Brendan Brown reviews "Narrative Economics," which argues that "economic fluctuations are substantially driven by contagion of oversimplified and easily transmitted variants of economic narratives."
Thanks to past interventions, the economy is now rife with malinvestments and prices that don't reflect real demand. The solution is to allow deflation and other types of painful readjustment. Otherwise true growth will elude us.
Reswitching indicates that the average production period is not necessarily a decreasing function of the interest rate. Granot's generic model of the structure of production shows behavior resembling reswitching.
Thanks to past interventions, the economy is now rife with malinvestments and prices that don't reflect real demand. The solution is to allow deflation and other types of painful readjustment. Otherwise true growth will elude us.
This paper extends Austrian business cycle theory to the command economy and demonstrates that Mises’s socialist commonwealth would not be free from Rothbardian error cycles.
The latest installment in the Understanding Money Mechanics series summarizes the theory of the business cycle originally published in 1912 by Ludwig von Mises and elaborated by Friedrich Hayek.
Austrian economists do not have crystal balls, but Austrian business cycle theory provides a sure foundation for identifying looming economic crises and exacerbating factors, even if the precise timing of a downturn cannot be known.
One of the important aims of the Anatomy of the Crash is to highlight the truly global nature of the monetary policy failings since 2008—not simply critiquing the actions of the Federal Reserve, but their colleagues at the European Central Bank, the Bank of Japan, and elsewhere.
If you've wanted to read Human Action, this is your opportunity to hear it explained by great economists and scholars!
Three Austrian macroeconomic models—those of Böhm-Bawerk, Hayek, and Garrison, are reviewed and compared. At a general level, they share several important characteristics.
