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From our friends over at Coordination Problem: Leonard Liggio was honored this past Sunday by the Society for the Development of Austrian Economics (SDAE). Leonard Liggio in his various roles at the Volker Fund, Institute for Humane Studies, Cato Inst …
READ MOREIn a previous post we commented on some aspects that are relevant for business cycles in the context of open economies. We also showed that in not a few cases the Mises-Hayek theory of business cycles is offered as an explanation of what went wrong. Ev …
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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.
READ MOREIn the early seventeenth century, Juan de Mariana wrote a great treatise on money. He understood that currency debasement threatened the entire economic order of the kingdom. Property rights, the ability to trade goods and services, fair wages–all thes …
READ MOREIt 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 n …
READ MORERoberts 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. It’s “Fight of the Century.” The video is a fo …
READ MORE“William Niskanen (2002) estimated a Phillips curve for the United States using annual 1960–2000 data. By adding one-year lagged terms in unemployment and infl ation, he was able to show that this familiar equation is misspecified. In his improved specifi …
READ MORE“F.A. Hayek said that his biggest regret in a lifetime of writing was that he never wrote a book-length refutation of Keynesian economics. He seriously doubted that Keynesian style planning would ever captivate governments, so he focused on different t …
READ MOREOver on the Coordination Problem blog, a number of scholars in the field of monetary theory are having an interesting discussion on the topic of Hayek and deflationary spirals. I am providing the link. I recommend a thorough reading of the comments. Th …
READ MOREMilton Friedman famously stated, “Inflation is always and everywhere a monetary phenomenon.” In other words, whenever you see persistent, high inflation, you know the cause was too much money. When too much money is chasing the same amount of goods, as …
READ MOREThe discussion in monetary institutions is becoming increasingly relevant in economics. How to deal and avoid financial crisis is an important issue. The recent financial crisis showed that economics might not be as suited to foresee and deal with thes …
READ MORE“Are you serious about business cycle theory? In 1937, back when economists thought big and coherent thoughts about the boom-bust cycle, long before mainstream economists began to doubt the existence of theoretical universals, Professor Gottfried Haber …
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