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- Search found 7 items for:
- Business Cycles
- Jeffrey M. Herbener
Mises Daily
Author:
Jeffrey M. Herbener
Online Publish Date:
Murray Rothbard called the central puzzle of the business cycle the “cluster of entrepreneurial error.” During the boom, most entrepreneurs and investors appear to be geniuses, earning extraordinary profits year after year. During the bust, their fortunes are suddenly reversed, and they seem like dunces and suffer losses year after year.
Mises Daily
Author:
Jeffrey M. Herbener
Online Publish Date:
[Written Testimony before the Subcommittee on Domestic Monetary Policy and Technology Committee on Financial Services, US House of Representatives, May 8, 2012] In a seminal article published in 1920, Ludwig von Mises demonstrated that there is only one test of whether or not production of something conveys a benefit on society at large. [1] It
Quarterly Journal of Austrian Economics
Online Publish Date:
ABSTRACT: According to Austrian business cycle theory (ABCT), there is no macroeconomic market failure. Under laissez faire capitalism, with extremely limited or no government, there will be no credit-induced business cycles. However, suppose one part of the world engages in credit expansion, which, according to ABCT creates the business cycle,
Free Market
Author:
Jeffrey M. Herbener
Online Publish Date:
The Free Market 16, no. 1 (January 1998) When the IMF declares a country an “economic miracle,” look out. A financial crisis cannot be far behind. First it was Japan, the juggernaut that was said to be on the verge of supplanting the U.S. as an economic superpower. Then it was Mexico, the model of how former banana republics can be transformed
Free Market
Author:
Jeffrey M. Herbener
Online Publish Date:
The Free Market 16, no. 12 (December 1998) With huge segments of the world economy mired in depression, can we conclude that capitalism has failed or that the market behaves irrationally? That seems to be the consensus among many commentators, so we hear a wide range of calls for government intervention to patch things up. Monetarists are