In Retrogress
Bad and disproven economic ideas have an uncanny longevity. While knowledge tends to be cumulative in most intellectual fields, the accumulation of knowledge in economics and finance seems to follow a more cyclical pattern. In this edition of the Harwood Economic Review we examine some recent examples of those, and discuss why ideas akin to spontaneous generation or phlogiston theory are periodically reinvigorated and applied in policy measures.
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On the Cusp
As inflation rises, the range of future outcomes broadens. Consumers rebalance budgets as price changes occur. Producers must now estimate not only the price their goods and services will fetch in the future, but future costs of production. Unsound money heightens uncertainty. We are at the cusp of change: but to, or toward, what?
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Facing the Music
One year ago, in the Summer 2021 issue of the Harwood Economic Review, we asked: “Is Inflation Back?” The answer is now clear. Inflation is back – and at 40 year highs. After years of easy money, it is time to face the music.
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Groping in the Dark
“This year, Ludwig von Mises’ Socialism turns 100 years old. Pandemic policies went beyond ordinary collectivism in utterly suppressing rather than seizing industries. We now face costly delays, shortages, and rising prices; this is what Mises’ ‘groping in the dark’ looks like.” ~ Peter C. Earle
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Stagflation in the Disco Era
The 1970s brought low levels of economic growth. It is appropriate to look back upon those days today. In this issue of the Harwood Economic Review we are again looking back to the ‘70s, as the worrisome prospects of increasing costs of living amid slowing economic growth are emerging. And with those, the ugliest word in economics has resurfaced: stagflation.
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Is Inflation Back?
Gold will return to monetary preeminence not because it can or should, but because it must. Nixon’s temporary suspension will be exactly that; not because he said so, but rather because at some point there will be no other road forward.
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Special Issue on China
“The United States and China are beginning to compete more closely all around the world, and collisions of interest are occurring more frequently. This issue is dedicated to US-China topics.” ~AIER
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Education Issue
The Harwood Economic Review for Fall of 2020. Education during a pandemic.
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Modeling and Its Failures Issue
Harwood Economic Review Summer 2020 – Modeling and its Failures
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