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BIS Working Papers No 136 the Price Level, Relative Prices and Economic Stability: Aspects of the Interwar Debate by David Laidler* Monetary and Economic Department
BIS Working Papers No 136 The price level, relative prices and economic stability: aspects of the interwar debate by David Laidler* Monetary and Economic Department September 2003 * University of Western Ontario Abstract Recent financial instability has called into question the sufficiency of low inflation as a goal for monetary policy. This paper discusses interwar literature bearing on this question. It begins with theories of the cycle based on the quantity theory, and their policy prescription of price stability supported by lender of last resort activities in the event of crises, arguing that their neglect of fluctuations in investment was a weakness. Other approaches are then taken up, particularly Austrian theory, which stressed the banking system’s capacity to generate relative price distortions and forced saving. This theory was discredited by its association with nihilistic policy prescriptions during the Great Depression. Nevertheless, its core insights were worthwhile, and also played an important part in Robertson’s more eclectic account of the cycle. The latter, however, yielded activist policy prescriptions of a sort that were discredited in the postwar period. Whether these now need re-examination, or whether a low-inflation regime, in which the authorities stand ready to resort to vigorous monetary expansion in the aftermath of asset market problems, is adequate to maintain economic stability is still an open question. BIS Working Papers are written by members of the Monetary and Economic Department of the Bank for International Settlements, and from time to time by other economists, and are published by the Bank. The views expressed in them are those of their authors and not necessarily the views of the BIS. -
Ludwig Von Mises—A Primer
Ludwig von Mises—a Primer Eamonn Butler CIS Occasional Paper 120 2010 First published in Great Britain in 2010 by The Institute of Economic Affairs 2 Lord North Street Westminster London SW1P 3LB in association with Profi le Books Ltd Copyright © The Institute of Economic Affairs 2010 Published in December 2010 by The Centre for Independent Studies Limited PO Box 92, St Leonards, NSW, 1590 Email: [email protected] Website: www.cis.org.au The views expressed in this publication are, as in all IEA publications, those of the author and not those of the institute (which has no corporate view), its managing trustees, Academic Advisory Council members or senior staff. National Library of Australia Cataloguing-in-Publication Data: Butler, Eamonn. Ludwig von Mises : a primer / Eamonn Butler ; foreword by Steven Baker. 9781864321296 (pbk.) CIS occasional papers ; 120. Von Mises, Ludwig, 1881-1973. Economists--Austria--Biography. Austrian school of economics. Centre for Independent Studies (Australia) 330.157092 ©2010 The Institute of Economic Affairs Cover design by Ryan Acosta Cover image by Briggs from Ludwig von Mises Institute website http://mises.org Printed by Ligare Book Printer Typeset in Adobe Garamond and Frugal Sans Ludwig von Mises – a Primer EAMONN BUTLER The Institute of Economic Affairs CONTENTS The author 9 Foreword by Steven Baker 10 Summary 13 1 Why Mises is important 17 Intellectual contributions 18 2 Life, career and writings 25 Career in Europe and America 25 Writings on economics, political science and method 28 The legacy of -
MONT PELERIN SOCIETY by Eamonn Butler Based on a History of the Mont Pelerin Society by Max Hartwell
A SHORT HISTORY OF THE MONT PELERIN SOCIETY By Eamonn Butler Based on A History of the Mont Pelerin Society by Max Hartwell INTRODUCTION In 1995 the Liberty Fund published A History of the Mont Pelerin Society, written by the Oxford historian (and past President of the Society), Professor Max Hartwell. The book is comprehensive, but is now difficult to obtain; and much has happened since 1995. So the Board of the Society asked me to précis the History and bring it up to date, giving members and prospective members a short guide to the history and ethos of the Society and to some of the key individuals and events that have shaped it. The Society and I are very grateful to the family of our friend Max Hartwell for their permission to borrow very heavily from his work. WHAT IS THE MONT PELERIN SOCIETY? Hartwell opens his History by saying that the Mont Pelerin Society is “not well known” and has “no demonstrably proven role in world affairs.” Many of its individual members, by contrast have indeed been well known and influential. Some have become senior government ministers (such as Sir Geoffrey Howe of the United Kingdom, Antonio Martino of Italy, Ruth Richardson of New Zealand, and George Shultz of the United States) or senior officials (e.g. former Federal Reserve Chairman Arthur Burns). A few have even become presidents or prime ministers (among them Ludwig Erhard of Germany, Luigi Einaudi of Italy, Mart Laar of Estonia, Ranil Wickremasinghe of Sri Lanka and Václav Klaus of the Czech Republic). -
