Where there is no business at all, business can be neither good nor bad. There may be starvation, and famine, but no depression in the sense in which this term is used in dealing with the problems of a market economy.
Increased velocity of circulation is not, in itself, a contributing cause of higher commodity prices. It is not even a link in the chain of causation.
Is the standard Austrian theory of the origin of money "conjectural history"? Kristoffer Hansen's response to Gary North's counter-interpretation of the theory of the origin of money.
Henry Hazlitt's review of Man, Economy, and State published in National Review in September, 1962.
Far from being a bucolic utopia, economic conditions were highly unsatisfactory on the eve of the Industrial Revolution. The traditional social system was not elastic enough to provide for the needs of a rapidly increasing population.
Without Rothbard Austrian economics and libertarianism would have taken a very different turn.
It becomes evident from Richard von Mises's fundamental work that mathematical probability theory can never be applicable to economics, or to any other study of human action.
All human action stems from the value judgments of individuals. Economics, properly understood, was never so foolish as to believe that all that people are after is higher incomes and lower prices.
The Scholastics were constrained in their development of economics by considerations of deference to authority and by the relatively slow development of the external economic conditions upon which to reflect.
Yoram Hazony’s critique of Hayek highlights interesting fissures in theories of political economy on the Right.
