The Austrian Business Cycle Theory: Validity and Implications
Total Page:16
File Type:pdf, Size:1020Kb
Load more
Recommended publications
-
The Austrian School in Bulgaria: a History✩ Nikolay Nenovsky A,*, Pencho Penchev B
Russian Journal of Economics 4 (2018) 44–64 DOI 10.3897/j.ruje.4.26005 Publication date: 23 April 2018 www.rujec.org The Austrian school in Bulgaria: A history✩ Nikolay Nenovsky a,*, Pencho Penchev b a University of Picardie Jules Verne, Amiens, France b University of National and World Economy, Sofia, Bulgaria Abstract The main goal of this study is to highlight the acceptance, dissemination, interpretation, criticism and make some attempts at contributing to Austrian economics made in Bulgaria during the last 120 years. We consider some of the main characteristics of the Austrian school, such as subjectivism and marginalism, as basic components of the economic thought in Bulgaria and as incentives for the development of some original theoreti- cal contributions. Even during the first few years of Communist regime (1944–1989), with its Marxist monopoly over intellectual life, the Austrian school had some impact on the economic thought in the country. Subsequent to the collapse of Communism, there was a sort of a Renaissance and rediscovery of this school. Another contribution of our study is that it illustrates the adaptability and spontaneous evolution of ideas in a different and sometimes hostile environment. Keywords: history of economic thought, dissemination of economic ideas, Austrian school, Bulgaria. JEL classification: B00, B13, B30, B41. 1. Introduction The emergence and development of specialized economic thought amongst the Bulgarian intellectuals was a process that occurred significantly slowly in comparison to Western and Central Europe. It also had its specific fea- tures. The first of these was that almost until the outset of the 20th century, the economic theories and different concepts related to them were not well known. -
Bibliography
Bibliography Archival Insights into the Evolution of Economics (and Related Projects) Berlet, C. (2017). Hayek, Mises, and the Iron Rule of Unintended Consequences. In R. Leeson (Ed.), Hayek a Collaborative Biography Part IX: Te Divine Right of the ‘Free’ Market. Basingstoke, UK: Palgrave Macmillan. Farrant, A., & McPhail, E. (2017). Hayek, Tatcher, and the Muddle of the Middle. In R. Leeson (Ed.), Hayek: A Collaborative Biography Part IX the Divine Right of the Market. Basingstoke, UK: Palgrave Macmillan. Filip, B. (2018a). Hayek on Limited Democracy, Dictatorships and the ‘Free’ Market: An Interview in Argentina, 1977. In R. Leeson (Ed.), Hayek a Collaborative Biography Part XIII: ‘Fascism’ and Liberalism in the (Austrian) Classical Tradition. Basingstoke, England: Palgrave Macmillan. Filip, B. (2018b). Hayek and Popper on Piecemeal Engineering and Ordo- Liberalism. In R. Leeson (Ed.), Hayek a Collaborative Biography Part XIV: Orwell, Popper, Humboldt and Polanyi. Basingstoke, UK: Palgrave Macmillan. Friedman, M. F. (2017 [1991]). Say ‘No’ to Intolerance. In R. Leeson & C. Palm (Eds.), Milton Friedman on Freedom. Stanford, CA: Hoover Institution Press. © Te Editor(s) (if applicable) and Te Author(s) 2019 609 R. Leeson, Hayek: A Collaborative Biography, Archival Insights into the Evolution of Economics, https://doi.org/10.1007/978-3-319-78069-6 610 Bibliography Glasner, D. (2018). Hayek, Gold, Defation and Nihilism. In R. Leeson (Ed.), Hayek a Collaborative Biography Part XIII: ‘Fascism’ and Liberalism in the (Austrian) Classical Tradition. Basingstoke, UK: Palgrave Macmillan. Goldschmidt, N., & Hesse, J.-O. (2013). Eucken, Hayek, and the Road to Serfdom. In R. Leeson (Ed.), Hayek: A Collaborative Biography Part I Infuences, from Mises to Bartley. -
The Mont Pelerin Society
