ABSTRACT: This paper provides an empirical investigation of the role of monetary policy in the determination of interest rates and consumption as developed by capital-based macroeconomics and Austrian business cycle theory, where monetary dislocations caused by central bank action are key to boom and bust business cycles.
Volume 16, No. 1 (Spring 2013)
The author explores during a lecture that all antitrust regulation is economically inefficient and morally wrong and all of it—the laws and the enforcement agencies—should be thrown out. He states this because it’s right and because it’s true and because it’s always our obligation, regardless of the consequences, to speak truth to power .
ABSTRACT: The law of association as espoused by David Ricardo and generalized by Ludwig von Mises cannot directly convey what is at stake in exchanges involving specialization in uncertainty bearing. In this article we explain why the entrepreneurial function as conceptualized by Frank Knight and Mises does not fit in, and what other rationale for association is involved whenever specialization in uncertainty bearing takes place.
Over the last century America’s money—the dollar—has come to dominate the global monetary system. It is used not just by Americans, but is used in other countries, in the global black market, by importers and exporters, and is the primary reserve currency for central banks. This status is what the author rightly calls the “exorbitant privilege” because it confers numerous benefits to individuals, companies, and government. Collectively, it also includes the ability to consume beyond our ability to produce.
The Austrian School of economics has provided the world with devastating critics of Keynes’s magnum opus The General Theory of Employment, Interest and Money (TGT) for a long time. Friedrich A. von Hayek, Jacques Rueff, Henry Hazlitt, Murray Rothbard, Ludwig Lachmann, Ludwig von Mises, and William Hutt have already provided important arguments against Keynes and Keynesianism.
Volume 16, Number 2 (Summer 2013)
Volume 16, Number 2; Summer 2013
Volume 16, No. 2 (Summer 2013)
The theory of free banking establishes that free competition in note issue decreases the probability of financial instability and currency depreciation. This article analyzes the Peruvian experience between 1862 and 1878 and shows that, consistent with the theory; free banking did not lead to financial instability. On the contrary, government intervention in the banking sector contributed to the expansion of paper money and to the decline in the ability of banks to face the demand for specie.
Volume 16, No. 2 (Summer 2013)
Authors, Ekelund and Price have produced an engrossing and informative study of the economic life and times of Edwin Chadwick. Scholars interested in economic policy and reform, the history of industrialization, and the history of economic thought will find much of interest here.
