One of the fundamental questions in development economics is how an economy grows. As the reader may know, an economy grows by means of economic freedom, which implies property rights and the emergence of markets and exchange ratios (prices). Further, such chains of events bring about economic calculation. However, are such conditions enough for economic development? That is, does a nation need only property rights to develop?

The view that more money can revive an economy is based on the belief that money transmits its stimulatory effect through aggregate expenditure. With more money in their pockets, people will be able to spend more and the rest will follow suit. Money, in this way of thinking, is a means of payment and funding.

Abstract: I show evidence of Austrian boom-bust dynamics in historical data on the production structure of 28 developed economies. I employ an autoregressive distributed lag model to find that policy-induced deviations from the natural rate of interest increases roundaboutness. This could instigate an unsustainable boom. Additionally, I find that early-stage industries have higher cyclical sensitivity than late-stage industries, consistent with Austrian time-value dynamics in the structure of production.

The death of Robert Mugabe on September 6, 2019, reignited conversations about the future of Zimbabwe. Economist Steve Hanke recently estimated that Zimbabwe’s inflation was at 605 percent, indicating the country is still in a precarious economic situation.

Capitalism creates poverty. Capitalism has stolen our future. Capitalism ravages the planet. Capitalism oppresses us. Capitalism needs to be controlled by government or it will throw most of us into poverty and misery and enrich only the well-placed few.

The money supply growth rate surged in November, climbing to a 33-month high. The last time the growth rate was higher was during February of 2017, when the growth rate was 7.06 percent.

The world continues to process last week’s missile strike killing of Iranian general Qassem Soleimani as President Donald Trump continues to rattle his favorite saber, Twitter, against threats of Iranian retaliation. Already the international response to Trump’s military escalation, a decision categorized as “the most extreme response” by American military officials, has been strong.

Last week after the military drone strike in Iraq, an influx of young people went to the Selective Service website to find information about the draft. So much so that the draft website reportedly crashed from the surge.

Abstract: This paper aims to propose a non-distortionary monetary policy objective consistent with the Austrian business cycle theory. Since the price level should fall in the growing economy in the Hayekian framework, introduction of a negative inflation target combined with the Taylor rule is suggested as a non-distortionary monetary policy. To keep the money stream stable, the optimal inflation target would be equal to the opposite of the growth rate of the economy.