A SPECIAL MEETING THE MONT PELERIN SOCIETY JANUARY 15–17, 2020 FROM THE PAST TO THE FUTURE: IDEAS AND ACTIONS FOR A FREE SOCIETY CHAPTER THIRTY-FOUR MAKING THE CASE FOR LIBERTY RUSSELL ROBERTS HOOVER INSTITUTION • STANFORD UNIVERSITY 1 1 MAKING THE CASE FOR LIBERTY Prepared for the January 2020 Mont Pelerin Society Meeting Hoover Institution, Stanford University Russ Roberts John and Jean De Nault Research Fellow Hoover Institution Stanford University [email protected] 1 2 According to many economists and pundits, we are living under the dominion of Milton Friedman’s free market, neoliberal worldview. Such is the claim of the recent book, The Economists’ Hour by Binyamin Applebaum. He blames the policy prescriptions of free- market economists for slower growth, inequality, and declining life expectancy. The most important figure in this seemingly disastrous intellectual revolution? “Milton Friedman, an elfin libertarian…Friedman offered an appealingly simple answer for the nation’s problems: Government should get out of the way.” A similar judgment is delivered in a recent article in the Boston Review by Suresh Naidu, Dani Rodrik, and Gabriel Zucman: Leading economists such as Friedrich Hayek and Milton Friedman were among the founders of the Mont Pelerin Society, the influential group of intellectuals whose advocacy of markets and hostility to government intervention proved highly effective in reshaping the policy landscape after 1980. Deregulation, financialization, dismantling of the welfare state, deinstitutionalization of labor markets, reduction in corporate and progressive taxation, and the pursuit of hyper-globalization—the culprits behind rising inequalities—all seem to be rooted in conventional economic doctrines. -
How Far Is Vienna from Chicago? an Essay on the Methodology of Two Schools of Dogmatic Liberalism
A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Paqué, Karl-Heinz Working Paper — Digitized Version How far is Vienna from Chicago? An essay on the methodology of two schools of dogmatic liberalism Kiel Working Paper, No. 209 Provided in Cooperation with: Kiel Institute for the World Economy (IfW) Suggested Citation: Paqué, Karl-Heinz (1984) : How far is Vienna from Chicago? An essay on the methodology of two schools of dogmatic liberalism, Kiel Working Paper, No. 209, Kiel Institute of World Economics (IfW), Kiel This Version is available at: http://hdl.handle.net/10419/46781 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 die in der dort Content Licence (especially Creative Commons Licences), you genannten Lizenz gewährten Nutzungsrechte. may exercise further usage rights as specified in the indicated licence. www.econstor.eu Kieler Arbeitspapiere Kiel Working Papers Working Paper No. -
Annual Proceedings of the Wealth and Well-Being of Nations
The Wealth and Well-Being of Nations of Nations Well-Being and Wealth The • Deirdre McCloskey Deirdre Contributors The Annual Proceedings of Deirdre Nansen McCloskey Joel Mokyr Jan Osborn Bart J. Wilson IX Volume 2016-2017 • Gus P. Gradinger Stephen T. Ziliak Emily Chamlee-Wright The Wealth and Well-Being of Nations Joshua C. Hall Seung (Ginny) Choi Virgil Henry Storr Bob Elder 2016-2017 Laura E. Grube Chuck Lewis Catherine M. Orr Department of Economics Volume IX: Bourgeois Virtues and the Great Enrichment: The Ideas and Influence of Deirdre Nansen McCloskey Warren Bruce Palmer, Editor The Miller Upton Program at Beloit College he Wealth and Well-Being of Nations was Testablished to honor Miller Upton, Beloit College’s sixth president. This annual forum provides our students and the wider community the opportunity to engage with some of the leading intellectual figures of our time. The forum is complemented by a suite of programs that enhance student and faculty engagement in the ideas and institutions that lay at the foundation of free and prosperous societies. Senior Seminar on The Wealth and Well-Being of Nations: ach year, seniors in the department of economics participate in a semester- Elong course that is built around the ideas and influence of that year’s Upton Scholar. By the time the Upton Scholar arrives in October, students will have read several of his or her books and research by other scholars that has been influenced by these writings. This advanced preparation provides students the rare opportunity to engage with a leading intellectual figure on a substantive and scholarly level. -
Cryptocurrencies As an Alternative to Fiat Monetary Systems David A
