Other Schools of Thought

Displaying 1 - 10 of 1991

What Krugman Gets Right and Wrong on Trade Surpluses

Protectionism and Free TradeOther Schools of Thought

Blog05/25/2022

Krugman’s recent NYT column on Russia features commentary on trade surpluses that is at best very misleading.

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Quantitative Methods Are Incomplete When Used for Economic Analysis

The EntrepreneurAustrian Economics OverviewEntrepreneurshipOther Schools of ThoughtPraxeology

Blog03/09/2022

Modern economics claims that quantitative methods are central to understanding economic analysis. Mises demonstrated why this belief is untrue.

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Economic Knowledge Is Qualitative, Not Quantitative

Austrian Economics OverviewOther Schools of Thought

Blog02/23/2022

Mainstream academic economists believe that we advance economics by "testing" theories. Austrian economists believe economics is about understanding human action and does not have to be subjected to constant tests.

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The 2021 Nobel Prize and the Trend of Economic Thinking

BiographiesCapitalismProtectionism and Free TradeTaxes and SpendingInterventionismOther Schools of Thought

Blog10/11/2021

The 2021 Nobel Prize in Economics has been awarded to Berkeley's David Card, MIT's Josh Angrist, and Stanford's Guido Imbens for their work on "natural experiments," a currently fashionable approach to estimating the causal impact of one economic variable on another. 

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Rebutting Paul Krugman on the "Austrian" Pandemic

Monetary PolicyOther Schools of Thought

Blog09/07/2021

Paul Krugman’s “logical problem” with ABCT derives entirely from his superficial understanding of the theory.

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Portrait of an Evil Man: Karl Marx

World HistoryOther Schools of Thought

Destructive ideas almost unavoidably derive from a destructive and—in the case of Marxism—rather repulsive person.

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The Roots of "Anticapitalism"

Other Schools of ThoughtPhilosophy and MethodologyPolitical Theory

Anticapitalism's origins are not found with the workers. Rather, it came from the aristocrats and middle-class intellectuals who harbored resentment and fear of the rising entrepreneurial and industrial classes. 

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Milton Friedman's Methodological Mistake

Other Schools of ThoughtPraxeology

Blog04/30/2021

Key methodological differences between Austrians were highlighted in Milton Friedman's "The Methodology of Positive Economics." A key piece of conflict: Friedman's focus on prediction rather than explanation.

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An Austrian Critique of Robert Mundell's "Impossible Trinity"

Protectionism and Free TradeMonetary TheoryOther Schools of Thought

Blog04/27/2021

The impossibility theorem, developed by Nobel-winning economist Robert Mundell, paints a false tradeoff between the free movement of capital, fixed exchange rates, and effective monetary policy. Under a gold standard, all three are a possibility.

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No, Drops in Money Velocity Don't Offset Money Printing

InflationMoney and BankingOther Schools of Thought

Blog02/23/2021

According to popular thinking, the sharp decline in money velocity since June 2008 is likely to neutralize recent strong money supply increases’ effect on price inflation ahead. This is a fallacy.

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