The theory of time preference, capital, technology and economic growth will be viewed through both theoretical and historical elements. People have a preference for satisfaction earlier as compared to satisfaction later. Capital goods allow greater production, but this requires saving now, not consuming now.
With the recent rate hike, the mainstream press obediently parrots the macroeconomic analysis offered by our friendly central planners at the Federal Reserve. The average citizen knows that he or she is not nearly smart enough to understand the complex interrelationships of various price indices, yield curves, consumer confidence, and so forth—that’s Greenspan’s job.
Gilligan's Island economics can provide useful thought experiments, writes B.K. Marcus, for the same reasons Robinson Crusoe economics has served as a staple of classical and Austrian School economics texts.
Stefan Karlsson considers the income effect and concludes that its very existence demonstrates the failure of the state to improve the social order.
In a market economy, writes Robert Murphy, the interest rate is not merely a lever to stimulate or depress economic growth.
In recent years an increasing number of economists have understandably become disillusioned by the inflationary record of fiat currencies. They have therefore concluded that leaving the government and its central bank power to fine tune the money supply, but abjuring them to use that power wisely in accordance with various rules, is simply leaving the fox in charge of the proverbial henhouse.
Mark Thornton discusses the irrational fear of deflation at this Austrian Workshop seminar.
The quantity theory of money at least focused on the right issue, writes Joseph Salerno. No more.
If the goal is to increase confidence in money, writes Clifford Thies, putting Reagan's face on it won't do it.
Presented as part of the Mises Institute’s Austrian Workshop seminar series on 22 June 2004 in Auburn, Alabama.
