The Fight for Liberty and the Beltway Barbarians
In the conservative and libertarian movements there have been two major forms of surrender, of abandonment of the cause.
Who is Juan de Mariana?
Deutsche Bank’s Troubles Raise Worries About the Future of the Euro Zone
The euro banking sector is huge: In April 2018, its total balance sheet amounted to 30.9 trillion euro, accounting for 268 per cent of gross domestic product (GDP) in the euro area. Unfortunately, however, many euro banks are in lousy shape. They suffer from low profitability and carry an estimated total bad loan exposure of around 759 billion euro, which accounts for roughly 30 per cent of their equity capital.
Title and Patrons
The Skyscraper Curse: And How Austrian Economists Predicted Every Major Economic Crisis of the Last Century
By Mark Thornton
The Mises Institute dedicates this volume to all of its generous donors and wishes to thank these Patrons, in particular:
Benefactor:
Mr. and Mrs. Gary J. Turpanjian
Patrons:
Anonymous, Andrew S. Cofrin, Conant Family Foundation, Christopher Engl, Jason Fane, Larry R. Gies, Jeffrey Harding, Arthur L. Loeb, Mr. and Mrs. William Lowndes III, Brian E. Millsap, David B. Stern
Copyright page
Published 2018 by the Mises Institute. This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivs 4.0 International License.
http://creativecommons.org/licenses/by-nc-nd/4.0/
Mises Institute
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hardback edition: 978-1-61016-683-6
paperback edition: 978-1-61016-684-3
large print edition: 978-1-61016-685-0
epub edition: 978-1-61016-688-1
Table of Contents
Foreword by Thomas E. Woods, Jr.
Introduction
Section 1: The Skyscraper Curse
Chapter 1: What Is the Skyscraper Curse?
Chapter 2: The History of the Skyscraper Curse Reexamined
Chapter 3: Do You Have a Theory?
Chapter 4: How to Get Milk
Chapter 5: Cantillon Effects
Chapter 6: Cantillon Effects in Skyscrapers
Chapter 7: The Curse Misses New York. Is Auburn, Alabama, Next?
Chapter 8: When Will the Next Skyscraper Curse Come?
Chapter 9: It Is Not the Skyscraper’s Fault
Bibliography
Abraham, Jesse M., and Patric H. Hendershott. 1994. “Bubbles in Metropolitan Housing Prices.” NBER Working Paper 4774. National Bureau of Economic Research. Cambridge, MA.
Ali, M., and Kyoung Sun Moon. 2007. “Structural Developments in Tall Building: Current Trends and Future Prospects.” Architectural Science Review 50, no. 3.
Alonzo, William. 1964. Location and Land Use: Toward a General Theory of Land Rent. Cambridge, MA: Harvard University Press.
Chapter 24: What Is Wrong with ABCT?
To reiterate, the Austrian business cycle theory (ABCT) shows that artificially low interest rates produce systematic distortions in the economy. The most important of these distortions is the inducement to build longer structures of production and more roundabout production processes involving advanced or premature technologies. It is during the resulting boom when all the mistakes or malinvestments occur in a temporal cluster. The bust or economic crisis is when these errors are later revealed.
Chapter 25: Summary and Conclusion: End the Fed
What this book has established is that the central bank causes a variety of economic problems and that Austrian business cycle theory (ABCT) shines a scientific light on what otherwise is a highly complex phenomenon. I have shown that the Skyscraper Index has predicted most of the important economic crises for over a century. I have also shown that Austrian economists have predicted those crises using ABCT.
Chapter 21: Is the Housing Bubble Popping?
[The original version of this chapter was published as “Is the Housing Bubble Popping?” LewRockwell.com, August 8, 2005.]
Friday, August 5, 2005, was a bad day for housing stocks and this could be a sign that the housing bubble may have sprung its first leak. This is what the Philadelphia Stock Exchange Housing Sector Index looked like this week — losing about 5 percent for the week.
