Business Cycles
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Joseph Salerno Interviewed on Gold Standard, Fiat Money
Joseph Salerno Interviewed on Gold Standard, Fiat Money...
Mises Daily Wednesday: Sub-Zero Interest Rates as an Endless Daylight Saving Time
Mises Daily Wednesday by Brendan Brown
Milton Friedman once compared monetary stimulus to daylight saving time. But while daylight saving has an ending date, current monetary stimulus has no end in sight, and we’re just moving the clock ahead repeatedly without ever moving it back.
Skyscrapers & Cyber Security with Dr. Mark Thornton
I am interviewed on Power Trading Radio about the Skyscraper Curse and Cyber Security Issues—Biggest Bank Heist in History!
Where is the Skyscraper Curse Today?
The world is teeming with skyscraper building from China to London, and a new record-setting skyscraper is planned for 2016 in Saudi Arabia. Will this skyscraper herald the next global economic crisis as Dubai's Burj Khalifa presaged the 2009 crisis?
The Myth of the Depression of 1873: More Evidence of a Bright Future for Austrian Economics
More evidence the future of Austrian economics is in good hands is Patrick Newman’s excellent piece of scholarship recently published in the QJAE as "The Depression of 1873: An Austrian Perspective."
Our Brave, New, Leveraged World
According to a new report just out by McKinsey, global debt has increased by $57 trillion since the Great Recession, outpacing world GDP growth during this time period.
Shostak: The ECB Fears Deflation, But You Should Not
The European Central Bank plans to ramp up its own version of quantitative easing because it fears deflation. But deflation really means an increase in real wealth and an end to many malinvestments.
The Marginal Efficiency of Capital: A Comment
ABSTRACT: The impact of interest rates on investment choices is a key element in both Keynesian and Austrian theories of the business cycle. Fuller (2013) compares the Keynesian Marginal Efficiency of Capital approach to the Austrian Net Present Value approach, claiming that the two give different rankings of investment projects. This comment provides examples to show that this is only true if factor prices are held constant. If factor prices reflect the discounted present value of the project, then the different rankings between the approaches vanishes. This result further highlights a fundamental difference between the Austrian and Keynesian views: factor price stickiness. This difference in assumptions drives the opposing views of monetary policy.
