An article over at The Economist comments on the Austrian business-cycle theory.
The article states, “The Austrians may have said smart things about the boom, but what about the bust? One criticism is that the Austrians offered a ‘counsel of despair’, suggesting that the authorities do nothing while a crisis blows itself out.”
The authorities do nothing? According to The Economist, we can’t have that.
Great to see The Economist discussing not only the Austrian business cycle theory but also drawing attention to its Misesian roots.
JOHN MAYNARD KEYNES is back. The British economist has modern intellectual champions in Paul Krugman and Robert Skidelsky. For all today’s talk of austerity, a policy of Keynesian fiscal stimulus was adopted by most governments in the immediate aftermath of the credit crisis.
John Sophocleus has taught economics at Clemson University, Auburn University, and Auburn University Montgomery. He has been twice nominated to the Who’s Who Among American Teachers. He is an adjunct faculty member of the Mises Institute and occasionally lectures there, usually on United States tariff history. Sophocleus generally teaches the principles of microeconomics.
I guess the cat is out of the bag, so to speak.
Now that the FDA has effectively banned caffeine-laced alcoholic beverages, to be consistent, it will have to take the next logical step of banning the concurrent consumption of caffeine and alcohol, regardless of how the two are mixed.
On November 28, I will attempt to run the Seattle Marathon. It’s my first marathon, and I expect it will be one of the most difficult physical and mental challenges that I attempt in my life. For many, the mental challenge is as great as the physical. The months of training, the hundreds of miles run in preparation, and then the final hurdle of running 26 miles and 385 yards sometimes seem insuperable. In moments of extreme fatigue during training, I too have felt the enticing desire to just give up.
Dr. Prentice served as the Chief Macroeconomist at the U.S. Department of Agriculture under Presidents Carter and Reagan. He has also been a Visiting Scholar at the U.S. Department of Treasury under President Clinton. PauI earned his B.A. in Mathematics, and his Ph.D. in Agricultural Economics, from the University of Connecticut. In addition to teaching Economics, Math, and Science at The Vanguard School in Colorado Springs, Dr.