Three Revolutions in Macroeconomics: Their Nature and Influence
A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Laidler, David Working Paper Three revolutions in macroeconomics: Their nature and influence EPRI Working Paper, No. 2013-4 Provided in Cooperation with: Economic Policy Research Institute (EPRI), Department of Economics, University of Western Ontario Suggested Citation: Laidler, David (2013) : Three revolutions in macroeconomics: Their nature and influence, EPRI Working Paper, No. 2013-4, The University of Western Ontario, Economic Policy Research Institute (EPRI), London (Ontario) This Version is available at: http://hdl.handle.net/10419/123484 Standard-Nutzungsbedingungen: Terms of use: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Documents in EconStor may be saved and copied for your Zwecken und zum Privatgebrauch gespeichert und kopiert werden. personal and scholarly purposes. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle You are not to copy documents for public or commercial Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich purposes, to exhibit the documents publicly, to make them machen, vertreiben oder anderweitig nutzen. publicly available on the internet, or to distribute or otherwise use the documents in public. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, If the documents have been made available under an Open gelten abweichend von diesen Nutzungsbedingungen -
Nber Working Paper Series David Laidler On
NBER WORKING PAPER SERIES DAVID LAIDLER ON MONETARISM Michael Bordo Anna J. Schwartz Working Paper 12593 http://www.nber.org/papers/w12593 NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138 October 2006 This paper has been prepared for the Festschrift in Honor of David Laidler, University of Western Ontario, August 18-20, 2006. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research. © 2006 by Michael Bordo and Anna J. Schwartz. All rights reserved. Short sections of text, not to exceed two paragraphs, may be quoted without explicit permission provided that full credit, including © notice, is given to the source. David Laidler on Monetarism Michael Bordo and Anna J. Schwartz NBER Working Paper No. 12593 October 2006 JEL No. E00,E50 ABSTRACT David Laidler has been a major player in the development of the monetarist tradition. As the monetarist approach lost influence on policy makers he kept defending the importance of many of its principles. In this paper we survey and assess the impact on monetary economics of Laidler's work on the demand for money and the quantity theory of money; the transmission mechanism on the link between money and nominal income; the Phillips Curve; the monetary approach to the balance of payments; and monetary policy. Michael Bordo Faculty of Economics Cambridge University Austin Robinson Building Siegwick Avenue Cambridge ENGLAND CD3, 9DD and NBER [email protected] Anna J. Schwartz NBER 365 Fifth Ave, 5th Floor New York, NY 10016-4309 and NBER [email protected] 1. -
Foundations of a Free Society Foundations of a Free Society
Foundations of a Free Society Foundations of a Free Society EAMONN BUTLER The Institute of Economic Affairs First published in Great Britain in 2013 by CONTENTS The Institute of Economic Affairs 2 Lord North Street Westminster London sw1p 3lb in association with Profile Books Ltd The author 8 The mission of the Institute of Economic Affairs is to improve public understanding of the fundamental institutions of a free society, with particular Foreword by Ali Salman 9 reference to the role of markets in solving economic and social problems. Acknowledgements 12 Summary 13 Copyright © The Institute of Economic Affairs 2013 The moral right of the author has been asserted. 1 Introduction 17 The purpose of this book 17 All rights reserved. Without limiting the rights under copyright reserved above, How the book is set out 18 no part of this publication may be reproduced, stored or introduced into a retrieval system, or transmitted, in any form or by any means (electronic, mechanical, photocopying, recording or otherwise), without the prior written 2 The moral and economic benefits of freedom 20 permission of both the copyright owner and the publisher of this book. A free society 20 The moral case for freedom 24 A CIP catalogue record for this book is available from the British Library. The economic case for freedom 31 ISBN 978 0 255 36687 8 eISBN 978 0 255 36691 5 3 The institutions of a free society 44 Many IEA publications are translated into languages other than English or Society without the state 44 are reprinted. Permission to translate or to reprint should be sought from the Why government must be limited 47 Director General at the address above. -
Issue 3, September 2015
