are not (yet) as widely known and read as they deserve to be.
AIER is pleased to present the first English translation of Friedrich von Wieser's memorial appreciation of Carl Menger, the founder of the Austrian School, published in German not long after Menger’s passing in 1921. Wieser (1851-1926) was one of the leading contributors in the “second generation” of the Austrian School of Economics.
This is a slipshod attempt to taint and tarnish the reputation of one of the leading economists of the 20th century, and one of the most consistent and outspoken defenders of the classical liberal ideal of political, social and economic liberty and the free society.
While Karl Marx has served as the supplier of the political slogans, the economist Michal Kalecki has provided the guidelines for the actual policy in many parts of the world.