Business Cycles

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André Marques

The "experts" solemnly tell us that deflation is even worse than inflation, and that deflation always will lead an economy into recession. The truth turns such "wisdom" upside down.

Jon Wolfenbarger

Despite assurances from politicians and the media, the Federal Reserve System is not a collection of geniuses who stand guard against inflation and recession. Instead, think of the Fed policy makers as the Keystone Cops of central banking.

Frank Shostak

The Fed's unprecedented monetary expansion has created damage that it cannot undo by switching directions.

Vibhu Vikramaditya

Central banks, and especially the Federal Reserve System, continue to churn up inflation and the boom-and-bust cycles—in the name of "stabilizing" the economy.

Frank Shostak

While the usual characters praise central banks for supposedly bringing economic stability, Dr. Shostak explains that their presence makes things unstable because they break the relationship between saving and lending.

Frank Shostak

Keynesian orthodoxy claims government can successfully counter recession through "expansionary" policies. To the contrary, these policies increase the danger to the economy.

Murray N. Rothbard

For nearly a hundred years, economists have been groping for an explanation for the business cycle, writes Murray Rothbard, while overlooking the Austrian explanation.

Lucas M. Engelhardt

Long-standing policy advice based on Austrian business cycle theory would be useful in responding to Keynesian supply shocks—aggregate supply shocks that lead to even larger aggregate demand shocks.

Nils Herger

Abstract: This paper endeavors to develop a modern theoretical underpinning of Friedrich August von Hayek’s business-cycle theory