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Home | Blog | Policy or Regime Uncertainty: Recovery Aborted

Policy or Regime Uncertainty: Recovery Aborted


Bill McNabb, CEO of the Vanguard Group, in today’s WSJ op ed Uncertainty Is the Enemy of Recovery discusses Vanguard’s estimate that policy uncertainty has created a $261 billion drag on the U.S. economy.

While it is good to see policy uncertainty highlighted, the more relevant concept is Robert Higgs’s regime uncertainty as discussed in these Mises Dailies and Circle Bastiat posts:

Regime Uncertainty: Some Clarifications – Robert Higgs – Mises Daily


Nov 19, 2012 A business-hostile administration will provoke more apprehension than a business-friendlier administration.

 Regime Uncertainty and the Non-Recovery – Mises Economics Blog


Dec 14, 2011 Robert Higgs introduced the concept of “regime uncertainty”, government policies and actions that threaten property rights, in his outstanding

 Malinvestment and Regime Uncertainty – John P. Cochran – Mises


Oct 29, 2012 Robert Higgs’s concept of regime uncertainty has caught on with businessmen and the press.


John P. Cochran (1949-2015) was emeritus dean of the Business School and emeritus professor of economics at Metropolitan State University of Denver and coauthor with Fred R. Glahe of The Hayek-Keynes Debate: Lessons for Current Business Cycle Research. He was also a senior fellow of the Mises Institute and served on the editorial board of the Quarterly Journal of Austrian Economics.

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