Calculation and Knowledge

Garrison has given economists a useful way to illustrate Keynes’s theory, but there are two fundamental problems with Garrison’s interpretation.

The Fed has been messing with interest rates for a century and suddenly they have forgotten how to raise interest rates?

For those new to Austrian economics, there are few modern scholars whose work I would recommend more enthusiastically than Salerno’s.

"Giving back" is big these days, but how can we know if we’re really making a contribution that someone values? Economics, fortunately, gives us an answer: the best way to "give back" is to earn honest money.

Keynes’s theory of Aggregate Expenditures from the General Theory is examined and criticized. Keynes suggested numerous reasons why his marginal propensity to consume (MPC) might vary across individuals, over different time periods, and might be fundamentally heterogeneous in other respects, but assumed a constant MPC for tractability.

This lecture by Gary North was presented at the 2012 Mises University in Auburn, Alabama.

This lecture by Bob Murphy was presented at the 2012 Mises University in Auburn, Alabama.

The entrepreneur risks, in the present, investment in productions that he thinks will produce some good or service at a profit in the future.