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How I Became a Libertarian and an Austrian Economist
HOW I BECAME A LIBERTARIAN AND AN AUSTRIAN ECONOMIST I suppose I can date my interest in both libertarianism and Austrian Economics from the day I was born. The doctor grabbed me by my little feet, turned me upside down and spanked my tiny bottom. I began to cry out. That is when I realized […]
Mises.org: Keynes’s Critique of Econometrics is Surprisingly Good
MISES.ORG: KEYNES’S CRITIQUE OF ECONOMETRICS IS SURPRISINGLY GOOD In a recent article we had a brief look at Ragnar Frisch’s (1895–1973) vision of econometric model building. As mentioned, Frisch was the first economist chosen over Mises to win the Nobel Prize in 1969. In fact, there was a second one in the same year. Frisch won the […]
Why the Theory of Money Does Not Work
Why the Theory of Money Does Not Work QUESTION: We see that the United States can borrow all it needs at minimal cost and we also see that we’re getting a big boost from falling energy/commodity prices, to levels we have not seen in some 15 years my “economic model” — which is not a computer […]
Austrians get (some) mainstream credibility
Austrians get (some) mainstream credibility Well, well: who would have believed it. First the Bank for International Settlements comes out with a paper that links credit booms to the boom-bust business cycle, then Britain’s Adam Smith Institute publishes a paper by Anthony Evans that recommends the Bank of England should ditch its powers over monetary […]
Austrians Get (Some) Mainstream Credibility
AUSTRIANS GET (SOME) MAINSTREAM CREDIBILITY Well, well: who would have believed it. First the Bank for International Settlements comes out with a paper that links credit booms to the boom-bust business cycle, then Britain’s Adam Smith Institute publishes a paper by Anthony Evans [Editor’s note: Anthony is a Founding Fellow of The Cobden Centre] that […]
Professor Fekete About Gold And The Debt Society
Professor Fekete About Gold And The Debt Society Claudio Grass interviews Professor Antal E. Fekete GLOBAL GOLD: “Prof. Fekete, it is a pleasure to have this opportunity to talk to you. You are a fierce critic of the current monetary system and a strong proponent of the gold standard, particularly the variety that combines with the […]
Advice to the Prime Minister/President
Advice to the Prime Minister/President Your country faces a stagnating economy. Let us assume your Prime Minister (or President if that is who holds the executive power) seeks advice from two imaginary economists. PM: You two economists have different views on what our economic policy should be. What is your advice? FIRST ECONOMIST (Austrian school): Prime Minister, the […]
Why Economics Matters
Why Economics Matters This article is a selection from a June 19 presentation at a lunchtime meeting of the Grassroot Institute in Honolulu at the Pacific Club. The talk was part of the Mises Institute’s Private Seminar series for lay audiences. To schedule your own Private Seminar with a Mises Institute speaker, please contact Kristy Holmes at the Mises Institute. First let me say that what we today […]
Yes, You Do Understand Economics
Yes, You Do Understand Economics The following conversation between my good friend Michael McKay and a friend of his illustrates that we all understand and use economic principles every day. In fact we could not function without understanding these basic economic principles. Pat Barron The other day I was having coffee with a new friend, a […]
Are Austrian Criticisms of Mainstream Economics Still Relevant?
Are Austrian Criticisms of Mainstream Economics Still Relevant? Occasionally, when Austrians try to distinguish their brand of doing economics from the mainstream, they get hit with accusations that they are attacking straw men; that no one believes what Austrians claim is the mainstream approach. Is this true? Are Austrians attacking enemies that don’t exist anymore? […]
Cyclical Changes in Business Conditions
Cyclical Changes in Business Conditions The Role of Interest Rates In our economic system, times of good business commonly alternate more or less regularly with times of bad business. Decline follows economic upswing, upswing follows decline, and so on. The attention of economic theory has quite understandably been greatly stimulated by this problem of cyclical […]
Hidden In Fannie and Freddie
Hidden In Fannie and Freddie With another financial crisis fast approaching the cause of the ‘08 crash hasn’t been settled. Austrians generally line up on the side of the all-powerful Fed having lowering interest rates below what the market would produce, sending capital into malinvestments: In this case, too many subdivisions of houses and other […]
The problem isn’t overproduction; it’s malinvestment
The problem isn’t overproduction; it’s malinvestment Mr. Max Ehrendfreund, writing in the Washington Post’s Wonkblog, believes that he has discovered something new: that the world is producing too much and doesn’t know what to do with it. His solution, of course, is to confiscate the overproduced products, such as oil and cotton, from its rightful owners and […]
The War on Cash: Transparently Totalitarian
The War on Cash: Transparently Totalitarian George Orwell once wrote “If you want a picture of the future, imagine a boot stamping on a human face—forever.” Not exactly a cheery thought, and one I don’t agree with. While the forces pushing for centralization of power have been prevailing for decades, they haven’t won a total victory […]
