Should forecasting accuracy determine the acceptance of a theory?
byIn order to establish the state of the economy economists employ various theories. Yet what are the criteria for how they decide whether…
Austrian School
Do we need government to promote innovation and economic growth?
byAccording to Mariana Mazzucato, the RM Phillips Professor in the Economics of Innovation at the University of Sussex, government is an important factor…
Why looking at the data without a theory cannot tell us much
byFor most so-called practical economists, information regarding the state of an economy is derived from the data. Thus if an economic statistic such…
Does the Friedman’s plucking model refute Mises’s boom-bust cycle theory?
byAccording to an article in Bloomberg on November 5, 2019, Milton Friedman’s plucking theory seems to be vindicated. According to Friedman there appears to…
Can easy monetary policies help to absorb idle resources?
byIt is widely believed that resources that are utilized in normal times to promote economic prosperity become underutilized during recessions. Some experts hold…
The Japanization of the European Union
byThe Japanization of the European Union[1] Introduction The topic of my lecture today is “The Japanization of the European Union.” I…
150 years of bank credit expansion is near its end
byThe legal formalisation of the creation of bank credit commenced with England’s 1844 Bank Charter Act. It has led to a regular cycle of…
It’s Coming Home this November! Event in Austrian central bank in Vienna
byThis will be a good one. See more here: http://austrianconference.org/
The Austrian School Warned, the ECB Didn’t Listen
byby Alvaro Martin Looking at the current situation, one can easily perceive that our economic environment is not in the best condition. The whole…
How the GDP framework creates the illusion that by means of money pumping the central bank can grow an economy
byIn response to a weakening in the yearly growth rate of key economic indicators such as industrial production and real gross domestic product…