Econ Journal Watch Scholarly Comments on Academic Economics Volume 12, Issue 3, September 2015 COMMENTS Education Premiums in Cambodia: Dummy Variables Revisited and Recent Data John Humphreys 339–345 CHARACTER ISSUES Why Weren’t Left Economists More Opposed and More Vocal on the Export- Import Bank? Veronique de Rugy, Ryan Daza, and Daniel B. Klein 346–359 Ideology Über Alles? Economics Bloggers on Uber, Lyft, and Other Transportation Network Companies Jeremy Horpedahl 360–374 SYMPOSIUM CLASSICAL LIBERALISM IN ECON, BY COUNTRY (PART II) Venezuela: Without Liberals, There Is No Liberalism Hugo J. Faria and Leonor Filardo 375–399 Classical Liberalism and Modern Political Economy in Denmark Peter Kurrild-Klitgaard 400–431 Liberalism in India G. P. Manish, Shruti Rajagopalan, Daniel Sutter, and Lawrence H. White 432–459 Classical Liberalism in Guatemala Andrés Marroquín and Fritz Thomas 460–478 WATCHPAD Of Its Own Accord: Adam Smith on the Export-Import Bank Daniel B. Klein 479–487 Discuss this article at Journaltalk: http://journaltalk.net/articles/5891 ECON JOURNAL WATCH 12(3) September 2015: 339–345 Education Premiums in Cambodia: Dummy Variables Revisited and Recent Data John Humphreys1 LINK TO ABSTRACT In their 2010 Asian Economic Journal paper, Ashish Lall and Chris Sakellariou made a valuable contribution to the understanding of education in Cambodia. Their paper represents the most robust analysis of the Cambodian education premium yet published, reporting premiums for men and women from three different time periods (1997, 2004, 2007), including a series of control variables in their regressions, and using both OLS and IV methodology.2 Following a convention of education economics, Lall and Sakellariou (2010) use a variation of the standard Mincer model (see Heckman et al. -
CURRICULUM VITAE (September 2020)
1 CURRICULUM VITAE (September 2020) NAME: David E.W. Laidler NATIONALITY: Canadian (also U.K.) DATE OF BIRTH: 12 August 1938 MARITAL STATUS: Married, one daughter HOME ADDRESS: 45 - 124 North Centre Road London, Ontario Canada N5X 4R3 Telephone: (519) 673-3014 FAX: (519) 661-3666 E-mail: [email protected] EDUCATION AND DEGREES HELD: Tynemouth School, Tynemouth, Northumberland, England, GCE 'O' Level 1953, 'A' Level, 1955, 'S' Level, 1956 London School of Economics, B.Sc. Econ. (Economics Analytic and Descriptive) 1st Class Honours, 1959 University of Syracuse, M.A. (Economics), 1960 University of Chicago, Ph.D. (Economics), 1964 University of Manchester, M.A. 1973 (not an "earned" degree) University of Western Ontario, LL.D.(h.c.) 2016 SCHOLARSHIPS, FELLOWSHIPS AND ACADEMIC HONOURS: 1956-1959 State Scholarship 1959-1960 University of Syracuse: University Fellowship 1960-1961 University of Chicago: Edward Hillman Fellowship 1962-1963 University of Chicago: Earhart Foundation Doctoral Dissertation Fellowship 1972 British Association for the Advancement of Science, Lister Lecture, to be given by a distinguished contributor to the Social Sciences under 35 years of age 1982 - Fellow of the Royal Society of Canada 1987-1988 President, Canadian Economics Association/Association Canadienne d'Economique 1988-1989 Faculty of Social Science Research Professor, University of Western Ontario 1994 Douglas Purvis Memorial Prize, awarded by the Canadian Economics Association for a significant work on Canadian Economic Policy (joint recipient with W.B.P. Robson) 1999 Hellmuth Prize for distinguished research in the Humanities and Social Sciences by a member of the faculty of the University of Western Ontario 2004-2005 Donner Prize for the best book of the year on Canadian public policy. -
Hayek His Contribution To
First published in Great Britain in 1983 by Maurice Temple Smith Ltd Jubilee House, Chapel Road Hounslow, Middlesex, TW3 ITX © 1983 Eamonn Butler This edition is copyright under the Berne Convention. All rights are reserved. Apart from any fair dealing for the purpose of private study, research, criticism or review, as permitted under the Copyright Act 1956, no part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means whatsoever, without the prior permission of the copyright owner. Butler, Eamonn Hayek. 1. Hayek, F.A. 2. Economics—History I. Title 330.1 HB103.H3 ISBN 0–85117–233–4 (hardback); 0–85117–234–2 (paperback) Printed in Great Britain by Billing and Sons Ltd, Worcester Contents Preface 3 3 Introduction: Hayek's life and work 4 Chapter 1: Understanding how society works 13 Chapter 2: The market process 31 Chapter 3: Hayek's critique of socialism 49 Chapter 4: The criticism of social justice 64 Chapter 5: The institutions of a liberal order 78 Chapter 6: The constitution of a liberal state 89 Epilogue: Sense and sorcery in the social sciences 97 Notes 111 Select bibliography 127 Index 129 2 Preface At a recent meeting of the Carl Menger Society (a group devoted to the understanding of the ‘Austrian School’ of economics), the words of F.A. Hayek were being discussed. As usual, the Alternative Bookshop had brought along a wide selection of the works of Hayek and other members of the school. But as the many people present who had no background in economics or political science looked over the books, some were intimidated by the technical content of several of them, and the remainder had to ask where the general reader should start. -
Regulation and the Marginalist Revolution
