Quarterly Journal of Austrian Economics

Legal Polycentrism, the Circularity Problem, and the Regression Theorem of Institutional Development

Institute PublicationsFebruary 3, 2015
ABSTRACT: The circularity problem states that before legal polycentrists can employ price theoretic arguments about market competition, they must first show that legal polycentrism is able to instantiate the institutional framework within which property rights are protected and contracts are...

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Review of Economists and the State: What Went Wrong by Timothy P. Roth

Institute PublicationsFebruary 3, 2015
Volume 17, No. 4 (Winter 2014) Timothy P. Roth Cheltenham, UK: Edward Elgar, 2014, 192 pages The Federal legislative process has completely broken down, from a deliberate rule-guided process to one that seems completely ad hoc and driven by lobbyists. This trend continues no matter what party is in...

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The Depression of 1873–1879: An Austrian Perspective

Institute PublicationsFebruary 2, 2015
Earlier drafts of this paper were presented at the 2012 Mises Institute Summer Fellowship program, the 2012 Society for the Development of Austrian Economics (SDAE) meeting, two 2013 IHS colloquia, and at a 2013 Mercatus Center Graduate Student Paper Workshop (GSPW) roundtable discussion. The...

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Review of Masters of the Universe: Hayek, Friedman, and the Birth of Neoliberal Politics by Daniel Stedman Jones

Institute PublicationsFebruary 2, 2015
Book Review by Greg Kaza Masters of the Universe: Hayek, Friedman, and the Birth of Neoliberal Politics Critics of neoliberalism and its variants including Misesianism have responded to its emergence in two distinct ways: pejoratively, 1 or scholarly discourse that seeks to engage neoliberal...

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Juan de Mariana and the Modern American Politics of Money: Salamanca, Cervantes, Jefferson, and the Austrian School

Institute PublicationsJanuary 30, 2015
ABSTRACT: Juan de Mariana may have had more direct lines of influence on the contemporary political denunciation of central banking in the United States than previously thought. As the culmination of a series of monetary theorists of the School of Salamanca, Mariana’s genius was his ability...

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Money: How the Destruction of the Dollar Threatens the Global Economy—and What We Can Do About It by Steve Forbes and Elizabeth Ames

Institute PublicationsJanuary 30, 2015
Money is an odd book. “Moderation” in the use of a bad measure is no virtue. If cyanide is poison, “drink in small doses” is not the appropriate response. Money falls exactly into this bad pattern...

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Review of The Dollar Trap: How the U.S. Dollar Tightened Its Grip on Global Finance by Eswar S. Prasad

Institute PublicationsJanuary 30, 2015
Volume 17, No. 4 (Winter 2014) Eswar S. Prasad Princeton: Princeton University Press, 2014, 432 pages The great mystery of international finance is how the U.S. dollar has managed to retain its dominance. This is a currency, after all, that has lost about 83 percent of its purchasing power since...

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The Natural Rate of Interest Rule

Institute PublicationsJanuary 30, 2015
This article reviews the Fed’s performance with particular emphasis on its contribution to the 2008 crisis and then suggests an alternative policy which, had it been in place would have dampened the most recent boom and bust...

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Ngrams and the Austrian School

Institute PublicationsNovember 19, 2014
The Google Ngram Viewer is used to highlight some of the ideas, nomenclature, individuals, and events that have come to comprise the Austrian tradition. Key terms and literature are also examined primarily using the English corpus, with occasional examinations using German and French corpus as well...

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The Central Fallacy of Keynesian Economics

Institute PublicationsNovember 19, 2014
Keynes’s theory of Aggregate Expenditures from the General Theory is examined and criticized. Keynes suggested numerous reasons why his marginal propensity to consume (MPC) might vary across individuals, over different time periods, and might be fundamentally heterogeneous in other respects,...

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