Production Theory

Labor unions work to prevent increases in the productivity of workers, which is ultimately the only way to increase real wages, writes George Reism

Empirical analysis and interpretation of employment and interest data based on the Hayekian triangle have proved highly fruitful in revealing new information about the structure of U.S. production.

Does Structuralist unemployment theory in the spirit of Edmund S. Phelps (1994) contain Austrian elements? Austrian macroeconomics concerns itself with the intertemporal capital structure  and entrepreneurial expectations.

It is a rare individual who is able to draw from many disparate traditions in economic thought and combine these into a coherent research program. 

This paper has incorporated challenges to the dominant neoclassical model that were fashioned by Rothbard and, to a much lesser extent, Baumol.

Fiscal policy means simply that the government steals the public’s assets (taxes them), and then either spends the money itself  or donates the funds to others 

Tony Yu’s Firms, Strategies, and Economic Change joins a growing list of book-length treatments applying Austrian economics to the theory of the firm, corporate strategy, innovation, new venture formation, and other popular issues in management.

In this paper we tackle two shortcomings of the present efficiency wage models. Firstly, they do not fully account for labor heterogeneity, thus implying that high-effort and low-effort units of labor are interchangeable.

The authors’ proposed solutions are interesting but ultimately disappointing. Laudably, they do call for what they believe to be the privatization of urban transit. 

This paper deals with the recent empirical phenomenon of intra-industry trade, i.e., trade in similar goods between similar countries. It treats this phenomenon from the point of view of the theory