History of Economic Thought

Thursday, December 16th, 2010
"In reading Mises I am always struck by how fresh he still reads, and how relevant his analysis of contemporary policy in the first half of the 20th century still is relevant for us at the beginning of the 21st century.
Tuesday, November 30th, 2010
"The dance of the dollar counts — and it counts a lot. With few exceptions, when the dollar weakens against the euro, commodity prices soar, and when the dollar soars against the euro, commodity prices plunge. Every commodity trader knows the importance of the dance of the dollar.
Monday, November 29th, 2010
"Last year the consensus opinion was that we are all Keynesians now. Virtually everyone in the commentariat believed that John Maynard Keynes’s solution for the Great Depression—heavy government spending to resuscitate the economy—was also the answer to today’s global downturn.
Tuesday, October 19th, 2010
"Money is non-neutral, and the capital structure in an economy consists of combination of heterogeneous capital goods that multiple-specific uses.
Monday, October 11th, 2010
"No monetary system, including gold, is perfect. But the evidence is that the gold standard is a recipe for lower-than-predicted federal interest rates (quelling the coming fiscal crisis); lower corporate bond rates (jobs); and lower mortgage rates (relief to millions of upside down homeowners).
Monday, September 20th, 2010
"The intentionally limited task to which I intend to devote myself in the following pages is that of writing a critical history of the theoretical problem of interest.
Monday, August 30th, 2010
"To these free-market economists, government intrusion ultimately sows the seeds of the next crisis. It hampers what one famous Austrian, Joseph Schumpeter, called the process of "creative destruction."
Thursday, August 12th, 2010
"The Austrian theory is not a theory of recessions per se; it is a theory of the unsustainable boom. As such, it has a much stronger link to the underlying microeconomics than does much of today’s mainstream theorizing.