Florida Law Review Volume 71 Issue 2 Article 4 Regulation and the Marginalist Revolution Herbert Hovenkamp Follow this and additional works at: https://scholarship.law.ufl.edu/flr Part of the Antitrust and Trade Regulation Commons Recommended Citation Herbert Hovenkamp, Regulation and the Marginalist Revolution, 71 Fla. L. Rev. 455 (). Available at: https://scholarship.law.ufl.edu/flr/vol71/iss2/4 This Article is brought to you for free and open access by UF Law Scholarship Repository. It has been accepted for inclusion in Florida Law Review by an authorized editor of UF Law Scholarship Repository. For more information, please contact [email protected]. Hovenkamp: Regulation and the Marginalist Revolution REGULATION AND THE MARGINALIST REVOLUTION Herbert Hovenkamp* Abstract The marginalist revolution in economics became the foundation for the modern regulatory State with its “mixed” economy. For the classical political economists, value was a function of past averages. Marginalism substituted forward looking theories based on expectations about firm and market performance. Marginalism swept through university economics, and by 1920 or so virtually every academic economist was a marginalist. This Article considers the historical influence of marginalism on regulatory policy in the United States. My view is at odds with those who argue that marginalism saved capitalism by rationalizing it as a more defensible buttress against incipient socialism. While marginalism did permit economists and policy makers to strike a middle ground between laissez faire and socialism, the “middle ground” tilted very strongly toward public control. Ironically, regulation plus private ownership was able to go much further in the United States than socialism ever could because it preserved the rhetoric of capital as privately owned, even as it deprived firms of many of the most important indicia of ownership. -
Passive Money, Active Money, and Monetary Policy
Passive Money, Active Money, and Monetary Policy David Laidler, Visiting Economist • The role of money in the transmission of or eight years, an inflation target, jointly set by monetary policy is still controversial. Some the Bank of Canada and the federal govern- regard it as reacting passively to changes in ment, has provided the anchor for Canada’s F monetary policy. For a period 20 times as long, prices, output, and interest rates; others see it the Quantity Theory of Money has provided econo- playing an active role in bringing about mists with a framework for analyzing the influence changes in these variables. of the supply of money on the inflation rate. The Bank of Canada regularly comments on the behaviour of • Empirical evidence favours an active the narrow M1 and the broader M2 aggregates in its interpretation of money’s role in the Canadian Monetary Policy Report and in the Bank of Canada economy, particularly in the case of narrow, Review, but the Quarterly Projection Model (QPM), transactions-oriented aggregates. which currently provides the analytic background against which the Bank’s policies are designed, • Institutional changes can, and do, create includes no monetary aggregate.1 Even so, there is a instabilities in the demand functions for strong case to be made that the money supply is not narrow aggregates, which undermine their only the key long-run determinant of inflation in the Canadian economy but is also an important variable usefulness as formal policy targets. in the transmission mechanism through which policy • There is, nevertheless, a strong case for the actions affect the price level, and, in the shorter run, income and employment as well. -
Johnson's Conversion from Keynesianism at Chicago
Johnson’s Conversion from Keynesianism at Chicago Russell S. Boyer* Department of Economics University of Western Ontario September 12, 2010 *The author would like to thank David Laidler for correspondence during the course of writing this paper, and Dave Burgess and Bob Solow for conversations about this topic. Comments from Dror Goldberg led to substantial revisions to a very preliminary first draft. Editing suggestions by Warren Young improved the exposition significantly. None of these individuals is responsible for the point of view expressed in this paper. 2 Abstract: “Johnson’s Conversion from Keynesianism at Chicago,” Russell S. Boyer, September 12, 2010 Johnson arrived at Chicago in 1959 identifying himself as a Keynesian, but during his period there he began to speak in derogatory terms about Keynes and about Keynesians. This paper analyzes the role that Friedman and Mundell played in this conversion. Our argument is that Johnson moved towards “the monetarist position,” but he denied that this was due to Friedman’s influence. Mundell’s thinking followed a similar path, both in his economics and in his assertion of independence from their distinguished colleague. The effect of these claims is to hide the fact that Friedman’s impact on their work was much greater than has generally been recognized. 3 1. Introduction Harry Johnson’s thinking concerning macroeconomic topics evolved markedly during the years 1959-1977, while he was at the University of Chicago. His move from Keynesianism towards “the monetarist position”1 over this period has been noted by numerous observers, including such well-known economists as Bhagwati (1977) and Polak (2002).