AwardsLawrence W. Fertig Prize in Austrian Economics
Jeffrey Herbener teaches economics at Grove City College and is chairman of the economics department. He is assistant editor of the Quarterly Journal of Austrian Economics.
Just as unilateral free trade results in a more solid economy for the countries that adopt it — even within an international economy of protectionism in other countries — so would a commodity-money based economy surrounded by fiat-money economies.
Can credit expansion in one part of the world infect a laissez-faire economy with a boom-bust cycle? Block, Engelhardt, and Herbener argue that the laissez-faire economy is largely sheltered.
Valuation of businesses must be based on appraisement, investment appraisal, and— terra incognita in Austrian economics—negotiation. Discounted cash flow and "relative valuation" methods are well-suited for negotiation purposes.
Humans use action to attain certain ends. But they must choose what actions to take. And choice also requires judgment about the best way to achieve the preferred ends.
What are interest rates, where do they come from, and what purpose do they serve? Economist Jeffrey Herbener explains why Turgot, Böhm-Bawerk, and Mises got it right.
