At some point, I decided to throw myself back into thinking about the basis of economic theory. I eventually read Murray Rothbard’s Man, Economy, and State, and it has been bouncing back since about 1992, and in the first quarter of 1999, money growth reached as high as eleven percent. This suggests to me that America’s economy money. The purpose of money is to facilitate exchange. It cannot create or sustain economicgrowth. It is no substitute for productivity. No matter how powerful a
1999) An Interview With Richard K. Vedder Richard K. Vedder is professor of economics at Ohio University and an adjunct scholar of the Ludwig von Mises The American Economy in Historical Perspective ; and articles in The Journal of Economic History and The Review of Austrian Economics . He has taught at the Mises in surveys showing that 80 to 90 percent of economists vote for the Democrats. The growth and popularity of Austrian economics represents a good sign. But still a large
Volume 15, Number 2 (Winter 1995) Peter G. Klein, an emerging star in the economics profession, is doing pioneering work squarely within the Austrian school. A friend gave me Mises’s Anticapitalistic Mentality . I had no well-formed economic views, but I was instinctively pro-market. This book impressed me. By the directing cash flow in and around the enterprise, taking resources out of low-growth divisions and shifting them into high-growth divisions. Now, why should any of
2 (Summer 1999) An Interview with Walter Block Walter Block is professor of economics at the University of Central Arkansas and chairman of the department. He is and edited books dealing with topics as diverse as religion and economics, and economic development. Read his extraordinary vita here . AEN: What was the effect of and Kirzner on monopoly theory. Disagreement can be a great source of intellectual growth. Sometimes in elaborating on points in a tradition, you find yourself moving
with Hiroyuki Okon, Wakayama University Hiroyuki Okon is associate professor of economics at Wakayama University, where he teaches undergraduate micro and graduate history of economic thought, and is an adjunct scholar of the Ludwig von Mises Institute. His unless something is done. The system will continue to unwind. AEN: Despite the growth in the Japanese welfare state, how do you account for the higher rate of
of eight book including Public Finance and the Political Process (1983), An Economic Analysis of Democracy (1985), Economic Models and Methodology (1989), and keep government from legislating against it. There is a section of Florida’s growth management legislation that says our land-use plans are supposed to prevent
A boss once told me that I?m the only person he?d ever met who reads fat tomes on economic theory for fun! But economics is fun. If you read the right books, you find with Wall Street. Their constant refrain was to predict a future of moderate growth, tame inflation, and an upwards tick in unemployment. Greenspan, year after are called on to predict the future, and you have no great imagination about where economicgrowth is going to go, your natural fallback position is to a middle course.
papers. Leaving Austria was traumatic for Mises. Together with the political and economic trends of the late 1930s, it could have meant the end of the Austrian was amazed at the mysterious fact that our economy has sustained high levels of growth while still not triggering inflation. This idea that growth “triggers” the business cycle has been abolished and we’ve entered a new era of permanent economicgrowth. I find all this alarming. The favorable present economic climate
effect is a device that allows economists to depart from the correct basis of economic theory, purposive action and marginal utility, and enter into another people do not understand that resources will be freed up to provide for economicgrowth if the government stopped taking them. At the very time when budget deficits
the contemporary scene, a journalist, rather than a theorist. I picked up Austrian economics almost everywhere except in school. It came to me, and I to it, in the way to abolish the bust. The long-run consequence is to subsidize instability and economic stagnation in difficult-to-predict ways. The boom-bust can appear in that bank reserves are the thing to watch. If you know bank reserves and the growth rate thereof, you will be closer to the kingdom of Heaven. I don’t see that.
What is the Mises Institute?
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.