Volume 17, No. 4 (Winter 2014) KEYWORDS: John Maynard Keynes, marginal efficiency of capital, net present value, interest rates, central banking JEL CLASSIFICATION: E12, E22, E52, In his recent article, Edward W. Fuller (2013) compared the Keynesian Marginal Efficiency of Capital approach with the Austrian Net Present Value approach. While his
Quarterly Journal of Austrian Economics 19, no. 2 (Summer 2016) ABSTRACT: There is an emerging literature on the subject of skyscrapers and business cycles. Lawrence (1999) first noticed the correlation between important changes in the economy and the building of record-breaking skyscrapers. Thornton (2005) established a theoretical link between
[ From the Spring 2016 Issue of the Quarterly Journal of Austrian Economics . ] Robert P. Murphy’s Choice: Cooperation, Enterprise, and Human Action seeks to provide the reader with a “modern, condensed treatment” of Ludwig von Mises’s Human Action . Robert P. Murphy is a long-time contributor to Austrian economics, and has been a serious student
Paul Krugman suggests that cutting the minimum wage won’t help employment. My hope here is to uncover his errors. First, Krugman makes the argument for cutting the minimum wage. He states: Here’s how the fallacy [of composition] works: if some subset of the work force accepts lower wages, it can gain jobs. If workers in the widget industry take a
[Originally Presented as the Hans Sennholz Memorial Lecture at the 2015 Austrian Student Scholars Conference , Grove City, Pennsylvania] “Sound money and free banking are not impossible — they are merely illegal. Freedom of money and freedom of banking are the principles that must guide our steps.” — Hans Sennholz When I was asked to give the Hans
Resumen: En respuesta a las políticas de bloqueo COVID-19, Guerrieri et al. (2020) desarrollaron un nuevo concepto: el choque keynesiano de oferta. Un shock keynesiano de oferta es un shock de oferta agregada que conduce a un shock de demanda agregada aún mayor. Este trabajo sugiere que los choques keynesianos de oferta son muy similares a las
Dato «divertido» de la escasez de mano de obra: la mediana de los ingresos semanales ajustados a la inflación SALTÓ en el segundo trimestre de 2020 (probablemente porque se despidió a tantos trabajadores con salarios bajos), pero ha estado cayendo constantemente desde entonces, y ahora está en el mismo nivel que tenía en el cuarto trimestre de
Nota del editor: En esta selección de « Is the Virus of International Macroeconomic Interventionism Infectious? An ABCT Analysis » en el último número del Quarterly Journal of Austrian Economics, los autores analizan cómo una economía basada en el dinero mercancía sería afectada por las economías vecinas que todavía utilizan el dinero fiat. Los
What is the Mises Institute?
The Mises Institute is a non-profit organization that exists to promote teaching and research in the Austrian School of economics, individual freedom, honest history, and international peace, in the tradition of Ludwig von Mises and Murray N. Rothbard.
Non-political, non-partisan, and non-PC, we advocate a radical shift in the intellectual climate, away from statism and toward a private property order. We believe that our foundational ideas are of permanent value, and oppose all efforts at compromise, sellout, and amalgamation of these ideas with fashionable political, cultural, and social doctrines inimical to their spirit.