Macroeconomics

Robert Hall and Michael Woodford certainly deserve the Nobel memorial prize. Their work has had a substantial impact, yet significance is not soundness.

Robert Hall and Michael Woodford certainly deserve the Nobel memorial prize. Their work has had a substantial impact, yet significance is not soundness.

The US economy these days seems to have a distinctive “K” shape, with asset owners riding the upward slope and everyone else the downward slope. But, while true, the reason for this situation is not what the ruling classes are claiming. The Austrians have the better explanation.

When savers cut back and consumption falls, most economists cry "recession!" Paul Cwik on why an Austrian sees the opposite: an economy quietly retooling for future growth.

Bob sits down with Harvard Economics Professor Pol Antras to discuss his new paper applying Böhm-Bawerk's average period of production to international trade.

Bob sits down with Dr. Jonathan Newman to discuss his Mises Academy course for homeschooling families based on Lessons for the Young Economist, using it as a starting point to walk through the full Austrian case against socialism.

Bob responds to a new working paper from the Geo-chartalism project, which claims to offer a complete theory of the price level by combining insights from Menger, Cantillon, and Warren Mosler.

Garrison developed over the course of his career what has come to be called capital-based macroeconomics, a full-blown Austrian alternative to mainstream macroeconomics that he laid out in his great work, Time and Money: The Macroeconomics of the Capital Structure.

While most economists believe that central banks set interest rates, in reality, they are set by time preferences of individual actors in the economy. Central bank influences on interest rates ultimately result in setting off boom-and-bust cycles.

While J.M. Keynes likely is the most influential economist of our age, his economics were that of inflation, statism, and outright central planning.