Post Tagged with: "Austrian School"
Economics and mathematical models
The mathematical methods of recent economics did not predict or prevent the current crisis. Should we look for a better way? Mathematical modeling has revealed itself to be a vain and formalistic exercise incapable of explaining the international currency crises, stock-market and real-estate bubbles, or the global financial crises that have […]
Read MoreFinishing “Human Action, A treatise on economics”, Volume 1
It seems sometimes that there is little truly new thinking to be done, merely the attempt to catch up with previous dismissals of foolish and destructive ideas: Of course, there will always be individuals and groups of individuals whose intellect is so narrow that they cannot grasp the benefits which […]
Read MoreMeasures of the money supply
A dynamic chart showing the various measures of the money supply is available at mises.org: The True Money Supply (TMS) was formulated by Murray Rothbard and represents the amount of money in the economy that is available for immediate use in exchange. It has been referred to in the past […]
Read MoreAnthony Evans: Quantitative easing is an exotic label for a discredited policy
Leading British Austrian-school economist Anthony Evans writes on QE: Economists tend to define QE as when the central bank conducts open-market operations to buy government and corporate securities using newly created money. Many economics textbooks fail to mention QE, suggesting that this is a new and extreme form of monetary […]
Read More“QE” via Stephanie Flanders’ Stephanomics
Via BBC NEWS | The Reporters | Stephanie Flanders’ Stephanomics: Later today, all the signs are that the MPC will release a statement saying that they have authorised the Bank of England to start buying government and corporate securities on its behalf – paid for with money it has created […]
Read MoreBank of England set to pump cash into economy
With the Bank of England set to create new money out of nothing, I offer pointers to two articles which explain how this increase in the money supply will further impoverish the poor and those on fixed incomes, and how the move will diminish the chances of a sustained recovery. […]
Read MoreThe road to hell is paved with…
Good intentions, of course. Chris Huhne proposes to introduce a bill to repeal the legislation that has stripped away our rights. So far, so good: There has always been a problem for civil libertarians. The sacrifices of freedoms made by successive governments often seem small, particularly when they are pushed […]
Read MoreMoney, Bank Credit and Economic Cycles
Jesus Huerta De Soto’s book, “Money, Bank Credit and Economic Cycles” arrived today, all 875 pages of it. It is, apparently: by far the most thorough treatment in print of Austrian ideas on banking and the business cycle It looks insightful already (from the preface to the second, 2001, edition): […]
Read MoreTesting Times for Central Banks — Baxendale and Evans
Yesterday, I had lunch with two of the UK’s leading Austrian-school economists, Toby Baxendale and Anthony J. Evans, the authors of the IEA article “Testing Times for Central Banks — Is there room for Austrian ideas at the top table?” The article is a fascinating read, explaining how Austrian economic […]
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