Robert Wenzel recently noted just how truly international the Austrian School has become, and that the Mises Institute’s former Fellows are now teaching throughout North America and both Western and Eastern Europe. 

Internationalism, incidentally, has been a focus of not only our academic efforts, but of Mises Daily as well, featuring numerous writers from Latin America, Europe, and Japan, just in the last year alone. And, we have two new interviews with Austrians from China coming in the next few weeks. 

Volume 18, Number 1 (Spring 2015)

Recently the Federal Reserve reached its one hundred year anniversary. This milestone provided a nice occasion for economists to analyze the Fed’s performance in the past century. As a result in the past several years there have been many conferences, special journal issues, and books that have centered on the Fed’s centennial and its record. The present book is a collection of essays from a 2010 conference dedicated to that task.

Volume 18, Number 1 (Spring 2105)

ABSTRACT: This is a brief reply to “The Marginal Efficiency of Capital: Rejoinder.” I explain that I never intended to defend Keynes against Fuller’s (2013) criticism. Rather, I intended to highlight that Keynes’s conclusions rest on a key shortcoming in Keynes’s theory: the assumption of sticky factor prices.

KEYWORDS: John Maynard Keynes, marginal efficiency of capital, net present value

JEL CLASSIFICATION: E12, E22, E52, E58

Volume 18, Number 1 (Spring 2015)

ABSTRACT: In March 2014, I presented a paper on Austrian Environmental Economics in Auburn, Alabama, as the F.A. Hayek Memorial Lecture at the Austrian Economics Research Conference, sponsored by the Ludwig von Mises Institute, which was subsequently published in the Quarterly Journal of Austrian Economics (Dolan 2014b), along with comments by Art Carden (2014) and Walter Block (2014).

Volume 18, Number 1 (Spring 2015)

ABSTRACT: This brief note points out that Milton Friedman’s “Plucking Model” has not held following the Great Recession. Friedman argued that the Plucking Model offered evidence against theories like Austrian Business Cycle theory; the bust was what needed explanation, not the boom. But as many economists have pointed out, the years leading up to the Great Recession fit many of the stylized predictions of the Austrian Business Cycle.

Volume 18, Number 1 (Spring 2015)

ABSTRACT: The popularity of the Austrian Business Cycle Theory (hereafter ABCT) continues to grow in both the popular press and the mainstream of the economics profession. That the ABCT is increasingly subjected to conventional empirical analysis is a testament to its intuitive appeal. In first-world economies, the agriculture sector is characterized by investment in expensive and highly-specialized equipment.

A central premise of Keynesian economics is that, during a recession, government spending increases total output through a “multiplier” effect. If the multiplier is 1.0, then every dollar spent by the government on its own consumption -- rather than reducing someone else’s consumption or investment by $1 -- adds a dollar to GDP. Money for nothing! Most Keynesians actually claim fiscal multipliers higher than 1.0, meaning that government spending boosts national income by more than the amount of the spending itself.

Volume 18, Number 1 (Spring 2015)

ABSTRACT: This paper examines Roger W. Garrison’s interpretation of John Maynard Keynes. Garrison has given economists a useful way to illustrate Keynes’s theory, but there are two fundamental problems with Garrison’s interpretation. First, the shape of the Hayekian triangle cannot be fixed in Keynes’s theory. Second, Garrison’s interpretation contradicts the IS-LM model. The demand constraint is derived from the IS-LM model and the IS-LM demand constraint is used to illustrate Keynes’s theory.