doubts Milei´s credentials, the chapter is a scathing critique of neoclassical growth theory. It also offers a full-blown Rothbardian alternative. Mises´s work on Hayek´s knowledge problem form the basis of his analysis. Speaking of neoclassical economic analysis, Milei writes: Note that whenever situations that do not match the
contrasting post-crisis policies in Iceland and Ireland. In a paper published in Economic Affairs (available here as a PDF) I contrast the policies enacted by Iceland Iceland seems to have softened the immediate blow of its recession, but present growth in Ireland is stronger. In a similar way, unemployment in Iceland was less and exit the storm relatively unscathed. In contrast, Ireland is languishing in slow growth and five years later the country’s income is still 10 percent below its
of Italy. On the one hand, it is easy to state that the mafia and the corrupt economic system it functions within are wrong and unproductive for the country. On sectors of the economy. The Italian State: A Reliable Partner for the Mafia This growth was fueled by the political and economic model present in Italy during the
of the Federal Reserve System changed everything dramatically. With the ability to economize on bank reserves and to create fiat money at whim, the inflation rate (We will discount these future cash flows at the long-run rate of nominal GDP growth of 5.5 percent.) The greater metropolitan area of New York City generated $1.3 in particular has only “returned” about 7 percent once we adjust the figures for economicgrowth since 1803. The purchase of Manhattan hasn’t fared much better, and
for example: 1. Anthony Evans´ discussion about how not all of Ireland´s economic rise was fake - much was real, and caused by a favorable tax and business policy. As it meanders its way to a slow recovery much of this real economicgrowth is coming back, while the malinvestments caused by low interest rates still
is where the budget numbers account for increased government revenue generated by economicgrowth the budget will supposedly unleash. The claims are dubious at best. Of course,
flying high for several years, Brazil’s luck is quickly running out . Citing bad economic management and one-off accounting tricks that flattered its public finances, supply to suit its needs. Many commentators will point to Brazil’s high economicgrowth as the reason for its price inflation. These people would do well to just
to accept. The dominant modern view of exogenous demand-side shocks propagating economic distress cannot allow for the economy to gradually destabilize itself as the macroeconomic models of the business cycle, price inflation is a result of money growth relative to economicgrowth in the economy. Low and stable price inflation
gain in the stock market is just because of prices going up, not because of real economicgrowth. In fact, if you factored inflation out of your stock returns over the past 14
“The growth of unofficial employment is an entrepreneurial response to unnecessarily rigid PIGS countries (Portugal, Italy, Greece, and Spain) average 21.7 percent of their economic activity hidden from the official statistics. For comparison, 14.7 percent
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.