In his various writings, the champion of the monetarist school, Milton Friedman, argued that there is a variable time lag between changes in money supply and its effect on real output and prices. Friedman holds that in the short run changes in money supply will be followed by changes in real output.

However, in the long-run changes in money will only have an effect on prices. All this means that changes in money with respect to real economic activity tend to be neutral in the long-run and non-neutral in the short-run. Thus according to Friedman,

This week Alexandria Ocasio-Cortez released a preliminary summary of her grand vision for a Green New Deal. Prior to its unveiling, the youngest rising star of the Democratic Party had already managed to get the support of leading members of Congress, including all of the party’s current leading Presidential candidates. Unfortunately for Ms. Ocasio-Cortez, the document was met with widespread ridicule for advocating policies such as building high-speed rail to Hawaii, eliminating combustible engines, and guaranteed government jobs – even for those “unwilling to work.”

T.R.M. Howard: Doctor, Entrepreneur, Civil Rights Pioneer
David T. Beito and Linda Royster Beito
Oakland: Independent Institute, 2018, xxii + 339 pp.

Jason Jewell (jjewell@faulkner.edu) is a professor of humanities at Faulkner University.

Quarterly Journal of Austrian Economics 21, no. 3 (Fall 2018) full issue, click here.

An an editor of publications with a distinct ideological bent, I sometimes hear that it’s important to strive to avoid “preaching to the choir” or “preaching to the converted.”

It’s difficult to generalize what is meant when this phrase is used. Some users of the phrase think it’s a waste of time for any group to discuss important topics among the members. Why discuss laissez-faire economics (or any topic) with other people who already agree?

Globalists: The End of Empire and the Birth of Neoliberalism
Quinn Slobodian
Cambridge: Harvard University Press, 2018, X + 381 pp.

David Gordon (dgordon@mises.com) is a Senior Fellow at the Ludwig von Mises Institute.

Quarterly Journal of Austrian Economics 21, no. 3 (Fall 2018) full issue, click here.

Quinn Slobodian, a historian at Wellesley College, tells us that Globalists

Mateusz Machaj (mateusz.machaj@uwr.edu.pl) is research fellow at the Faculty of Social and Economic Studies, Jan Evangelista Purkyne University in Usti nad Labem; and assistant professor at the Institute of Economic Sciences, the University of Wroclaw.

Quarterly Journal of Austrian Economics 21, no. 3 (Fall 2018) full issue, click here.

While everyone was chatting about the 2018-2019 United States government shutdown, House Democrats introduced a universal background check bill H.R. 8 on January 8, 2019.