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The Ins and Outs of Whose Money is it Anyway?
The Ins and Outs of Whose Money is it Anyway? “Inside, Outside…. Leave me alone! Inside, Outside … Nowhere is home! Inside, Outside … Where have I been? Out of my brain on the 5:15…” — The Who There’s been a massive reaction to Credit Suisse analyst Zoltan Poszar’s note about the birth of a new Bretton Woods […]
Review: Austrian Economics–An Introduction By Steven Horwitz
REVIEW: AUSTRIAN ECONOMICS – AN INTRODUCTION BY STEVEN HORWITZ June 27 saw the passing of economist Steven Horwitz at the age of 57. His loss will be felt by all who value not just human freedom and dignity, but also good economics, communicated well. Horwitz was heavily influenced by the ‘Austrian School’ of economics. What […]
The Last Gasps of “Late Degeneracy Capitalism”
The Last Gasps of “Late Degeneracy Capitalism” It was a mid-afternoon in 2006 in Cannes, where I joined Dr. Kurt Richebächer at his apartment to collaborate on a book project that, unfortunately, failed to come together before his death a year later. The old man grabbed his cane and moved to a comfy chair and […]
Why the New Economics Just Boils Down to Printing More Money
WHY THE NEW ECONOMICS JUST BOILS DOWN TO PRINTING MORE MONEY [Editor’s Note: this article is adapted from a 2003 essay in the Quarterly Journal of Austrian Economics entitled “New Keynesian Monetary Views: A Comment.” As economists abandon theory in favor of makeshift plans to flood the economy with stimulus, Hülsmann here provides some helpful reminders of […]
The Austrian School Warned, the ECB Didn’t Listen
The Austrian School Warned, the ECB Didn’t Listen Looking at the current situation, one can easily perceive that our economic environment is not in the best condition. The whole of Europe is suffering from an economic stagnation, if not in some countries even a slowdown, that could very well turn into an economic recession sooner […]
Some Confusions of Language in Economic Thought
SOME CONFUSIONS OF LANGUAGE IN ECONOMIC THOUGHT Fifty years ago, in 1968, Austrian (and Austrian school) economist Friedrich A. Hayek published a monograph called The Confusion of Language in Political Thought [4]. Hayek argued that the words we use and the meanings we give to them greatly influence how we think about the political system and the […]
All Is Not Well In Financial Markets
All Is Not Well In Financial Markets It seems to be a hard time for those expressing concern about the build-up of risks in the economic and financial system: the major economies in the world are expanding at a decent clip, credit default concerns are very low, and stock and housing prices keep going up, […]
Austrian Economics Is Essential to Understand Booms, Busts, and Money Itself
Austrian Economics Is Essential to Understand Booms, Busts, and Money Itself The boom-and-bust business cycle is a natural result of free-market capitalism, but rather of government intervention. Looking to the next few years, will America and the world continue to ride a wave of economic growth, improved living standards, and technological changes that raise the […]
Give Us Another Oil Boom
GIVE US ANOTHER OIL BOOM Dear Lord, Y’all give us another oil boom… If there is one sector of the US economy where an Austrian-style Boom-and-Bust bust has taken place, it is the onshore oil industry – though, by extension, other primary resource industries, such as metals and mining and farming have also suffered in […]
For Keynesians and Austrians, ‘Uncertainty’ Means Two Different Things
FOR KEYNESIANS AND AUSTRIANS, “UNCERTAINTY” MEANS TWO DIFFERENT THINGS Keynesian economics has witnessed a remarkable resurgence since the crisis of 2008. The inability of mainstream economics to predict or explain the crisis led many economists to become skeptical of its core macroeconomic tenets. Several have turned the clock back to the ideas of Keynes to […]
Should the Fed Raise Interest Rates?
Should the Fed Raise Interest Rates? For some time now the Fed has been hinting that it will moderate its interventions–monetizing government debt by printing money to buy government bonds and now quantitative easing by printing money to buy corporate bonds–in order to drive down the interest rate to unprecedented low levels. The Keynesian theory […]
There is no such thing as a negative interest rate
There is no such thing as a negative interest rate We Austrian economists are used to having terms corrupted, misused and redefined by statists and others who love and advocate strong central control of money and power. The term “inflation” is a prime example. We Austrians refer to “inflation” as creating new fiat money–as in […]
5 Reasons Why Austrian Economics Is Better than the Mainstream
5 Reasons Why Austrian Economics Is Better than the Mainstream Noah Smith has acknowledged the failings of mainstream macroeconomics, but he says that none of the “outside ideas” offer a better replacement. He failed to mention the Austrian school, but we can still show how the Austrian tradition parries his criticisms with ease. 1. Quantitative […]
“Markets Have No Purpose Any More” Mark Spitznagel Warns “Biggest Collapse In History” Is Inevitable
“Markets Have No Purpose Any More” Mark Spitznagel Warns “Biggest Collapse In History” Is Inevitable After making over $1 billion in one day last August, and warning that “the markets are overvalued to the tune of 50%,” Mark Spitznagel knows a thing or two about managing tail risk. The outspoken practitioner of Austrian economic philosophy tells The […]
