What is wrong with the popular definition of inflation?
byAccording to Mises, Inflation, as this term was always used everywhere and especially in this country, means increasing the quantity of money and bank…
Austrian School
Can economic data by itself provide early warning regarding boom-bust cycles?
byMost economists are of the view that by means of economic indicators it is possible to identify early warning signs regarding an upcoming recession…
Dehomogenizing Austrian Economics: The Revival of Wieser
byTo follow up on Peter Klein’s post today, the dehomogenization debate of the last few decades was actually initiated by a radical reinterpretation of the socialist…
The relevancy of probability in economics
byModern economics in addition to sophisticated mathematics also employs probability distributions. What is probability? The probability of an event is the proportion of times…
Can an Economy Advance Without Savings?
byAccording to Frank Decker, Honorary Associate at the University of Sydney Law School, it certainly can. Not only that, but eschewing savings in favor…
Can we ascertain the facts of reality in economics by means of mathematics?
byIt is generally held that by means of statistical and mathematical methods one can organize historical data into a useful body of information, which…
Why perfect competition is not so perfect
byAccording to the popular view, a proper competitive environment must emulate the perfect competition model. In the world of perfect competition, a market is…
Central Banks Put a Safety Net Under Financial Markets
byMost early business cycle indicators suggest that the global economy is pretty much roaring ahead. Production and employment are rising. Firms keep investing and…
Money and the stock market: is there any relation?
byIs it true that changes in money supply are an important driving force behind changes in the stock price indexes? Intuitively it makes sense…
Is the fall in prices bad news?
byContrary to the popular way of thinking, we suggest that there is nothing wrong with declining prices. What signifies industrial market economy under a…