Lucas M. Engelhardt

Articles

QJAE: Keynesian Supply Shocks and Hayekian Secondary Deflations

08/18/2023 Power & Market Lucas M. Engelhardt

Abstract: In response to the COVID-19 lockdown policies, Guerrieri et al. (2020) developed a new concept: the Keynesian supply shock. A Keynesian supply shock is an aggregate supply shock that leads...

Pandemic Wage Observations

01/31/2022 Power & Market Lucas M. Engelhardt

Labor shortage “fun” fact:Inflation-adjusted weekly median earnings JUMPED in the 2nd quarter of 2020 (probably because so many low-wage workers got laid off), but have been steadily falling since...

Keynesian Supply Shocks and Hayekian Secondary Deflations

11/19/2021 Quarterly Journal of Austrian Economics Lucas M. Engelhardt

Long-standing policy advice based on Austrian business cycle theory would be useful in responding to Keynesian supply shocks—aggregate supply shocks that lead to even larger aggregate demand shocks.

Publications

Is There Such a Thing As a Skyscraper Curse?

09/09/2016 Elizabeth Boyle Lucas M. Engelhardt Mark Thornton

Quarterly Journal of Austrian Economics 19, no. 2 (Summer 2016) ABSTRACT: There is an emerging literature on the subject of skyscrapers and business cycles. Lawrence (1999) first noticed the correlation between important changes in the economy and

Media

What Rothbard Can Teach the Public About Inequality

03/27/2026 Lucas M. Engelhardt

Drawing on Rothbard's essay on inequality and the division of labor, Dr. Lucas Engelhardt argues that human diversity is the very foundation of comparative advantage and prosperity, and that billionaires arise either by serving large numbers of people through the market or by extracting wealth through political connections.

On the Shoulders of Shrinking Giants

03/23/2026 Lucas M. Engelhardt

Mainstream economics has deliberately abandoned the history of economic thought. Austrian economists must keep teaching and re-teaching the great debates of the past.

Faculty Panel: Theory and Method

07/25/2024 Paul F. Cwik Lucas M. Engelhardt David Gordon Jeffrey M. Herbener Shawn Ritenour Joseph T. Salerno

This is the Austrian answer to today’s economic controversies. Featuring Paul Cwik, Lucas Engelhardt, David Gordon, Jeffrey Herbener, Shawn Ritenour, and Joe Salerno.

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.