Ludwig von Mises Memorial Lecture from the 2014 Austrian Economics Research Conference presented by J. Huston McCulloch. Ludwig von Mises’s writings contain many insights that are very relevant for mainstream macroeconomics.
The spread-model provides no point of attachment for spiral reasoning because there is no representativity assumption that forces the model agents to behave in a similar way.
Garrison's Time and Money picks up where Hayek left off, developing a macroeconomic model based on Austrian capital theory that provides significant insights into macroeconomic phenomena.
Markets are not efficient as that term is currently used in academic finance. Rather, markets are reflexive in that market behavior and the fundamentals reflect each other via a two-way, interactive feedback loop.
The Austrian business cycle theory (ABCT) has been criticized for not being a true theory of the business cycle. The main emphasis of the ABCT has been on the theory of the upper-turning point
Recognizing different types of savings allows for a more fruitful analysis of the business cycle. Sustainable investment activities must be financed by an equivalent amount of savings, both in length of availability and quantity.
Hayek is seen as one of the main opponents of Keynes because of the debate about macroeconomics that they had in the early thirties.
Free banking is a process where the market makes the ultimate judgment on where to draw the line between money as a present good and money as a future good.
Time and Money is a multifaceted achievement. Within its pages the reader will encounter business cycle theory, capital theory, comparative economic thought
Scholars of Austrian economics argue persuasively that formal models are not able to capture the complex dynamics of market processes.
