Leading with Kleinheyer and Mayer’s “Discovering Markets,” this issue includes papers on IP and business cycle theory, as well as reviews of eight important new books.
The Quarterly Journal of Austrian Economics (QJAE) is a refereed journal that promotes the development and extension of Austrian economics and the analysis of contemporary issues in the mainstream of economics from an Austrian perspective.
The QJAE Blog Editors and Editorial Board Submission Information
On the Impossibility of Intellectual Property
Beyond being incompatible with natural rights and detrimental to the dissemination of innovations, the concept of intellectual property is a praxeological impossibility.
Review: American Bonds: How Credit Markets Shaped a Nation
Quinn’s American Bonds shows that the federal government’s credit policies were important factors behind the particular evolution of securitization and credit markets in the United States.
Review: Unprofitable Schooling: Examining Causes of, and Fixes for, America’s Broken Ivory Tower
Unprofitable Schooling is the go-to book for anyone who wants to understand, in depth, the debates raging about why, and even whether, the academy is in such a sorry state.
Remembering Oskar Morganstern
In this article in our “Remembering” series, we commemorate the well-known economist Oskar Morgenstern, best known as the codeveloper of modern game theory with John von Neumann.
Banking and Monetary Policy from the Perspective of Austrian Economics
The editors are to be heartily congratulated for putting together this book, which covers an impressive range of topics in monetary economics from an explicitly Austrian perspective.
The Great Reversal: How America Gave Up on Free Markets
According to Philippon, in some industries Europe has a freer market than America does. The solution is somehow more regulation.
Socialism Sucks: Two Economists Drink Their Way through the Unfree World
Lawson and Powell have had the happy idea of presenting elementary economics in a humorous way that will appeal to those “turned off” by serious and sober scholarship.
The Economists’ Hour: False Prophets, Free Markets, and the Fracture of Society
Binyamin Appelbaum, the main writer on economics for the New York Times, thinks that economics was appropriately progressive—favoring severe market restrictions—in the first half of the twentieth century. All this changed in the fifties.
Ribatarianizumu: Amerika wo yurugasu jiyūshijōshugi (Libertarianism: The Ultrafreedomism Shaking Up America, published only in Japanese)
Yasushi’s fine introduction to libertarianism—a phrase which is translated even more provocatively as “ultra-do-whatever-you-want-ism” (jiyūshijōshugi)—has turned out to be one of this year’s steady sellers in Japan.
Planned Economy and Economic Planning: What The People’s Republic of Walmart Got Wrong about the Nature of Economic Planning
Firms, like other organizations, are unable to substitute the market in coordinating their economic plans. If they ever tried to eliminate the market creating them, they would face the same problems that all planned economies do.
Discovering Markets
Winning narratives shape market prices until their victory is confirmed by the facts or they are discredited by facts and replaced by new narratives.
Beyond Calculation: The Austrian Business Cycle in the Socialist Commonwealth
This paper extends Austrian business cycle theory to the command economy and demonstrates that Mises’s socialist commonwealth would not be free from Rothbardian error cycles.
