Tag: Austrian School of economics

Social Engineering and the Roots of the Financial Crisis »

Many books and articles have been written about the financial crisis of 2007–2008. Unfortunately, much of this literature is deeply flawed, mistakenly treating, for example, unscrupulous mortgage lenders and securities dealers as the primary cause of the calamity rather than as factors subordinate to more fundamental causes. One book exempt from this criticism is...
Read More »

The Temptation of Bernanke: How Historical Memory Feeds Fed Power »

[*UPDATE: Fed Joked About Housing Crash in 2006! Here is a good interview from PBS] “Tyranny is the exercise of power beyond right.” “Wherever law ends, tyranny begins.” —John Locke, Second Treatise of Civil Government “The historian is . . . one step nearer to direct power over public opinion than is the theorist.” —Friedrich A. von...
Read More »

Nobel Laureate Economist Ronald Coase Turns 101 »

On December 29th, the world-renowned economist Ronald H. Coase celebrated in Chicago his 101st birthday. Professor Coase received the Nobel Prize in Economic Sciences in 1991, and he is the Clifton R. Musser Professor Emeritus of Economics at the University of Chicago Law School and the former, highly influential editor of the prestigious Journal...
Read More »

Robert Higgs Is Interviewed on The Peter Schiff Show on the Folly of Government Interventionism »

Senior Fellow Robert Higgs is interviewed here by Thomas Woods on “The Peter Schiff Show.” Dr. Higgs discusses how the federal government prolonged and deepened the Great Depression of the 1930s that lasted until after World War II when such policies were either ended or radically reduced. Moreover, the current attempts at central-government planning...
Read More »

Beyond Politics Exposes the Roots of Government Failure »

Economic “stimulus” packages that don’t revive the economy and that increase federal deficits and undermine private investment and job growth? Check. Laws meant to protect endangered species but which incentivize landowners who have them on their property to “shoot, shovel, and shut-up”? Check. Anti-poverty programs that foster dependency and hinder participation in the job...
Read More »

Steve Jobs and John Kenneth Galbraith on the Dependence Effect »

John Kenneth Galbraith coined the term “dependence effect” in his 1958 book, The Affluent Society. Galbraith argues against satisfying a person’s demands for goods that are “...contrived for him. And above all, they must not be contrived by the process of production by which they are satisfied. ... One cannot defend production as satisfying...
Read More »

Essential Fall Reading from The Independent Review »

The Fall 2011 issue of The Independent Review is hot off the press! We have posted selected articles and all book reviews online, as indicated below. This issue addresses a host of fascinating questions on topics as diverse as intellectual history, economic development, political theory, and government policy: Why do progressives and social democrats...
Read More »

Influential Financial Economist Urges Turn to Austrianism »

Thomas Mayer is the chief economist of Deutsche Bank Group and head of Deutsche Bank Research. He has an impressive background as a highly placed analyst in major private and public financial institutions. Which is to say, when he speaks, people are much more likely to pay attention and to give weight to what he says than...
Read More »

Rogoff on Inflation »

The Sunday Boston Globe has an interesting profile of Ken Rogoff, whose views I respect, despite many disagreements. His recent call for a burst of “moderate” inflation to reduce the debt overhang has gotten a lot of play in the press. I don’t favor the idea, but at least Rogoff acknowledges, not only the...
Read More »

It’s Housing, Stupid! Parallels Between the 1920s and the 2000s »

In response to my recent essay “Obama and Hoover: Two ‘Smart’ (Stupid) Presidents”, one commenter did me the service of rehashing the old myths about the 1920s and the causes of the depression and how Herbert Hoover did little, FDR did a lot and Hoover has nothing in common with “Wonder Boy” Obama. (Coolidge...
Read More »