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“It can be argued that two apparently divergent macroeconomic schools of thought that have persisted in the history of economics are both part of a larger theoretical view which is capable of meeting most of these criteria. The Austrian theory
This paper examines the effects of inflation uncertainty on real economic activityb y utilizing a flexible, dynamic,m ultivariatef rameworkt hata ccom-modates possible interaction between the conditional means and variances. The empirical model is based on a familiar identified vector autoregressive
“Neoclassical treatments of inflation understate the costs associated with inflation, even at very low levels. A comparative institutions perspective that recognizes the epistemological properties of prices and the institutional process by which inflation takes place, reveals the costs of inflation
“There is much evidence that common stock returns and inflation have been negatively related during the post-1953 period. Zvi Body, Jeffrey Jaffe and Gershon Mandelker, Charles Nelson, and my article with G. William Schwert document negative relations between between stock
“President Obama rammed through his new stimulus bill, warning of an irreversible recession if Congress failed to act. But bestselling author Thomas E. Woods Jr. warns that Obama’s “stimulus package” will do far more damage to our economy than even
“Currency crises have become more and more frequent in part because speculators can mobilize more and more money. A generation ago, central banks, like the U.S. Federal Reserve System, had more money than anyone else and weren’t afraid to use
Bernanke is Time’s Person of the Year Steve Horwitz The Austrian Economists
Ron Paul talks inflation and economics with CNN.
“Nobel Economics Laureate F.A. Hayek summed up the enigma of money succinctly: “Money, the very “coin” of ordinary interaction, is [hence] of all things the least understood and—perhaps with sex—the object of greatest unreasoning fantasy; and like sex it simultaneously
Are monetary and banking problems due to a few misguided policies or incompetent managers? Or are there fundamental flaws in monetary and financial institutions, principally central banks and the legal and monetary frameworks that accompany them? “Gold Standard Policy and
“My essay on causes of the financial mess focused on trying to identify the initial “impulses” that set the boom-bust cycle in motion because (as this symposium shows) economists have a variety of views about the impulses, and because identifying
“Our ongoing financial turmoil began in the mortgage market. Real-estate loans at commercial banks grew at a remarkable 12.26 percent compound annual rate over the four-year period from the midpoint of 2003 to the midpoint of 2007.[1] The expanded volume
“The Monetary Theory” Chapter 3 of: Economics as a Coordination Problem: The Contributions of Friedrich A. Hayek Gerald P. O’Driscoll, Jr. Kansas City: Sheed Andrews and MkMeel Inc., 1977.
“Monetary Nationalism Reconsidered” from Money and the Nation State by Lawrence H. White The Independent Institute
“Rational Expectations, Politics and Stagflation” Gerald P. O’Driscoll, Jr. Chapter 7 of: Time, Uncertainty and Disequilibrium: Exploration of Austrian Themes ed. Mario Rizzo Lexington, MA: Lexington Books, 1979.
Interest on the Debt Will Make Things Interesting The San Francisco Examiner Ralph Benko
“Washington Is Quietly Repudiating Its Debts” Gerald P. O’Driscoll, Jr. The Wall Street Journal, August 22, 2008.
Economic Liberty Lecture Series: Steve Horwitz from The Future of Freedom Foundation on Vimeo. Professor Steve Horwitz, Charles A. Dana Professor of Economics at St. Lawrence University, gave a talk entitled, “Do We Really Need a Central Bank?,” during a
“This uptick triggers the Sahm Rule, a real-time recession indicator, suggesting that the US economy is in, or is nearing, a recession.” ~Peter C. Earle
“Thanks to a complex web of CSR initiatives, aid and development programs, progressive intergovernmental agencies, and the do-good posturing of political elites, businesses will further be ensnarled to ESG.” ~Kimberlee Josephson
“The prospects for market liberalization in the EU aren’t good. We can expect more business as usual, if with some important marginal cuts (notably on the EU’s aggressive and expensive environmental agenda).” ~Nikolai Wenzel
“We have seen the rise of the military-industrial complex, the creation of the national security state, and a bloated military that is second to none, but with a price tag to match.” ~Andrew Byers
“Overturning Chevron should encourage lower courts to police agency assertions of power more closely, but it will not constrain the administrative state so long as Congress persists in enacting broad, poorly written statutes.” ~Jonathan H. Adler
“The American edition of her memoir is a warning Liz Truss extends to Americans — don’t let the administrative state get out of control and do your level best to reduce the powers it already has.” ~Iain Murray
“The arrogance of those who wish to unleash the dogs of antitrust on CurrentlyDominant, Inc. prevents them from asking important follow-up questions.” ~Donald J Boudreaux
“Minimum wages and workplace regulations protect some people, alright, but not the workers. Instead, these rules protect anyone who provides a substitute for the labor that workers bring to the table.” ~Art Carden
“If you care about poverty, then you should encourage positive views about high levels of wealth. A country with people who think positively about the wealthy is more likely to implement market reforms which will make it easier for people to generate wealth.” ~James Hartley
“Instead of taking two percent (say) of the liquidated value of the wealth, the state would simply take ownership of the wealth, in place… In a relatively short time, the government literally takes substantial ownership of all successful private businesses.” ~Michael Munger
“The bottom line is that fast food prices are high because demand for fast food remains high, despite those higher prices.” ~Jon Miltimore
“Prices today are 8.9 percentage points higher than they would have been had the Fed hit its 2-percent inflation target since January 2020.”
“Perhaps Trump’s goal is simply to eliminate the federal income tax. If so, then he should advocate for doing that and only that. Eliminating the income tax would, in fact, make Americans richer in after-tax dollars.” ~David Hebert
“Raising economic growth prospects through policy is difficult. But Britain is now so far behind the United States and the technological frontier, that removing self-imposed barriers to growth could have delivered a meaningful boost to the country’s GDP level.” ~Ryan Bourne
“Blaming high housing prices on private equity because they ‘bought up all the available homes’ is like blaming high food prices on grocery stores because they bought up all the available food.”
“The battle for safeguarding individual rights over financial information and freedom from undue government control must encompass all forms of financial transactions, whether digital or physical.” ~Nicolás Cachanosky
“Regulations often have significant compliance costs and operational challenges. The regulatory burden can stifle innovation and deter investment, particularly in industries struggling with economic headwinds.” ~Vance Ginn
“Those of us who want to keep government small and strictly limited — and, hence, who want individuals to make whatever peaceful choices they wish — are far outnumbered by individuals who distrust markets to deliver enough of the goods to enough of the people.” ~Donald J. Boudreaux
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