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Is the world finally looking to the ideas of Friedrich Hayek? It appears that the intellectual debate may be heading in a new direction. Stimulus spending has done practically nothing to reduce unemployment or spur growth; instead it has merely inflate …
READ MORE“Committee members at the Bank of England and some economists have been puzzled by persistently high inflation in Britain, causing some concerns that the country’s recovery might stagnate. Unlike in the United States and in countries that share the eur …
READ MOREThe debates raging over what policies will pull the U.S. economy out of its Great Recession replicate one that occurred during the Great Depression. Thanks to the efforts of Richard Ebeling, a professor of economics at Northwood University, we have com …
READ MORE“Many people claim today that the U.S. economy is in a “liquidity trap” and only government can spend us out of this mess. Commentators from Paul Krugman to Martin Wolf of the Financial Times assert we are in a “Keynesian situation”; unless government …
READ MORE“Alan Greenspan shares the story of his life first simply with an eye toward doing justice to the extraordinary amount of history he has experienced and shaped. But his other goal is to draw readers along the same learning curve he followed, so they ac …
READ MOREIn the aftermath of the financial crisis, the U.S. public debt-to-GDP ratio has been receiving special attention. A recent report from the Treasury to Congress said that the ratio of total government debt to nominal GPD will rise from 93 percent this y …
READ MORE“In the second half of 2010, the U.S. will experience “slower economic growth than we’ve had in the first and second quarter,” Fisher told the Japanese business daily Nikkei. He estimated U.S. growth of 2%-3%, saying that the figure will likely come “c …
READ MOREOn Wednesday, I posted a link to F.A. Hayek’s “The Use of Knowledge in Society”. Like Leonard Read’s “I, Pencil”, Hayek’s knowledge paper explains why it is impossible for an economy to be centrally planned. I have mentioned this idea in earlier posts, …
READ MORE“China’s government said the world’s third-biggest economy is heading in the right direction and business people and economists expect “relatively fast” growth to continue. Premier Wen Jiabao said the nation will “further cement and develop the positiv …
READ MORE“”There are limits to what policy can do,” especially to improve the nation’s labor market, Evans said in a television interview on CNBC. Interest rates are near zero as the Federal Reserve’s stuck with an accommodative monetary policy, and it’s alread …
READ MORE“With the House of Representatives poised to vote on the latest version of financial regulation perhaps as soon as late Wednesday afternoon, the political spotlight has turned to a Republican senator who has been in office for less than five months and …
READ MORE“The U.S. economy continues in its longest and deepest downturn since the early 1930s, the first downleg of the Great Depression. This structural contraction already shows characteristics of a depression. Particularly protracted and deep, it will remai …
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