Topic: History

Applying Hayekian Ideas: Leonard Read and I, Money

– May 20, 2010

“In a recent blog post, Peter Boettke argues that in reading F.A. Hayek it is important to distinguish between Hayek and Hayekianism. Because Hayek, as a lifetime learner, did not always apply his ideas as fully he possibly could have, Hayek the man wa …


Inflation Destroys Savings

– May 19, 2010

“Everything that is done by a government against the purchasing power of the monetary unit is, under present conditions, done against the middle classes and the working classes of the population. Only these people don’t know it. And this is the tragedy …


Business Cycles in Powerpoint

– May 10, 2010

Dr. Roger Garrison, Professor of Economics at Auburn University, has constructed a variety of useful slideshow presentations to aid students in understanding the workings of the market system. For those unfamiliar with the Austrian Business Cycle Theor …


Hayek’s Contribution to Monetary Theory

– May 8, 2010

“Those who wish to preserve freedom should recognize, however, that inflation is probably the most important single factor in that vicious circle wherein one kind of government action makes more and more government control necessary. For this reason, a …


“The Austrian Theory of the Trade Cycle”

– May 6, 2010

“Nowadays it is usual in economics to talk about the Austrian theory of the trade cycle. This description is extremely flattering for us Austrian economists, and we greatly appreciate the honor thereby given us. Like all other scientific contributions, …


Let’s Talk Some Monetary Theory and the Trade Cycle

– May 5, 2010

“For the graduate students, my focus is both to communicate the basic idea (and research puzzles) of how to study intertemporal coordination. I have asked them to think about the relationship between Hayek’s 1928 paper on price equilibrium and movement …


Market Interest Rates Need to Tell the Truth

– May 4, 2010

“In the free market, interest rates perform the same functions as all other prices: to provide information to market participants; to serve as an incentive mechanism for buyers and sellers; and to bring market supply and demand into balance. Market pri …


What Austrian Economics Can Tell Us about the Crisis

– April 28, 2010

The recent financial crisis has called into question several basic tenets of mainstream macroeconomics. In the words of William White, former chief economist of the Bank for International Settlements (BIS), “the prevailing paradigm of macroeconomics al …


Wolf and Krugman Discuss Austrian Economics

– April 28, 2010

Martin Wolf (Financial Times) and Paul Krugman (New York Times) discuss Austrian economics.


Lessons from the History of Financial Regulation

– April 27, 2010

Charles W. Calomiris, who is Professor of Financial Institutions at Columbia Business School and a visiting scholar at the American Enterprise Institute, has recently published a paper on the lessons that can be drawn from the history of financial regu …


In a Culture of Excess, the Fat Cats will Rule

– April 23, 2010

“Free market economists are not necessarily defenders of business. Crony capitalism has a long history. Mercantilism was a form of crony capitalism, and was the main target of Adam Smith’s critical abilities. And while modern Smithians understand how i …


“Academia’s War Against Free Market Money”

– April 22, 2010

“In a confrontational and much-needed article, Prof. William Anderson launched a counter-attack against mainstream academic economists’ refusal to consider seriously the Austrian School’s theory of money. Despite the fact that Ludwig vo …