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Olduvai III: Catacylsm
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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 […]

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What Causes the Acceptance of Paper Money?

WHAT CAUSES THE ACCEPTANCE OF PAPER MONEY? Demand for a good arises because of its perceived benefit. For instance, people demand food because of the nourishment it offers them. This is however not so, with regard to the pieces of paper we call money – why do we accept them? Following the view of Plato […]

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The Fed and Interest Rates

THE FED AND INTEREST RATES Most experts agree that through the manipulation of short-term interest rates, the central bank by means of expectations regarding future interest rate policy can also dictate the direction of long-term interest rates. On this way of thinking expectations regarding future short-term interest rates are instrumental in setting the long-term rates. […]

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The Essence of Interest Rate Determination

The Essence of Interest Rate Determination According to mainstream thinking the Central Bank is the key factor in determining interest rates. By setting short-term interest rates the Central Bank, it is argued through expectations about the future course of its interest rate policy influences the entire interest rate structure. (According to the expectations theory (ET) […]

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Olduvai IV: Courage
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Olduvai II: Exodus
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