Radical Uncertainty: Decision-Making Beyond the Numbers John Kay and Mervyn King New York: Norton, 2020, xvi + 528 pp. David Gordon (dgordon@mises.org) is a senior fellow at the Mises Institute and editor of the Journal of Libertarian Studies . Kay and King are not Austrians, but in this important book, they lend aid and comfort to several key
The Essential Austrian Economics Christopher J. Coyne and Peter J. Boettke Vancouver: Fraser Institute, 2020, 68 pp. David Gordon (dgordon@mises.org) is a senior fellow at the Mises Institute and editor of the Journal of Libertarian Studies . Christopher Coyne and Peter Boettke, both professors of economics at George Mason University, say, “The
Abstract: This article compares the Keynesian, neoclassical and Austrian explanations for low interest rates and sluggish growth. From a Keynesian and neoclassical perspective, low interest rates are attributed to aging societies, which save more for the future (global savings glut). Low growth is linked to slowing population growth and a
Abstract: This article reviews the analytical justification, the theoretical content, and the practical experience of inflation targeting, which has become the standard framework for monetary policy. It shows that due to the inflation-targeting literature’s neglect for the money demand as part of the monetary relation that drives price
Abstract: The conventional wisdom has it that US Democrats and those on the American left support incremental steps in the direction of socialism, if not an all-out endorsement of the concept. However, in at least one area—regulation—Republicans and the American political right have also, albeit unwittingly, spread the seeds of socialism not just
Abstract: This article explains the theoretical importance of the quality of money as a factor of the demand for money and develops the composite indicator that measures the quality of money for the eurozone. The demand for money, i.e., the amount of money people keep in their balances, besides other well-known factors (e.g., interest rate, price
Abstract: This article explains the theoretical importance of the quality of money as a factor of the demand for money and develops the composite indicator that measures the quality of money for the eurozone. The demand for money, i.e., the amount of money people keep in their balances, besides other well-known factors (e.g., interest rate, price
Abstract: This paper endeavors to develop a modern theoretical underpinning of Friedrich August von Hayek’s business-cycle theory as published during the Great Depression in his book Prices and Production . According to Hayek, economic cycles are caused by monetary shocks, which distort the relative-price schedule across economic sectors. Possible
The Right to Bear Arms by Stephen P. Halbrook New York: Post Hill Press, 2021, 348 pp. Audrey Kline (audrey.kline@louisville.edu) is associate professor of economics at the University of Louisville. Halbrook has offered another outstanding and enjoyable history lesson related to gun control and the right to bear arms. Following his books, Gun
ABSTRACT: Murray Rothbard developed the concept of decision-making rent as a return to a kind of unhirable labor performed by the entrepreneur in his role as owner and ultimate decision-maker of the firm. Rothbard conceived owner’s rent as separate from profit and loss and the decision-making function as concerned with productive organization and
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The Mises Institute is a non-profit organization that exists to promote teaching and research in the Austrian School of economics, individual freedom, honest history, and international peace, in the tradition of Ludwig von Mises and Murray N. Rothbard.
Non-political, non-partisan, and non-PC, we advocate a radical shift in the intellectual climate, away from statism and toward a private property order. We believe that our foundational ideas are of permanent value, and oppose all efforts at compromise, sellout, and amalgamation of these ideas with fashionable political, cultural, and social doctrines inimical to their spirit.