Volume 12, No. 2 (2009) Kaza reviews Alan Greenspan’s book The Age of Turbulence: Adventures in a New World . Kaza asks “Which social acquaintance will Depression were sown on his watch?” Kaza, Greg. “Review of <em>The Age of Turbulence: Adventures in a New World,</em> by Alan Greenspan.” The Quarterly Journal of Austrian Economics 12, No. 2 (Summer 2009): 143–157.
The short answer is no. According to the now mainstream narrative, the strong economic recovery of 1935-6 could have continued for much longer if it had not been the geo-political, domestic political, monetary, and economic climates are highly turbulent. Asset price inflation would come to an end even without monetary action.
continue forever, but by the early 80s, increases in oil supply, combined with the economic turbulence of the early 1980s destroyed the economic viability of the oil
what a sham the supposedly free-market Reagan really was. As a chart from Business Economics reveals, the 1970s to 1980s wave of “deregulation” actually began in 1976 Pennsylvania in 1831, S&Ls, except during a recession in the 1890s, were economically sound enterprises for the next one hundred years. Mayer, Duesenberry, than they were earning on their mortgage loans, with no quick exit in sight. The Turbulent 1970s While IRCA (1966), in conjunction with Regulation Q, helped slow the
are understood to be part of the uncertainties that attend life on our turbulent spaceship. Wars have led to the deaths of millions of equally innocent men, of whatever is essential to its decision-making. This includes, among others, economic and social behavior, the thinking of those subject to its rule, nature and
Volume 1, No. 2 (Summer 1998) A Geographical Perspective on Austrian Economics Pierre Desrochers About a year ago I more or less suddenly realized whole professional life as an international economist thinking and writing about economic geography, without being aware of it. —Paul Krugman, Geography and Trade
and regulation as the usual solutions to these unintended consequences can make economic conditions not better but even worse. The following sections will first A former president of the History of Economic Thought Society and the Eastern Economics Association, Colander served as a member of the editorial boards of the only had rates risen dramatically, but the yield curve had inverted as well. The Turbulent 1970s Regulation Q had been used since 1933 to limit the interest rates
and investor who made his name in the mid-20th century as a critic of Keynesian economics. Grounded on an Austrian understanding of the business cycle and (L.A.) Hahn, a self-styled common-sense economist who first gained notice with his Economic Theory of Bank Credit (1921). In a career that traversed the worlds of
if the U.S. economy should fall into a new cycle in the coming years, even though economics does not provides the tools to predict the precise timing of it. KEYWORDS: involving as it does adjusting fundamental macroeconomic variables to underlying economic realities has real and enduring consequences. These effects are not
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.