From the session on “’America’s Great Depression’ 50th Anniversary,” presented at the Austrian Economics Research Conference. Recorded 22 March 2013 at the Ludwig von Mises Institute in Auburn,
The outcome of a bet between Robert Murphy and David Henderson , made in 2009 about the impact of monetary ease on measured inflation has become the foundation for more attacks on Austrian economics by DeLong and Krugman . The bet : At any point between now and January 2013, if there is a year/year increase in seasonally adjusted CPI that is at
Listening to a new report on the just-released GDP numbers while reading Rothbard’s America’s Great Depression ( AGD ) made me realize how relevant and important this work is relative to today’s poorly performing economy. The book briefly summarizes Austrian Business Cycle Theory (ABCT) and applies the theory to the period of the Great Depression
Do you ever get the feeling that no one in the Washington power elite is willing to seriously deal with the major economic threat to future prosperity facing the United States today: mounting government debt and the associated deficits? The problem, as pointed out by Murray Rothbard over 20 years ago: Deficits and a mounting debt, therefore, are a
The always interesting and informative Richard Ebeling is doing regular commentary at EPICTiMES . His most recent is “ Don’t fear Deflation, Unless Caused by Government .” Here Ebeling effectively refutes arguments made by Bernanke and Yellen that the Fed’s massive monetary base expansion was necessary to fight recession and prevent deflation.
p>My replacement at Metro State, Nicolas Cachanosky, continues to write interesting, challenging papers in the Austrian tradition faster than those of us used to the slower pace of retirement can read them. His most recent is “ Hayek’s Rule, NGDP Targeting, and the Productivity Norm: Theory and Application. ” Cachanosky notes: The 2008 crisis
President Obama recently commented that he wanted a next Fed chairman who would do good for all not just for Wall Street and the rich [and politicians and chrony capitalists supporting government spending at unsustainably high levels), but for everyone. Perhaps if what he has in mind is a real “helicopter Ben” who, instead of buying $85 billion in
From the University of Chicago’ John H. Cochrane a very good read on the dangers to liberty built into the Senate version of “immigration reform” in today’s WSJ . See: “ Think Government Is Intrusive Now? Wait Until E-Verify Kicks In - There’s a monster lurking in proposed immigration reform, one that bureaucrats will find irresistible .”
“Obama’s false history of public investment” A don’t miss is Larry Schweikart and Burton Folsom in today’s Wall Street Journal . These are two excellent economic historians whose works I frequently used during my teaching days, especially for the economic history of the U. S. Highlights: “Entrepreneurs built our roads, rails and canals far better
Peter Boettke highlights more nonsense from Paul Krugman. Krugman again demonstrates a complete lack of appreciation for and understanding of Hayek’s (and Mises’s) significant contributions to what is now called macroeconomics. Krugman writes re Hayek and Keynes, “back in the 30s nobody except Hayek would have considered his views a serious rival
What is the Mises Institute?
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.