In Defense of Fundamental Analysis: A Critique of the Efficient Market Hypothesis
From The Review of Austrian Economics Vol. 10, No. 2, 1997.
Business Cycles
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An Investigation of Inverted Yield Curves and Economic Downturns
Cwik’s dissertation submitted to the Graduate Faculty of Auburn University for the Degree of Doctor of Philosophy, 14 May 2004.
Central Banking, Free Banking, and Financial Crises
Roger Garrison New Classical and Old Austrian Economics: Equilibrium Business Cycle Theory in Perspective Adobe Acrobat 6.0 Paper Capture Plug-in
Comment on Tullock’s “Why Austrians Are Wrong About Depressions”
With regard to Tullock’s “major objection” to the theory, his argument (pp.
6. The Great Depression, World War II, and American Prosperity, Part II
FDR’s stated New Deal purpose was to keep work weeks short and to extend minimum wages which were extremely high. But, production is what makes demand possible and what increases purchasing power, not federal mandates.
5. The Great Depression, World War II, and American Prosperity, Part I
The 1920s had difficulties, but the depth of the Great Depression was in 1931. Any theory of boom-bust events must ask why so many entrepreneurs made terrible errors in a cluster. Why do busts hit capital goods industries harder than they do consumer goods industries?
5. Modern Monetary Theory: The Austrian Contribution
Monetary theory is where Austrians diverge the most from mainstream. Mises built a new taxonomy of money. He said money included any checking account deposits. The marginal utility of gold on the last day of barter was determined by the uses of gold. People then demanded gold as money because there was preexisting value. A paper dollar must have such a connection to money. Government cannot create money. Money is not neutral. The natural trend of prices in a market economy is falling.
