History of Economic Thought

Thursday, July 5th, 2012

While it's true that many Austrian economists (Mises, Rothbard, Hayek, etc.) write in reference to gold as money and use such definitions in their thought constructs, the context of their writing must first be understood.

Monday, June 25th, 2012
When a little over two years ago, at the second Lausanne Conference of this group, I threw out, almost as a sort of bitter joke, that there was no hope of ever again having decent money, unless we took from government the monopoly of issuing money and handed it over to private industry, I took it only half seriously.
Wednesday, June 13th, 2012
Wondering why inflation figures are so tame when real estate prices are soaring? There is a simple explanation: the Consumer Price Index factors in rising rents, not rising home prices.
Tuesday, June 12th, 2012

It is not enough to encourage enterprise and limit regulation—we need a fixed system of value.

Friday, June 1st, 2012

"...nor am I a doctor. But here is a critique of a school of economic thought, along with an appendectomy!"

Tuesday, March 27th, 2012

Expectations are a key concept in economics. If expectations are coordinated, then the economy is equilibrated and no accumulation of imbalances take place.

Monday, March 5th, 2012

"Bears are animals. Animals have four legs. Chairs have four legs. Therefore, chairs love honey." What's wrong with this logic? Don't ask opponents of the Classical Gold Standard...

Wednesday, February 1st, 2012

Has the current crisis destroyed the market's "property memory systems"?

by Leonard Liggio
Wednesday, December 28th, 2011
A few days ago, Paul Krugman defended the position that "Friedrich Hayek is not an important figure in the history of macroeconomics." This triggered quite a few reactions (
Wednesday, December 28th, 2011

Observations on the Discussions Concerning Free Banking [This article is excerpted from chapter 17 of Human Action: The Scholar's Edition and is read by Jeff Riggenbach]

Tuesday, November 29th, 2011
Marjorie Grice-Hutchinson, studying Spanish literature, stumbled into the monetary writings of the authors of the School of Salamanca; she shared those writings with F.A.
Sunday, October 30th, 2011

In symposiums written "in honor of" some distinguished writer, the individual contributors too often go off on tangents of their own, and develop points of view that may be irrelevant or even alien to the writer they are supposed to honor. In order to pay homage to the great contribution of Ludwig von Mises in a more direct way than in my following essay, therefore, I herewith take the liberty of reprinting reviews that I wrote of two of his most important books.

Thursday, May 26th, 2011
It is a common belief that money and the financial markets are inherently unstable; or that a financial crisis is an easy outcome in the case of a random event (sometimes referred as sunspots). A central bank, along with proper regulation, is what is needed to guarantee the stability of the market.
Monday, May 23rd, 2011
Roberts and Papola have done it again: a rap video that explains the divergent views of two of the most prominent economists of the 20th century. It’s  better than most textbooks, and entertaining to boot.