Quarterly Journal of Austrian Economics 20, no. 2 (Summer 2017)

ABSTRACT: In four ways, say Rapp, Olbrich and Venitz (2017), “the seeming compatibility between value investing and Austrian economics must be characterized as a myth.” I disagree. The authors’ major contention—namely that “value investing’s definition of value is fundamentally at odds with the Austrian value concept”—is demonstrably false.

Quarterly Journal of Austrian Economics 20, no. 2 (Summer 2017)

ABSTRACT: The article responds to the main points raised by Howden (2016) in his comment on Machaj (2015). Most of them appear not to argue against the model developed in my paper, but argue in favor of most likely scenarios to happen in empirical reality and therefore most probable events to be depicted in the model.

Before the US Constitution of 1787 was ratified, its proponents have claimed a centralized and powerful American state was necessary for the purposes of military defense.

But, as the Anti-Federalists of the time pointed out, the older constitution (known as the Articles of Confederation) had already been sufficient to allow the colonies to defeat what was the most powerful state on earth — the British Empire.

Political scientist John Mueller is not convinced that nuclear weapons are the driving force behind the lack of major wars in recent decades. His article “The Essential Irrelevance of Nuclear Weapons” in International Security (Fall 1988) offers a informative contrary view to the often-bland assertion that nuclear weapons — and not the highly destructive nature of conventional wars — are what keep world powers away from new wars. 

It is interesting to note that Marx, in his analysis of the capitalist economic system, basically concentrates on the study of the imbalances and maladjustments which occur in the market.

To many people, the slumlord — alias ghetto landlord and rent gouger — is proof that man can, while still alive, attain a satanic image. Recipient of vile curses, pincushion for needle-bearing tenants with a penchant for voodoo, perceived as exploiter of the downtrodden, the slumlord is surely one of the most hated figures of the day.

[Originally appeared as “Professor Hébert on Entrepreneurship” in the Journal of Libertarian Studies 7, no. 2 (Fall, 1985): 281–86.]

​Since I admittedly know more about Austrian economic theory than about Richard Cantillon, I would like to focus my comments on the Austrian aspects of Professor Hébert’s paper, in particular his discussion of entrepreneurship. Hébert is correct in his discussion of the differences between Mises’s and Kirzner’s concept of the entrepreneur and in his critique of the Kirzner approach.

Quarterly Journal of Austrian Economics 20, no. 2 (Summer 2017)

ABSTRACT: This paper deals with the relationship between deflation and economic growth. Although there are numerous theories on the potential effects of deflation on real output, empirical evidence in this field is still incomplete.

Anyone who claims there’s too much democracy in the United States needs to keep in mind that American law and policy is ultimately decided by five millionaires at the Supreme Court.