View metadata, citation and similar papers at core.ac.uk brought to you by CORE provided by Digital Commons at Buffalo State State University of New York College at Buffalo - Buffalo State College Digital Commons at Buffalo State Applied Economics Theses Economics and Finance 5-2018 Cryptocurrencies as an Alternative to Fiat Monetary Systems David A. Georgeson State University of New York College at Buffalo - Buffalo State College, [email protected] Advisor Tae-Hee Jo, Ph.D., Associate Professor of Economics & Finance First Reader Tae-Hee Jo, Ph.D., Associate Professor of Economics & Finance Second Reader Victor Kasper Jr., Ph.D., Associate Professor of Economics & Finance Third Reader Ted P. Schmidt, Ph.D., Professor of Economics & Finance Department Chair Frederick G. Floss, Ph.D., Chair and Professor of Economics & Finance To learn more about the Economics and Finance Department and its educational programs, research, and resources, go to http://economics.buffalostate.edu. Recommended Citation Georgeson, David A., "Cryptocurrencies as an Alternative to Fiat Monetary Systems" (2018). Applied Economics Theses. 35. http://digitalcommons.buffalostate.edu/economics_theses/35 Follow this and additional works at: http://digitalcommons.buffalostate.edu/economics_theses Part of the Economic Theory Commons, Finance Commons, and the Other Economics Commons Cryptocurrencies as an Alternative to Fiat Monetary Systems By David A. Georgeson An Abstract of a Thesis In Applied Economics Submitted in Partial Fulfillment Of the Requirements For the Degree of Master of Arts May 2018 State University of New York Buffalo State Department of Economics and Finance ABSTRACT OF THESIS Cryptocurrencies as an Alternative to Fiat Monetary Systems The recent popularity of cryptocurrencies is largely associated with a particular application referred to as Bitcoin. -
Trade Deficits and Jobs
Trade Deficits and Jobs August 2008 Russell Roberts roberts@gm u.edu George M ason University http://www.cafehayek.com http://www.econtalk.org http://www.m ercatus.org www.mercatus.org A Persistent and Growing Merchandise Trade Deficit U.S. Merchandise Trade Balance, 1960-2005 (billions of dollars) 1968 1970 1986 1972 1988 1974 1990 1960 1976 1992 1962 1978 1994 1964 1980 1996 1966 1982 1998 1984 2000 2002 2004 100 0 -100 -200 -300 -400 -500 -600 -700 -800 -900 Source: BEA, http://bea.gov/bea/di/table1.xls • Merchandise trade balance—exports of goods minus imports of goods • I have tried to make it as scary as possible: • Excludes services (America exports more services than it imports since 1971) • Not deflated by either the price level or the size of the economy • Until 1976, roughly zero—sometimes positive or sometimes negative but always somewhat small. • Beginning in 1976, U.S. has run a trade deficit every single year • Since 1976, U.S. has imported $6 TRILLION worth of goods more than it has exported. 2 proportionofthepopulationworkingisalsohigher after1976thanbefore. • Economyproducesjobsforpeoplewhowant them. Populationishigherbutthe • Tradeaffectsthekindofjobsineconomy,notnumbers tradedeficits • In2005,over40millionmorejobsthanin1976,thebeginningofpersistent,growing • Recessionsreducenumberofjobs—otherwise,steadygrowth • Noobviousimpactoftradedeficitsonemployment Source: BLS,CurrentEmploymentStatistics,SeriesId:CEU0000000001 100 120 140 160 20 40 60 80 0 1939 1941 1943 Little orNoImpactofTradeDeficitonJobs 1945 1947 1949 1951 -
The Austrian Theory of Money by Murray N
The Austrian Theory of Money By Murray N. Rothbard [Reprinted from The Foundations of Modern Austrian Economics, Edwin Dolan, ed. (Kansas City: Sheed Andrews and McMeel, 1976), pp. 160-84.; The Logic of Action One: Method, Money, and the Austrian School (Cheltenham, UK: Edward Elgar, 1997), pp. 297-320. The pagination on this edition corresponds to the Logic edition.] The Austrian theory of money virtually begins and ends with Ludwig von Mises's monumental Theory of Money and Credit, published in 1912.1 Mises's fundamental accomplishment was to take the theory of marginal utility, built up by Austrian economists and other marginalists as the explanation for