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Frank Shostak

Frank Shostak is an Associated Scholar of the Mises Institute. His consulting firm, Applied Austrian School Economics, provides in-depth assessments and reports of financial markets and global economies. He received his bachelor’s degree from Hebrew University, his master’s degree from Witwatersrand University, and his PhD from Rands Afrikaanse University and has taught at the University of Pretoria and the Graduate Business School at Witwatersrand University. Frank’s publishes frequent posts on economics and the markets on his Substack page.

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Articles

Nobel Prize for Keynesian Economics

10/29/2026 Mises Wire Frank Shostak

The recent awarding of the Nobel Prize for Economics to Robert E. Hall and Michael Woodford shows that the Keynesian paradigm is alive and well. That is bad news for everyone else.

The Keynesian Multiplier “Magic”

10/19/2026 Mises Wire Frank Shostak

One of the most popular ideas in the Keynesian lexicon is the belief that through monetary manipulation and government outlays, an economy can spend it self rich, thanks to the “multiplier.” It is dangerous nonsense, like so much else of what Keynesians preach.

How Changes in the Money Supply Affected the Great Depression

10/12/2026 Mises Wire Frank Shostak

According to Milton Friedman, the Great Depression happened because the Federal Reserve followed a “tight” monetary policy. The truth is that the Fed's loose monetary policy during the 1920s created the conditions for a crash and subsequent depression.

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The Mises Institute is a non-profit organization that exists to promote teaching and research in the Austrian School of economics, individual freedom, honest history, and international peace, in the tradition of Ludwig von Mises and Murray N. Rothbard.

Non-political, non-partisan, and non-PC, we advocate a radical shift in the intellectual climate, away from statism and toward a private property order. We believe that our foundational ideas are of permanent value, and oppose all efforts at compromise, sellout, and amalgamation of these ideas with fashionable political, cultural, and social doctrines inimical to their spirit.

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