Volume 11, No. 3 (2008)

Volume 12, No, 2 (2009)

Volume 12, No. 2 (2009)

Volume 12, No. 2 (2009)

The invisible hand remains an important foundation of economic analysis, continues to be a source of new analytical and explanatory devices, and is the conceptual basis of a whole class of scientific models throughout the sciences. Indeed, Smith’s famous concept has experienced a resurgence of interest as several new interpretations of the concept have been published in the leading general-interest economic journals and those that specialize in the history of economic thought.

Abstract: Economists have tried to explain business cycles as well as fluctuations in the economy, but over the past two centuries, the explanations have fallen into two areas. The first area tries to explain business cycles as being the result of fluctuating aggregate demand; if overall demand for goods is strong (or to put it another way, consumers are confidently buying goods), then the economy is in a boom. However, if consumers choose not to spend, then the economy is in recession.

Volume 12, No. 2 (2009)

Volume 12, No. 2 (2009)

Volume 12, No. 2 (2009)

Caplan has thought much about his topic. However, redefining policy preferences that he and probably most economists disagree with as “irrationality” is dubious and per se will accomplish little in terms of changing minds in favor of expanding the role of markets in American society.

Volume 12, No. 2 (2009)

Kaza reviews Alan Greenspan’s book The Age of Turbulence: Adventures in a New World. Kaza asks “Which social acquaintance will defend Greenspan against the charge the seeds of the greatest credit crisis since the Great Depression were sown on his watch?”

Volume 12, No. 3 (2009)