A new NBER Working Paper by Paul Beaudry, Dana Galizia, Franck Portier uses a contemporary modeling technique (a kind of decentralized trading model popularized by Robert Lucas) to compare “Hayekian” and “Keynesian” accounts of the business cycle. The authors have only a cursory understanding of the Austrian literature -- despite the title, “Reconciling Hayek’s and Keynes Views of Recessions,” the paper contains no references to anything written by Hayek or Keynes -- but is interesting nonetheless.

He discusses the Austrian movement, the Rothbard Legacy, and plans for the future of the Mises Institute.

With the average college graduate, this time of year not only brings completion to their studies but also leaves them with about $30,000 of student debt to pay off. As students are wrapping up their studies and starting their professional lives with more and more debt, whether a degree is really “worth it” is coming under fire.

Jeff Deist explains why it is important to say what we mean when discussing the economy and the state.

The Chinese government is desperate to keep its bubble economy going, and one way it’s doing that is by spending on massive infrastructure projects. The “China Bubble,” built on huge construction projects such as subways, skyscrapers, highways, and housing, continues to astound with the sheer numbers involved, from the height of the skyscrapers to the miles of track laid.

In his new book “Birdmen: The Wright Brothers, Glenn Curtis, and the Battle to Control the Skies”, Lawrence Goldstone tells the story of the feud between America´s two early air pioneers.  The interesting part of the book is not the battle taking place in the air as the Wright Brothers battled with Glenn Curtis to see who could be the superior airman.

Over at The Week, Noah Smith, an economics professor at Stony Brook University and of online “Noahpinion” fame, attempts a dismissal of the Austrian school of economics.

Today is F. A. Hayek’s birthday (and, incidentally, mine). Hayek, the eminent economist and social theorist who was Mises’s younger colleague, Keynes’s great opponent, and 1974 Nobel Laureate, would have been 115 today.

Here is my entry on Hayek for the 1999 volume Fifteen Great Austrian Economists.

Below is a short tribute video. And check out the Hayek items in the Mises Store.

Peter Klein discusses the contributions of economist F. A. Hayek, born on this day in 1899.