The cognoscenti behind the Bush (Campaign 2000) proposal call their plan “privatization.” Privatization, as typically understood by economists, means the transfer of capital ownership and resource allocation
This article has a twofold purpose. Its first goal is to pay tribute to Friedrich von Hayek as an outstanding monetary theorist. Its second objective is to further elaborate, on the ground of Hayek’s main findings,
Ludwig von Mises (1981; 1998) is generally and properly credited by contemporary Austrians with having reintegrated monetary theory with general economic theory from which it had been severed by the neoclassical quantity theory.
This book provides the basis for some anti-free trade arguments. For instance, Paul Craig Roberts asserts that Gomory and Baumol “explode the free trade assumption
A noteworthy feature of Murray Rothbard's monumental history of economic thought is his vigorous denunciation of Adam Smith and the Wealth of Nations.
Arthur Hughes seeks to apply the Austrian theory of the business cycle to the recession of 1990.
The article by Jörg Guido Hülsmann, “Free Banking and the Free Bankers,” is an important contribution to a proper understanding of free-banking systems. He is perfectly correct in blaming some advocates of free banking who support arguments which are irrelevant or wrong,
Austrian economics has important contributions to make in two particular areas — to the theory of rent and to an understanding of the meaning of equilibrium. The legacy of perfect competition casts a long shadow, inhibiting an adequate understanding of the dynamic market process in which rent is earned in disequilibrium.
The particular force of Thier's argument lies in the refutation of economic calculation under socialism not only on grounds of practicability, but of a theoretical reasoning about the role of property
Persons with an Austrian perspective must evaluate the probability that an Austrian message will reduce their publication chances in mainstream journals.
