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.
In case you missed it, be sure and check out the October issue of The Free Market, now o
Eighty years ago, Mises’s The Theory of Money and Credit first appeared in English.
Eighty years ago, Mises's The Theory of Money and Credit first appeared in English. It remains one of the most important books on money and inflation penned in the twentieth century, and it still offers the clearest analysis and understanding of booms and busts, inflations and depressions.
Contrary to what is commonly assumed, Austrian economics and Austrians scholars themselves are not necessarily in favor of gold-based monetary syst
Reading the news, one could be forgiven for coming to the conclusion that virtually all economists work for the government or the Fed, and that few
Robert Murphy explains why people trade goods, and the role of money.
Efficient banks have many options for lenders and credit when banking crises hit. It's the inefficient and insolvent banks that must turn to a central bank. But do we really want central banks that reward insolvency and encourage inefficiency?