consumer demand and market price, and apply it to the demand for and the value, or the price, of money. No longer did the theory of money need to be separated from the general economic theory of individual action and utility, of supply, demand, and price; no longer did monetary theory have to suffer isolation in a context of "velocities of circulation," "price levels," and "equations of exchange." In applying the analysis of supply and demand to money, Mises used the Wicksteedian concept: supply is the total stock of a commodity at any given time; and demand is the total market demand to gain and hold cash balances, built up out of the marginal-utility rankings of units of money on the value scales of individuals on the market. The Wicksteedian concept is particularly appropriate to money for several reasons: first, because the supply of money is either extremely durable in relation to current production, as under the gold standard, or is determined exogenously to the market by government authority; and, second and most important, because money, uniquely among commodities desired and demanded on the market, is acquired not to be consumed, but to be held for later exchange. -
CV in PDF Format
PROFESSOR TODD J. ZYWICKI GEORGE MASON UNIVERSITY FOUNDATION PROFESSOR OF LAW GEORGE MASON UNIVERSITY SCHOOL OF LAW 3301 N. FAIRFAX DR. ARLINGTON, VA 22201 703-993-9484 [email protected] Web Page: http://mason.gmu.edu/~tzywick2/ PUBLICATIONS BOOKS CONSUMER CREDIT AND THE AMERICAN ECONOMY (with Thomas Durkin, Gregory Elliehausen, and Michael Staten), (Oxford University Press, 2014). PUBLIC CHOICE CONCEPTS AND APPLICATIONS IN LAW (with Maxwell Stearns) (West Publishing, 2009). Editor, The Rule of Law, Freedom, and Prosperity, 10 SUPREME COURT ECONOMIC REVIEW (Chicago: University of Chicago Press, 2003. 278 pp. ISBN: 0-226-99962-9). • Reviewed by Professor William A. Fischel, 14(6) LAW AND POLITICS BOOK REV. 493-97 (June 2004). ARTICLES AND BOOK CHAPTERS Bruno Leoni's Legacy and Continued Relevance, __ J. PRIVATE ENTERPRISE __ (Forthcoming 2015). Commentary on CFPB Report: Data Point: Checking Account Overdraft (with G. Michael Flores). Price Controls on Payment Card Interchange Fees: The U.S. Experience (with Geoffrey Manne and Julian Morris), ICLE Financial Regulatory Research Program White Paper 2014-2 (2014). Behavior, Paternalism, and Policy: Evaluating Consumer Financial Protection, __ NYU J. L. & LIBERTY __ (forthcoming 2014). Keynote Address: Is There a George Mason School of Law and Economics? __ J. LAW, ECONOMICS & POLICY __ (Forthcoming 2014). Uncertainty, Evolution, and Behavioral Economic Theory (with Geoffrey Manne), __ J. LAW, ECONOMICS & POLICY __ (Forthcoming 2014). Overdraft Protection and Consumer Protection: A Critique of the CFPB's Analysis of Overdraft Programs (with G. Michael Flores and Brian M. Deignan), 33(3) BANKING AND FINANCIAL SERVICES POLICY REPORT 10 (March 2014). The Consumer Financial Protection Bureau, in PERSPECTIVES ON DODD-FRANK AND FINANCE (Forthcoming 2014, MIT Press). -
In Adam Smith's Invisible Hands: Comment on Gavin Kennedy
KLEIN Econ Journal Watch Volume 6, Number 2 May 2009, pp 264-279 In Adam Smith’s Invisible Hands: Comment on Gavin Kennedy Daniel B. Klein1 ABSTR A C T In preface, I should tell the reader that Professor Gavin Kennedy and I met and hit it off at the January 2009 International Adam Smith Society conference held at Balliol College, Oxford, commemorating the 250th anniversary of The Theory of Moral Sentiments. There Gavin and I discussed whether this Journal, of which I am editor, might publish his essay along with a dissenting opinion. As we went forward, we agreed that I would author the dissent. I am grateful to Gavin for his valuable instruction and cooperation in the shared aim of producing an exchange on the phrase invisible hand in Smith’s writings. The Journal invites Gavin to rejoin and conclude the exchange in a future issue. Peter Minowitz (2004, 411) concludes his essay, “Adam Smith’s Invisible Hands” with the following words: “Centuries after Smith’s death, we are still struggling to fathom a two-word phrase that stands out in a thousand-page book.” Such struggling has been misplaced, according to Professor Gavin Kennedy. Abstain from the struggling, for the two-word phrase is an incidental metaphor in Smith’s writings; it deserves no currency as tag for the prosaic workings of markets, even less for rarified workings untrue to Smith. In his erudite, plain-spoken, challenging essay, Gavin suggests that the metaphor had no very special significance; that its occurrence in the Astronomy differs irreconcilably from that in The Theory of Moral Sentiments and Wealth of Nations. -
