Review of Lire Bastiat: Science Sociale et Libéralisme, by Robert Leroux
Volume 14, No. 4 (Winter 2011)
A Reformulation of Austrian Business Cycle Theory in Light of the Financial Crisis
Volume 17, No. 1 (Spring 2012)
ABSTRACT: The financial crisis and the events leading up to it have sparked a remarkable renewal of interest in Austrian Business Cycle Theory (ABCT). A number of mainstream macroeconomists have criticized this resurgence of interest in ABCT on the grounds that the theory cannot explain the positive correlation of consumption and investment that occurs over the course of the business cycle.
The Subprime Crisis
A Note on Rothbardian Decision-Making Rents
Mihai Vladimir Topan1
Volume 15, Number 1 (Spring 2012)
Neither Efficient nor Animally Spirited, but Eventually Adjusting: The Stock Market According to L.A. Hahn
Volume 15, Number 1 (Spring 2012)
ABSTRACT: The Efficient Markets Hypothesis (EMH) was dealt a fatal blow by the financial crisis of 2007-2009, out of which we have witnessed a revival of Keynesian conceptions of the financial markets. Exemplifying this trend is the rising influence of behavioral finance. But if EMH exaggerates the rational side of human nature, behavioral finance goes too far in reducing us to slaves of the emotions.
Five Erroneous Ways to Argue About Resource Economics
Volume 15, Number 1 (Spring 2012)
This paper examines several problematic aspects of George Reisman’s Capitalism: A Treatise on Economics , specifically, five problems in the economics of natural resources. I argue first, that Reisman’s work lacks sufficient grounding in economic theory. Second, his exposition neglects important arguments in the environmental literature. Third, it avoids problems of uncertainty, leading to a faulty theory of economic development.
A Critique of MacKenzie, Not an Endorsement of Hoover: Reply to Vedder and Gallaway
The Continuing Relevance of Austrian Capital Theory
Volume 15, No. 2 (Summer 2012)
Hayek’s works have continued to influence Foss, so it is only appropriate, therefore, that the author pay homage to him. Specifically, Foss pays homage by addressing a favorite Hayek topic—namely that of capital theory.
Expansionary Monetary Policy and Decreasing Entrepreneurial Quality
Volume 15, No. 2 (Summer 2012)
Against Monetary Disequilibrium Theory and Fractional Reserve Free Banking
Volume 15, No. 2 (Summer 2012)
The theory of monetary disequilibrium, as espoused by Selgin (1988), White (1989), Horwitz (2000), and others, has been used to justify the issuance of fiduciary media under a system of fractional reserve “free” banking. The present paper examines this monetary disequilibrium theory and concludes that it contains numerous errors and logical fallacies. The foundational economic argument in favor of fractional reserve banking is invalid.
