Posts Tagged ‘ economics ’

An introduction to Austrian economics, part 5

September 26, 2016
posted by

Richard M. Ebeling Future of Freedom Foundation
by Richard M Ebeling  

"Austrian Economics is the most powerful explanation of why governments, no matter how well-intentioned, lack the knowledge, wisdom and ability to direct the lives of multitudes of people better than those people can do for themselves. In this series of easy-to-understand lectures, economist Richard Ebeling introduces you to the central ideas in Austrian Economics, as well as their importance for us today." [Flash video] (09/26/16)

http://www.fff.org/explore-freedom/article/introduction-austrian-economics-part-5/  

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Economic ideas: Plato, Aristotle, and the ancient Greeks, part 1

September 20, 2016
posted by

Richard M. Ebeling Future of Freedom Foundation
by Richard M Ebeling  

"The ancient Greeks left a wealth of knowledge through their surviving writings on a wide variety of themes, including science, logic, philosophy, literature, and the arts. In addition, the city-state of Athens is considered the birthplace of intellectual freedom and democracy -- lasting legacies that helped to mold the ideas that have influenced the development of Western Civilization. But, in comparison, their discussions on economics were often few and almost always relatively unsystematic." (09/20/16)

http://www.fff.org/explore-freedom/article/economic-ideas-plato-aristotle-ancient-greeks-part-1/  

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An introduction to Austrian economics, part 4

September 20, 2016
posted by

Richard M. Ebeling Future of Freedom Foundation
by Richard M Ebeling  

"In this series of easy-to-understand lectures, economist Richard Ebeling introduces you to the central ideas in Austrian Economics, as well as their importance for us today." [Flash video] (09/19/16)

http://www.fff.org/explore-freedom/article/introduction-austrian-economics-part-4/  

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An introduction to Austrian economics, part 3

September 12, 2016
posted by

Richard M. Ebeling Future of Freedom Foundation
by Richard M Ebeling  

"Austrian Economics is the most powerful explanation of why governments, no matter how well-intentioned, lack the knowledge, wisdom and ability to direct the lives of multitudes of people better than those people can do for themselves. In this series of easy-to-understand lectures, economist Richard Ebeling introduces you to the central ideas in Austrian Economics, as well as their importance for us today." [Flash video] (09/12/16)

http://www.fff.org/explore-freedom/article/introduction-austrian-economics-part-3/  

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An introduction to Austrian economics, part 2

September 6, 2016
posted by

Richard M. Ebeling Future of Freedom Foundation
by Richard M Ebeling  

"Austrian Economics is the most powerful explanation of why governments, no matter how well-intentioned, lack the knowledge, wisdom and ability to direct the lives of multitudes of people better than those people can do for themselves. In this series of easy-to-understand lectures, economist Richard Ebeling introduces you to the central ideas in Austrian Economics, as well as their importance for us today." [Flash video] (09/06/16)

http://www.fff.org/explore-freedom/article/introduction-austrian-economics-part-2/  

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The “Lucas Critique” is Misesian at its core

August 31, 2016
posted by

Ludwig von Mises Institute Ludwig von Mises Institute
by Karl-Friedrich Israel  

"Robert E. Lucas Jr. won the Nobel Memorial Prize in Economic Sciences in 1995 for one of the most celebrated contributions in modern macroeconomics: the Lucas Critique. His article on econometric policy evaluation, originally published in 1976, according to many leading economists sparked a genuine methodological revolution in macroeconomic analysis. He emphasized that the underlying coefficients of traditional econometric models are not constant. Hence, these models were inadequate for counterfactual policy evaluation. In other words, these models were inadequate for scientific predictions of the effects of political interventions into the economy, and thus incapable of prognostic comparison of alternative political interventions." (08/31/16)

https://mises.org/blog/lucas-critique-misesian-its-core  

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What is Austrian economics?

