The so-called "art of central banking" lies in picking the "right" target interest rate. But, there's no way to know the "correct" rate without giving markets freedom from central bankers.
The Economic Theory of Costs contains valuable criticism of the standard neoclassical approach and some original ideas on how to develop causal-realist economics in the Mengerian tradition.
The importance of the division of labor hardly can be exaggerated, and it is also key in understanding the process of capital creation.
It is not true that capital — once created — will lead to future wealth gains forever into the future. Only constant adaptation — via entrepreneurs — can make sure that the production process will provide the flow of consumption goods in the periods to come.
Oil prices did not cause the Venezuelan crisis. Nor can oil now be its cure.
The Anti-Corn-Law League was the best financed and the most highly organized political pressure group that Britain has ever witnessed.
If allowed to function freely, capitalism is hard-wired to distribute resources to as many people as possible at affordable prices. You don't have to be rich to participate in the bounty.
Jevons called Cantillon's Essai the "Cradle of Political Economy." It was one of the few books quoted by Adam Smith and it deserves reading by any serious thinker of political economy today.
A member of the “second generation of the Austrian school of economics,” Eugen von Böhm-Bawerk (1851–1914) and his works are discussed by Peter Klein.
The Fed's policy of price stability, as in the 1920s, may catch economists again unaware of the damage inflicted by this policy.
