History of Economic Thought

Monday, March 5th, 2018

A plucking up of unemployment is followed by a return down with the same magnitude. But a decline in unemployment does not precede a rise of the same magnitude.

Monday, February 5th, 2018

A phenomenon known as the Replication Crisis is challenging the seemingly unquestionable authority and accuracy that a published study in the natural sciences is expected to have, inviting the question as to whether economists should aspire to the standards of natural scientists or to something better.

Tuesday, January 30th, 2018

Austrian ideas are ripe for introduction into mainstream macroeconomics. But there is still a lot of work that needs to be done.

Friday, January 26th, 2018

Victor Morawetz worried that regional differences would undermine central bank independence.

Thursday, January 18th, 2018

Macroeconomic theorists and policy makers have taken different routes in recent years.

Wednesday, January 17th, 2018

Is the macroeconomics profession taking an Austrian turn in the wake of the Great Recession?

Monday, January 1st, 2018

Allan H. Meltzer’s influence as a monetary historian is undeniable. His role in advancing monetary disequilibrium theory should not be overlooked.

Sunday, December 31st, 2017

Where does money come from? There are two reasonable ways to consider the question.

Saturday, December 30th, 2017

When we discuss the origins of money, we are asking about the generation of a new conception where a particular kind of meaning is attributed to an object for the very first time.

Wednesday, August 2nd, 2017

In my previous posts, Andreas Hoffmann and I discussed the problem of unintended consequences in monetary policy, particularly as applied to the U.S. Federal Reserve and the European Central Bank in the context of the 2008 crisis.

Thursday, July 20th, 2017
Can you name an official at a major central bank who expresses worries that inflation is now, or soon will be, too high?  Can you identify any financial publication--even the Wall Street Journal--that does not report that recent inflation data have been "disappointing?" To paraphrase former Presiden
Tuesday, July 18th, 2017

Contra Mises, explicit coordination might be used to launch an intrinsically worthless item. Such a view is in line with standard models of money employed by economists today. Coordination also seems to have played a role in launching bitcoin.

Wednesday, October 22nd, 2014
The Wall Street Journal blog reports that Cato's new Center for Monetary and Financial Alternatives will have as a goal to "challenge the central bank
Tuesday, January 29th, 2013

Despite the Fed’s breathtaking increase of base money since the autumn of 2008, the money stock as measured by conventional concepts such as M2 has not increased greatly

Wednesday, January 16th, 2013
In this piece, Mark Thornton tries to solve the riddle:  "Where is the Inflation?" by Mark Thornton
Thursday, October 11th, 2012

“Fiat” is money with no intrinsic value beyond whatever an issuing government is able to enforce. When it enjoys a monopoly as currency, fiat inevitably turns the free market functions of money inside out.

Tuesday, October 9th, 2012

These three short articles, written by three Mises scholars, respond to Paul Krugman's dubious economic theories

Saturday, September 29th, 2012

An overview of the work of Ludwig Von Mises and his contribution to modern economic thought.

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