August 31, 2016
posted by

Reformed Libertaraian
by C Jay Engel  

"The Austrian School of economics refers to a certain 'school of thought' in regards to economic theory that has its roots in the economic theorists who came out of Austria in the late 19th and early 20th centuries. Hence the name. There are many schools of economic thought: there are classical economists, neoclassical economists, Marxists, Keynesians, Chicago School economists (many of which morphed into the modern day Monetarists), and various other subcategories and branches. There is also some overlap. The point is that Austrian Economics is a specific school of thought that offers an alternative view compared to the many other approaches." (08/30/16)

http://reformedlibertarian.com/articles/economics/what-is-austrian-economics/  

1 Comment »

An introduction to Austrian economics, part 1

August 30, 2016
posted by

Richard M. Ebeling Future of Freedom Foundation
by Richard M Ebeling  

"In this series of easy-to-understand lectures, economist Richard Ebeling introduces you to the central ideas in Austrian Economics, as well as their importance for us today." [Flash video] (08/30/16)

http://www.fff.org/explore-freedom/article/introduction-austrian-economics-part-1/  

1 Comment »

My big six (or eight)

August 30, 2016
posted by

Don Boudreaux Cafe Hayek
by Don Boudreaux  

"Mr. Horvath: Thanks for your e-mail -- in response to this earlier post -- and for your challenge for me to list my own 'Big 6 modern ideas in economics' that deserve more of economists' attention today. You don't specify what you mean by modern, so I'll interpret you to mean 'within the past 75 years.' Here’s my list, in increasing order of importance. (I cheat by having two related ideas tied for #6 and two related ideas tied for #2.)" (08/29/16)

http://cafehayek.com/2016/08/41306.html  

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Five reasons why Austrian economics is better than the mainstream

August 16, 2016
posted by

Ludwig von Mises Institute Ludwig von Mises Institute
by Jonathan Newman  

"Noah Smith has acknowledged the failings of mainstream macroeconomics, but he says that none of the 'outside ideas' offer a better replacement. He failed to mention the Austrian school, but we can still show how the Austrian tradition parries his criticisms with ease." (08/16/16)

https://mises.org/blog/5-reasons-why-austrian-economics-better-mainstream  

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Are we just like Milton Friedman? Where Austria and Chicago differ

August 2, 2016
posted by

Ludwig von Mises Institute Ludwig von Mises Institute
by  

"In this special episode of Contra Krugman, recorded live at Mises University, Bob Murphy and Tom Woods are joined by three other professors: Peter Klein (Baylor University), Lucas Englehardt (Kent State University), and Mark Thornton (Mises Institute). Recorded at the Mises Institute in Auburn, Alabama, on 30 July 2016." [Flash audio or MP3] (posted 08/02/16)

https://mises.org/library/are-we-just-milton-friedman-where-austria-and-chicago-differ  

1 Comment »

Happy 117th birthday, Hayek

May 9, 2016
posted by

Eamonn Butler Adam Smith Institute
by Dr. Eamonn Butler  

"FA Hayek, the Anglo-Austrian Nobel economist and liberal thinker, was born yesterday in 1899. Hayek's economic works in the 1930s, researched with his mentor Ludwig von Mises, showed how boom and bust cycles arose from the inept government manipulation of credit; and he became the leading critic of collectivism, central planning and the expansionist interventionism of John Maynard Keynes (1883–1946), arguing that the latter would lead to inflation and economic dislocation." (05/09/16)

http://www.adamsmith.org/blog/happy-117th-birthday-hayek  

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The Keynesian model is not a “big government” model

May 4, 2016
posted by

Scott Sumner EconLog
by Scott Sumner  

"Before getting into this post, let me remind you of previous pointless debates, such as whether 'Islam' is 'really' a this or that sort of religion. I hope my readers can see the pointlessness of those debates. Similarly, I do understand that many Keynesians, and also many anti-Keynesians, think that Keynesianism is a sort of big government ideology, at least when compared to new classical economics, monetarism, Austrianism, etc. So there is a sense in which the title of this post is wrong. If Keynesians act as if their model has big government implications, then in a sense it does. So what do I mean by the title of the post? I mean that the technical aspects of the model have no big government implications, and that people who claim otherwise are simply using bad logic." (05/04/16)

http://econlog.econlib.org/archives/2016/05/the_keynesian_m.html  

1 Comment »

Is the Austrian theory enough?

