Volume 10, No. 1 (Spring 2007)

Volume 10, No. 1 (Spring 2007)

Volume 10, No. 1 (Spring 2007)

Volume 10, No. 1 (Spring 2007)

The law of one price is one of the most basic laws of economics and yet it is a law observed in the breach. That a given commodity can have only one price, except for the briefest of transitions, seems to be almost an axiom. Economists are bent on considering their subject to be empirically based, yet the most elementary of laws seems to defy empirical confirmation. Would it not be wise to simply admit that economics cannot do without some a priori beliefs? Why has the law been accepted? Can the law be confirmed by data?

Volume 10, No. 1 (Spring 2007)

Tony Yu’s Firms, Strategies, and Economic Change joins a growing list of book-length treatments applying Austrian economics to the theory of the firm, corporate strategy, innovation, new venture formation, and other popular issues in management.

Volume 10, No. 2 (Summer 2007)

Volume 10, No. 2 (Summer 2007)

Between 1830 and 1903, Sweden experienced one of the longest and most successful free-banking periods in history. During this period, private note issuing banks were allowed and prospered. This paper describes the rise and fall of the Swedish free banking system and shows that the system could be considered a true free banking system, in spite of legal restrictions. Finally, the paper provides a comprehensive summary of the critique raised against the Swedish free banking system. 

Volume 10, No. 2 (Summer 2007)

A sizable number of examiners of Austrian economics have come to hold a mistaken view that Hoppe’s and Rothbard’s stances on the nature and status of the action axiom are fundamentally incompatible. Mr. Drum’s comments indicate that the misperception extends beyond the realm of academic discourse; it has entered everyday conversations about Austrian economics on internet forums.

Volume 10, No. 2 (Summer 2007)

Volume 10, No. 2 (Summer 2007)