equilibrium as the benchmark for economic efficiency, and analyzes how economic policy can move an economy toward that equilibrium. This is done by correcting For example, antitrust policy often attributes profits to monopoly rather than to innovation, penalizing innovative firms and slowing economic progress. In
(drafted in early November) I made an argument that a Rothbardian anti-recession policy of slashing government spending while cutting taxes, “particularly taxes that less hampered economy with a smaller more efficient government there will be less innovation and prosperity. Recently many economists have been arguing, based on
and corrupted the nation’s entire financial system seventy years later. The policy aim of Fannie Mae was “forcing water to flow uphill” in the residential servicing and ownership of the resulting mortgage, in an alleged financing “innovation” that would give rise to predatory mortgage-broker boiler rooms a few
new method that we haven’t [already tapped].” So Helicopter Ben has run out of innovative and unconventional ways to create new money. Lest you be tempted to to closely monitor the risks, efficacy, costs and benefits of this inflationary policy. I guess the rapid asset price run-up in stock and commodities markets, which
deflation. Highlights: Rather than assisting a post-recession recovery, these policies – plus other market-harming government interventions, regulations, and normal trend in a free, competitive market is a world of gently falling prices as innovative businessmen bring improved and less expensive goods to consumers. A truly
Summer 2013, pp. 213–228). The thesis is that Keynes was an investment genius and innovator who developed methods later used by Warren Buffett and George Soros. Keynes He also failed entirely to understand that the casino was fueled by the easy money policies which he espoused. The article does disclose Keynes’s very large gold mining
recommends the smallest possible response when it comes to monetary and fiscal policy. Unfortunately, while RBC theory can provide a pretty good explanation in while it is “real,” it does not really help us understand reality. However, its policy implications for an economic downturn are correct, which is essentially to do and products. The Housing Bubble was linked to “subprime” and related financial innovations. The “tech” or dot.com bubble of the late 1990s, the Japanese Bubble of
be prevented and Keynes’s insights applied. Governments engaged in loose monetary policy combined with fiscal stimulus in response to what, through Keynesian eyes, develops these arguments in a systematic way. Most importantly, he adds his own innovative ideas to develop a devastating case against TGT . Rallo’s critique of TGT for scholars and layman alike looking for errors in Keynes’s thinking and today’s policies. The main downside of the book is that it is written in Spanish. Hopefully,
after 2008. That may have diluted the significance of the Fed Funds rate as a policy tool, but it has absolutely not severed the link between open market purchases probably need to hold less cash balances than if they got paid every quarter); (4) Innovations in the clearing system (innovations by Visa and other methods of money
that legislation be reactionary. Lawmakers’ failures to adapt to technological innovation is not a failure of government per se but rather an unavoidable fact that and, in my opinion, allowed filmmakers to focus on the innovation, rather than on policy, that energized the United States as an industry superpower during and after
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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.