Austrians have demonstrated that recessions—and depressions—are the inevitable result of central bank intervention in the economy. The book’s greatest weakness is its inference that all economists critical of the 1920’s credit structure were somehow real-bills ideologues.
The “values-riches” model, on the other hand, seeks to display the relations between the great macroeconomic nominal variables (“values”) and the flows of quantities of consumer goods (“riches”). The two models are therefore to some extent complementary, offering two different viewpoints on the production process. But there are also a number of theoretical disagreements between them, specially about the theory of interest, that must not be overlooked and will be pointed out in this paper.
The purpose of this paper is to extend Kirzner’s theory by explicitly introducing the role of space in entrepreneurial alertness and the coordination of markets.
Symposium: On the Occasion of the Eighteenth Edition of Paul Samuelson’s Economics
It is no wonder that the vast majority of Americans do not know whom, if anyone, they should believe regarding economic pronouncements. Much of the credit for this intellectual legacy can be laid at the feet of Paul A. Samuelson, the Nobel Prize-winning economist, who took the public mind by storm with his phenomenally popular textbook, Economics: An Introductory Analysis.
Symposium: On the Occasion of the Eighteenth Edition of Paul Samuelson’s Economics
Paul A. Samuelson’s legendary textbook, straightforwardly titled Economics, most famously exemplifies Samuelsom the writer. To mark the release of the eighteenth edition in July 2004, this paper briefly considers the textbook, and celebrity (and criticism) it attracted.
Why is logic, usually thought of as a branch of philosophy, important to Austrian scholars, most of whom are economists and not philosophers? The aim of this paper is to sketch a number of reasons and draw some conclusions. It is worth observing, first, that David Gordon’s An Introduction to Economic Reasoning , possibly the only economics text written from an Austrian-School point of view, begins with a brief discussion of deductive logic as the primary tool of economics.