April 27, 2016
posted by

Steven Horwitz Foundation for Economic Education
by Steven Horwitz  

"The Austrian theory explains what economist Roger Garrison has called 'the unsustainable boom.' It shows that if a boom is set in motion by overly expansionary monetary policy, then the apparent growth taking place during that boom will not be sustainable. The artificial boom contains the seeds of its own bust, and the illusory growth will soon be revealed as such. But there is much that the theory does not tell us." (04/27/16)

https://fee.org/articles/is-the-austrian-theory-enough/  

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Something of a blow to Piketty’s thesis

April 21, 2016
posted by

Tim Worstall Adam Smith Institute
by Tim Worstall  

"The more research that gets done into the details of Thomas Piketty's thesis (essentially, wealth concentration will leave us all as serfs again) the more there seem to be great gaping holes in it. For example, a central piece of the logic is that wealth will pile up, this will be inherited, and that wealth inequality will thus get worse over the generations. We're not convinced that such a bourgeois world would be a bad one but that thesis does depend upon the idea that inheritance concentrates wealth. Which, apparently, it doesn't ..." (04/21/16)

http://www.adamsmith.org/blog/something-of-a-blow-to-pikettys-thesis  

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Ragnar Frisch: The first Nobel laureate chosen over Mises

April 13, 2016
posted by

Ludwig von Mises Institute Ludwig von Mises Institute
by Karl-Friedrich Israel  

"We cannot know what the committee's reasons and motivations were behind awarding the prize in 1974 to Hayek, but it is obvious that Hayek, as a free market economist, was the exception among the first recipients. Mises would have been too, and possibly more so. All other recipients prior to Hayek, and also Gunnar Myrdal who won the prize jointly with Hayek, were advocates of economic planning, and had to a greater or lesser degree contributed to the transformation of economics into a quantitative-mathematical discipline designed after the natural sciences. A case in point is the first recipient of the Nobel Prize in 1969, Norwegian economist Ragnar Frisch (1895–1973) -- the first economist chosen over Mises." (04/13/16)

https://mises.org/blog/ragnar-frisch-first-nobel-laureate-chosen-over-mises  

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Economics: It’s simpler than you think

March 30, 2016
posted by

David Gordon Ludwig von Mises Institute
by David Gordon  

"In the view of John Tamny -- an editor at Forbes and RealClearMarkets -- economics as it is usually studied and taught in universities is unnecessarily complicated. The basic truths of economics are simple and require no difficult mathematics to understand." (03/30/16)

https://mises.org/library/economics-its-simpler-you-think  

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Is barter a myth?

March 16, 2016
posted by

Foundation for Economic Education Foundation for Economic Education
by George Selgin  

"So far as some people are concerned, when it comes to bashing economists, any old stick will do. That, at least, seems to be true of those anthropologists and fellow-travelers who imagine that, in demonstrating that certain forms of credit must be older than either monetary exchange or barter, they’ve got some of the leading lights of our profession by the short hairs. The stick in this case consists of anthropological evidence that’s supposed to contradict the theory that monetary exchange is an outgrowth of barter, with credit coming afterwards. That view is a staple of economics textbooks. Were it nothing more than that, the attacks would hardly matter, since finding nonsense in textbooks is easier than falling off a log. But these critics have mostly directed their ire at a more heavyweight target: Adam Smith." (03/16/16)

https://fee.org/articles/is-barter-a-myth/  

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Carl Menger and the foundations of Austrian economics

February 23, 2016
posted by

Richard M. Ebeling Future of Freedom Foundation
by Richard M Ebeling  

"Today is Austrian economist, Carl Menger's, birthday. Born on February 23, 1840, he died on February 26, 1921, at the age of 81. Menger is most well known as one of the first formulators of the theory of marginal utility, separately though in published form almost simultaneously, with William Stanley Jevons and Leon Walras in the early 1870s. But this work also marked the beginning of a uniquely distinct 'Austrian School of Economics' based on the theory of subjective value, of which he became viewed as the 'founding father.'" (02/23/16)

http://fff.org/explore-freedom/article/carl-menger-and-the-foundations-of-austrian-economics/  

