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Category Archives: History
The Importance of Richard Cantillon
The importance of Richard Cantillon is two-fold: first, the history of economic thought must be corrected, and second, validating past theory is essential to test the validity of present theory. Continue reading
A Culture of Fear
Does easy money play a part in justifying growth of government? Probably not. Continue reading
The Water-Cantillon Paradox
A paperback copy of Antoin Murphy’s biography of Richard Cantillon goes for $2,053. Continue reading
Thoughts on American Slavery
Did the apropos burst in post-civil war agricultural productivity make the abolition of slavery affordable, or did the abolition of slavery accelerate the post-war rise in agricultural productivity? Continue reading
Thoughts on Regime Uncertainty
Robert Higgs’s uncertainty theory does not explain why the Great Depression occurred, only why it lasted for so long. Continue reading
Hoover and Austerity
Hoover may have not seen the economy recover under his presidency, but surely the economy did bottom-out. Roosevelt’s “success” was in large-part due to this fact. Continue reading
Posted in History
6 Comments
The Great Depression and Unemployment
I think libertarians should concede that given the existence of a mixed market economy, these charity programs are likely to fall short, because they were not put in place to meet that “demand”. I don’t think New Deal revisionists should dwell on the topic of short-term welfare to the unemployed, because: 1. Ultimately, the cost to the taxpayer is marginal, compared to greater expenses. 2. It’s not likely to distort the economy or retard economic growth; the impact would be marginal, at worst.
O’Driscoll on Keynes versus Hayek
The Keynesian liquidity trap has merit. Austrians acknowledge that during recessions there is an increase in entrepreneurial uncertainty and a drop in investment. It is a normal side effect of the re-adaptation of the structure of production. The difference between the two schools is over what should be done about it. Continue reading
Posted in History, Theory
20 Comments
Literacy and the Russian Revolution
It was a growth in the literacy rate in Imperial Russia that led to anti-Tsarist activism. Continue reading
Tom Woods on the Depression of 1920-21
Tom Woods gives a lecture on the Depression of 1920-21. Continue reading