Profiles

Abstract: Essentially, there are two competing views of how to overcome an economy-wide recession/depression. The Austrian view understands the free-play of competition as the most potent means to overcome the short-run mismatch between an excessive boom-level of nominal wages/prices and depressed...

The book under review, Capitalism: A Treatise on Economics , has been in print since 1996. Its enormous size and the vast array of topics covered suggest enormous scholarship and devotion. Its expressed purpose is a thorough integration of leading economic phenomena into one unified theory...

Abstract : The present paper attempts to explain some very serious fallacies contained in the idea of “circular flow of macroeconomic activity”, upon which virtually everything in mainstream macroeconomics is built and which provides a substantial portion of its conceptual framework. The critique...