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The follies and fallacies of Keynesian economics

February 16, 2016
posted by

Richard M. Ebeling Future of Freedom Foundation
by Richard M Ebeling  

"Keynes believed not only that the market economy could not keep itself on an even keel he also believed that it would be undesirable to allow the market to work. He once said that to have the market determine prices and wages to balance supply and demand was to submit society to a cruel and unjust 'economic juggernaut.' Instead, he wanted wages and prices to be politically fixed on the basis of 'what is 'fair' and 'reasonable' as between the [social] classes.'" (02/16/16)

http://fff.org/explore-freedom/article/the-follies-and-fallacies-of-keynesian-economics/  

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Joseph Schumpeter the “father” of capitalist “creative destruction”

February 8, 2016
posted by

Richard M. Ebeling Future of Freedom Foundation
by Richard M Ebeling  

"Today is Austrian-born economist, Joseph A. Schumpeter's, birthday. Born on February 8, 1883, he died on January 8, 1950. Schumpeter is famous as a leading 20th century formulator of the notion of the entrepreneur as dynamic innovator of change, and also as a master of the history of economic ideas." (02/08/16)

http://fff.org/explore-freedom/article/joseph-schumpeter-the-father-of-capitalist-creative-destruction/  

1 Comment »

Why we need a recession

January 21, 2016
posted by

Ludwig von Mises Institute Ludwig von Mises Institute
by Ronald-Peter Stoferle  

"According to the National Bureau of Economic Research (NBER), a recession is defined as a 'significant decline in economic activity spread across the economy, lasting more than a few months.' Often, this is understood as two consecutive quarters of negative economic growth as measured by a country's GDP. Public opinion is generally quite simple in regard to recession: upswings are generally welcomed, recessions are to be avoided. The 'Austrians' are however at odds with this general consensus -- we regard recessions as healthy and necessary. Economic downturns only correct the aberrations and excesses of a boom." (01/20/16)

https://mises.org/library/why-we-need-recession  

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Austrian economics is more than free-market economics

January 13, 2016
posted by

Ludwig von Mises Institute Ludwig von Mises Institute
by Matt McCaffrey  

"Austrian economists are known for supporting free markets and criticizing government intervention. In fact, many people mistakenly think of Austrian economics as nothing more than a radical defense of free markets, though it's really a framework for studying human action and its social implications. Still, you can usually spot free market conclusions lurking in the background of Austrian work, and this raises important questions about how policy implications influence the development of theory." (01/12/16)

https://mises.org/library/austrian-economics-more-free-market-economics  

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The wealth of everyone

January 11, 2016
posted by

Lawrence W. Reed Foundation for Economic Education
by Lawrence W Reed  

"Adam Smith entered a world that his reason and eloquence would later transform. He was baptized on June 5, 1723, in Kirkcaldy, Scotland. It's presumed that he was either born on that day or a day or two before. He would become the Father of Economics as well as one of history's most eloquent defenders of free markets." (01/08/16)

http://fee.org/freeman/the-wealth-of-everyone/  

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What would an IS shock look like?

January 10, 2016
posted by

Scott Sumner EconLog
by Scott Sumner  

"One thing that makes it hard to discuss macroeconomics with people is the widely held assumption that changes in interest rates reflect changes in monetary policy. That misconception comes from the fact that people misinterpret the implications of two true facts: 1. In the IS/LM model, an easy money policy lowers interest rates. 2. The Fed targets short term interest rates. People think that if the Fed is controlling rates, and if an easy money policy causes rates to fall in the IS/LM model, then a fall in rates must be an easy money policy. But of course this doesn't at all follow from the previous assumptions." (01/09/16)

http://econlog.econlib.org/archives/2016/01/what_would_an_i.html  

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