In case you missed it, L. GORDON CROVITZ ( WSJ, “TV’s Unnatural Monopolies ”) makes excellent use of Austrian analysis of market process and monopoly to support his argument that “The rationale for government regulation is collapsing in the face of technological change” in what used to be called the television market. Tipping the hat to Thomas
In today’s Wall Street Journal an editorial examines the impact of Fed Policy on the developing world ( Ben Bernanke’s Global Adventure : The markets show unwinding QE is not so easy ). The emphasis is, as it maybe should be for now, on the difficulty facing not only the U.S, but the world economy if and when the Fed begins to unwind QE infinity:
The Danger of an All-Powerful Fed or the Danger of a Central Banking: Cochrane and Cochran John H. Cochrane: The Danger of an All-Powerful Federal Reserve : ‘Macroprudential’ policy thinkers want central banks to micromanage the entire financial system. John P. Cochran: Can Fed policy get any worse? – Bernanke A Tenure of Failure Macroprudential
Peter Boettke at Coordination Problem highlighted a paper by Guillermo Calvo of Columbia University, “ Puzzling Over the Anatomy of Crises: Liquidity and the Veil of Finance ,” which is very sympathetic to the contributions of Mises and Hayek . Calvo goes so far as to argue, “the Austrian school of the trade cycle was on the right track.” One of
It’s wonkish, but it will be of interest to those doing research on ABCT or capital-structure based macro. My replacement at Metro State, Nicolas Cachanosky , has compiled a list of papers by non-Austrians that refer to ABCT most often favorably. See: The ABCT making its presence in the maintream
Bob Higgs provides a nice tribute to economic historian Robert Fogel, a leading economic historian and cliometrician. In 1995 Higgs’s “Austrian Economics and the New Economic History” in Austrian Economics Newsletter vol. 15, no.1, (available here pages 2 and 3) offered a well thought out assessment of what cliometrics might offer “of value to the
Robert Higgs has another must read in his “ Etceteras Real Gross Domestic Private Product, 2000-2012 ” in the most recent Independent Review. He provides good arguments on why government product should be (and perhaps almost was) excluded from income and product accounts. He then builds a measure of Real Gross Domestic Private Product for the
Shawn Ritenour, author of Foundations of Economics , channels Mises to dispute the “sad narratives of the financial meltdown of 2008 and its aftermath .. that it was and remains the result of unbridled capitalism . Too much freedom spoiled the economic broth” is his excellent commentary “ Is the Economic Crisis an Indictment of Capitalism? ” His
This quotation appeared on my Facebook page (lifted from Robert Higgs and sourced as Psalm 26:11) and is dedicated to Keynesians of all stripes: “As a dog returneth to his vomit, so a fool returneth to his folly.” Psalm 26:11. Alan Blinder returneth with his July 8, 2013 Wall Street Journal editorial “ The Economy Needs More Spending Now: U.S.
Bill McNabb, CEO of the Vanguard Group, in today’s WSJ op ed Uncertainty Is the Enemy of Recovery discusses Vanguard’s estimate that policy uncertainty has created a $261 billion drag on the U.S. economy. While it is good to see policy uncertainty highlighted, the more relevant concept is Robert Higgs’s regime uncertainty as discussed in these
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.