Before I had read less than a hundred pages of this book, I surmised that the author was not an economist and definitely not an economist who had any “Austrian School” affiliation. Instead, I was sure he was an historian.
The good news is that Stephanie Kelton—economics professor at Stony Brook and advisor to the 2016 Bernie Sanders campaign—has written a book on modern monetary theory that is very readable, and will strike many readers as persuasive and clever. The bad news is that Stephanie Kelton has written a book on MMT that is very readable and will strike many readers as persuasive and clever.
We can easily imagine a world in which leisure does not represent the opportunity cost of labor, and that Mises and Rothbard have been misconstrued.
Professor Joseph Salerno (2019) has commented on my recent reconstruction of the income effect from a causal-realist perspective (Israel, 2018b). In this rejoinder, I clarify my position and show that the main points of criticism in Salerno’s response are unfounded.
During the boom phase of the business cycle, the economy shifts to a more risky position as the result of entrepreneurs’ profit targeting. The duration can be used to quantify this risk and to determine the discount rate for calculating the project's present value.
Beyond being incompatible with natural rights and detrimental to the dissemination of innovations, the concept of intellectual property is a praxeological impossibility.
Economists have tried to explain business cycles as well as fluctuations in the economy, but over the past two centuries, the explanations have fallen into two areas.
Does the emergence of bitcoin invalidate the regression theorem? William Luther argues that it does, but Pickering here contends that Luther's view misinterprets the regression theorem.
Quinn’s American Bonds shows that the federal government’s credit policies were important factors behind the particular evolution of securitization and credit markets in the United States.
This book is a rarity: a reasonable treatment of bitcoin from the point of view of Austrian economics.
