Abstract: In her paper “Corporate Risk Evaluation in the Context of Austrian Business Cycle Theory” recently published in this journal, Joanna Kruk aims to investigate how artificially low interest rates resulting from central bank intervention distort individual investment appraisals and ultimately result in both entrepreneurial misjudgment and
Globalists: The End of Empire and the Birth of Neoliberalism Quinn Slobodian Cambridge: Harvard University Press, 2018, X + 381 pp. David Gordon (dgordon@mises.com) is a Senior Fellow at the Ludwig von Mises Institute. Quarterly Journal of Austrian Economics 21, no. 3 (Fall 2018) full issue, click here. Quinn Slobodian, a historian at Wellesley
Confucian Capitalism: Shibusawa Eiichi, Business Ethics, and Economic Development in Meiji Japan by John H. Sagers Cham, Switzerland: Palgrave Macmillan, 2018, xvi + 245 pp. Jason Morgan (jmorgan@reitaku-u.ac.jp) is an associate professor at Reitaku University in Chiba, Japan. Quarterly Journal of Austrian Economics 22, no. 1 (Spring 2019), for
ABSTRACT: Peter H. Lindert and Jeffrey G. Williamson, in their book Unequal Gains: American Growth and Inequality since 1700 (Princeton University Press, 2016), explore the reasons for the decline in the share of income captured by top earners in industrialized nations. Embedded in their take on the “Greatest Leveling” is a push for progressive
[ Full Issue of the Quarterly Journal of Austrian Economics 20, no. 4 (2017)] ABSTRACT : Roger Garrison (2001) employs the concept of “secular growth” in which a one-shot (but permanent) fall in time preferences can yield a long string of doses of net investment, so long as gross saving exceeds depreciation. However, Salerno (2001) argues that
Quarterly Journal of Austrian Economics 22, no. 2 (Summer 2019) full issue. ABSTRACT: This paper examines John Maynard Keynes’s ethical theory and how it relates to his politico-economic thought. Keynes’s ethical theory represents an attack on all general rules. Since capitalism is a rule-based social system, Keynes’s ethical theory is
Volume 1, No. 1 (Spring 1998) From Adam Smith’s day to our own, economists have tended to treat the intertemporal trade-off as something quite different from other trade-offs that market participants face. Whether based on the impartial spectator or on a perceived consensus among economists or on a supposed magic of compounding, their thinking
Volume 1, No. 1 (Spring 1998) A noteworthy feature of Murray Rothbard’s monumental history of economic thought is his vigorous denunciation of Adam Smith and the Wealth of Nations . Smith was “an inveterate plagiarist,” but one who “plagiarized badly, adding new fallacies to the truths he lifted.” Smith’s “economics was a grave deterioration from
Volume 1, No. 1 (Spring 1998) This article argues that Murray Rothbard does indeed have scathing criticisms of Adam Smith in Rothbard’s recent work on the history of economic thought. It points out, though, that Rothbard had quite harsh words for many eminent economists. Moreover, in terms of methodology, Rothbard basically felt that he
Volume 2, No. 4 (Winter 1999) Caplan arrives at the startling conclusion that the Austrian approach, despite the efforts, is less realistic than the neoclassical approach that flourished in the age of benign neglect for realism. A discussion of these views is highly useful given the growing interest in economic realism. In this article, we
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.