Booms and Busts

People accuse Austrian economics of being overly theoretical—but our guest John O’Donnell proves them wrong.

Korea's economy has taken off since the 1997 financial crisis, and so has Korea's cultural and economic prominence on the world stage. But is Korea repeating the mistakes of Japan and other centrally-planned boom economies?

For many years, I have been critical of the Austrian theory of depressions and this led Walter Block to ask me to put my criticisms in print.

Central banks and their favorite economists are everywhere worried that central banks may be too weak to keep the current “expansion” going. If central banks are too weak now, what will happen when they get the strength they want?

According to a new report just out by McKinsey, global debt has increased by $57 trillion since the Great Recession, outpacing world GDP growth during this time period.

While the policy may appear to work ─ the effect is temporary. One can achieve a short term lower unemployment rate but only at the cost of higher unemployment long term and increased instability.

The European Central Bank plans to ramp up its own version of quantitative easing because it fears deflation. But deflation really means an increase in real wealth and an end to many malinvestments.

This paper analyzes the period 1867–1879 in American economic history from an "Austrian" perspective.

Mark Thornton Discusses the Fed's Non-Plan.