{"id":16539,"date":"2016-01-16T10:43:20","date_gmt":"2016-01-16T15:43:20","guid":{"rendered":"http:\/\/olduvai.ca\/?p=16539"},"modified":"2016-01-16T10:43:20","modified_gmt":"2016-01-16T15:43:20","slug":"austrians-get-some-mainstream-credibility","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=16539","title":{"rendered":"Austrians Get (Some) Mainstream Credibility"},"content":{"rendered":"<header class=\"wrapper entry-header page-header\">\n<div class=\"title-with-sep single-title\">\n<h3 class=\"entry-title\"><a href=\"http:\/\/www.cobdencentre.org\/2016\/01\/austrians-get-some-mainstream-credibility\/\" target=\"_blank\">AUSTRIANS GET (SOME) MAINSTREAM CREDIBILITY<\/a><\/h3>\n<\/div>\n<\/header>\n<div class=\"wrapper\">\n<div class=\"grids\">\n<div class=\"grid-8 column-1\">\n<div class=\"single-box clearfix entry-content\">\n<p class=\"Strapline\"><strong>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\u2019s Adam Smith Institute publishes a paper by Anthony Evans [Editor\u2019s note: Anthony is a Founding Fellow of The Cobden Centre] that recommends the Bank of England should ditch its powers over monetary policy and move towards free banking.<\/strong><\/p>\n<p class=\"RichText\">Admittedly, the BIS paper hides its argument behind a mixture of statistical and mathematical analysis, and seems unaware of Austrian Business Cycle Theory, there being no mention of it, or even of Hayek. Is this ignorance, or a reluctance to be associated with loony free-marketeers? Not being a conspiracy theorist, I suspect ignorance.<\/p>\n<p class=\"RichText\">The Adam Smith Institute\u2019s paper is not so shy, and includes both \u201csound money\u201d and \u201cAustrian\u201d in the title, though the first comment on the web version of the press release says talking about \u201cAustrian\u201d proposals is unhelpful. So prejudice against Austrian economics is still unfortunately alive and well, even though its conclusions are becoming less so. The Adam Smith Institute actually does some very good work debunking the mainstream neo-classical economics prevalent today, and is to be congratulated for publishing Evans\u2019s paper.<\/p>\n<p class=\"RichText\">The BIS paper will be the more influential of the two in policy circles, and this is not the first time the BIS has questioned the macroeconomic assumptions behind the actions of the major central banks. The BIS is regarded as the central bankers\u2019 central bank, so just as we lesser mortals look up to the Fed, ECB, BoE or BoJ in the hope they know what they are doing, they presumably take note of the BIS. One wonders if the Fed\u2019s new policy of raising interest rates was influenced by the BIS\u2019s view that zero rates are not delivering a Keynesian recovery, and might only intensify the boom-bust syndrome.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p>&#8230;click on the above link to read the rest of the article&#8230;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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\u2019s Adam Smith Institute publishes a paper by Anthony Evans [Editor\u2019s note: Anthony is a Founding Fellow of The Cobden Centre] that [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[5226,2125,1733,56,57,1269,3756,85,5451,98,7380,11752,11753,233,282],"class_list":["post-16539","post","type-post","status-publish","format-standard","hentry","category-economics","tag-austrian-business-cycle-theory","tag-austrian-economics","tag-bank-for-international-settlements","tag-bank-of-england","tag-bank-of-japan","tag-bis","tag-boe","tag-boj","tag-boom-bust-cycle","tag-business-cycle","tag-cobden-centre","tag-credit-boom","tag-credit-bust","tag-ecb","tag-european-central-bank"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/16539","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=16539"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/16539\/revisions"}],"predecessor-version":[{"id":16540,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/16539\/revisions\/16540"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=16539"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=16539"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=16539"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}