Other Schools of Thought

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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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The Upside of Lockdowns: More Saving

Money and BanksOther Schools of ThoughtProduction Theory

Blog01/14/2021

Rothbard: "At the outset of every step forward on the road to a more plentiful existence is saving….Without saving and capital accumulation there could not be any striving toward nonmaterial ends."

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Why Government Stimulus Sometimes Looks like It Revives the Economy

Booms and BustsInflationOther Schools of Thought

Blog12/01/2020

Even when an economic bust appears, there may still be enough real savings in the economy to quickly put the economy back on track. This is what brings economic recovery, not artificial "stimulus."

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Modern Monetary Collectivism

InflationMoney and BanksOther Schools of Thought

Blog12/01/2020

No, “societal” value is not what you want or think is good, and “we” are not a homogenous entity of observable, aggregated preferences.

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"Monopoly" Is No Excuse for Government Intervention

Economic FreedomMonopoly and CompetitionOther Schools of Thought

Blog09/16/2020

In an unhampered economy, monopoly is not a framework distinguishable from “pure” competition. In fact, inefficient monopolies arise only in case of government interventionism.

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Calculating GDP Correctly

Other Schools of Thought

Blog08/12/2020

There are many reasons we should be skeptical of the GDP statistic. But it is nonetheless important to understand how it is calculated.

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MMT's Very Odd Definition of "Savings"

Monetary PolicyInterventionismOther Schools of Thought

Blog07/30/2020

Proponents of modern monetary theory have come up with their own idiosyncratic definition of savings in support of their theory. But the common usage of the term shows MMT doesn't work the way its supporters think it does.

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The First Socialists: The Saint-Simonians and the Utopians

SocialismWorld HistoryOther Schools of Thought

Blog07/13/2020

While collectivism was implied in Sismondi’s idea of a “general interest,” Owen and Fourier offered the first formal expression of full socialist collectivization.

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