Quarterly Journal of Austrian Economics 18, no. 2 (Summer 2015) ABSTRACT : Throughout his works on methodology, Mises presented economics as part of a more comprehensive science of human action, praxeology. The relation between the two was hierarchical. Praxeology encompassed economics, which was human action under the conditions of monetary
Volume 18, Number 1 (Spring 2015) ABSTRACT: This paper examines Roger W. Garrison’s interpretation of John Maynard Keynes. Garrison has given economists a useful way to illustrate Keynes’s theory, but there are two fundamental problems with Garrison’s interpretation. First, the shape of the Hayekian triangle cannot be fixed in Keynes’s theory.
Volume 18, Number 1 (Spring 2015) ABSTRACT : The popularity of the Austrian Business Cycle Theory (hereafter ABCT) continues to grow in both the popular press and the mainstream of the economics profession. That the ABCT is increasingly subjected to conventional empirical analysis is a testament to its intuitive appeal. In first-world economies,
Volume 18, Number 1 (Spring 2015) ABSTRACT : This brief note points out that Milton Friedman’s “Plucking Model” has not held following the Great Recession. Friedman argued that the Plucking Model offered evidence against theories like Austrian Business Cycle theory; the bust was what needed explanation, not the boom. But as many economists have
Volume 18, Number 1 (Spring 2015) ABSTRACT : In March 2014, I presented a paper on Austrian Environmental Economics in Auburn, Alabama, as the F.A. Hayek Memorial Lecture at the Austrian Economics Research Conference, sponsored by the Ludwig von Mises Institute, which was subsequently published in the Quarterly Journal of Austrian Economics (Dolan
Volume 18, Number 1 (Spring 2105) ABSTRACT : This is a brief reply to “The Marginal Efficiency of Capital: Rejoinder.” I explain that I never intended to defend Keynes against Fuller’s (2013) criticism. Rather, I intended to highlight that Keynes’s conclusions rest on a key shortcoming in Keynes’s theory: the assumption of sticky factor prices.
Volume 18, Number 1 (Spring 2015) Recently the Federal Reserve reached its one hundred year anniversary. This milestone provided a nice occasion for economists to analyze the Fed’s performance in the past century. As a result in the past several years there have been many conferences, special journal issues, and books that have centered on the
Volume 18, Number 1 (Spring 2105) ABSTRACT : What Engelhardt calculates in his comment is not the Marginal Efficiency of Capital. Engelhardt incorrectly ranks investment projects by Present Value instead of Net Present Value. Engelhardt does not prove that Keynes has a wealth maximizing theory of investment, so his comment is not a successful
Volume 18, Number 1 (Spring 2015) Sweden and the Revival of the Capitalist Welfare State is the third updated (and first English) edition of Andreas Bergh’s well-researched book on the rise, fall, and return of the world-renowned Swedish welfare state. The work importantly traces the origins of the Swedish wonder, in which Sweden rose from being
For as long as every living economist has been plying their trade, a single historical episode has been taken as an experimentum crucis . Latin for “crucial experiment”, it is what Isaac Newton used to call an observed outcome significant enough, by itself, of determining the validity of a theory. The event serving this function in present-day
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.