Syllabus Review, Introductions
Urban and Regional Economic Development, 90-743 Spring 2021 Version 1.0, January 30, 2021 Time: Tuesdays and Thursdays 3:10-4:30PM Instructor Location: Online through February 12 Christopher Briem Office Hours: Group online Mondays 4-5:30pm E-mail use: [email protected] (starting Feb 6) Office/voicemail: 412.624.3791 Individual appts: Fridays 3-6pm Cell: 412.363.7498 Course Description The course will introduce students to the theory and practice of economic development in the United States. An introduction to basic analytic techniques used by both researchers and economic development practitioners will be coupled with a broad overview of the research literature in the fields of urban and regional economics. Emphasis will be placed on the public sector’s role in promoting economic development and public policy at the federal, state and local levels that are focused on improving economic conditions for people, places and regions. Optional readings will focus on Pittsburgh’s economic development and regional economic change since WWII. Upon successful completion of this course you should be able to: Explain economic theories explaining the location of economic activities and the growth or decline of regional economies at the state, metropolitan and local level. To include, but not limited to industry cluster theory, the role of human capital, place-based vs person-based economic development approaches. Critique the theories and methods of regional economic development in their application to a region. Understand key data sources and their limitations for use in local and regional analysis. Examine regional and local economies using critical analytical methods like shift share, location quotients, and comparative analysis. -
Nominality of Money: Theory of Credit Money and Chartalism Atsushi Naito
Review of Keynesian Studies Vol.2 Atsushi Naito Nominality of Money: Theory of Credit Money and Chartalism Atsushi Naito Abstract This paper focuses on the unit of account function of money that is emphasized by Keynes in his book A Treatise on Money (1930) and recently in post-Keynesian endogenous money theory and modern Chartalism, or in other words Modern Monetary Theory. These theories consider the nominality of money as an important characteristic because the unit of account and the corresponding money as a substance could be anything, and this aspect highlights the nominal nature of money; however, although these theories are closely associated, they are different. The three objectives of this paper are to investigate the nominality of money common to both the theories, examine the relationship and differences between the two theories with a focus on Chartalism, and elucidate the significance and policy implications of Chartalism. Keywords: Chartalism; Credit Money; Nominality of Money; Keynes JEL Classification Number: B22; B52; E42; E52; E62 122 Review of Keynesian Studies Vol.2 Atsushi Naito I. Introduction Recent years have seen the development of Modern Monetary Theory or Chartalism and it now holds a certain prestige in the field. This theory primarily deals with state money or fiat money; however, in Post Keynesian economics, the endogenous money theory and theory of monetary circuit place the stress on bank money or credit money. Although Chartalism and the theory of credit money are clearly opposed to each other, there exists another axis of conflict in the field of monetary theory. According to the textbooks, this axis concerns the functions of money, such as means of exchange, means of account, and store of value.