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Tag Archives: Depression
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
The Crisis of Capitalism?
When I first StumbledUpon this animated video on “The Crisis of Capitalism”, I was sure David Harvey, the speaker, was going to give a lecture on institutional failures, or terrible policy decisions that created our current crisis. I was disappointed. … Continue reading
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.
Tom Woods on the Depression of 1920-21
Tom Woods gives a lecture on the Depression of 1920-21. Continue reading
Sure, Evidence Looks Keynesian If That’s How You Doctor It
In his most recent op-ed, “That ’30s Feeling”, Paul Krugman draws parallels between current calls for austerity and the Germany of the 1930s. This time, factual history is against Krugman’s thesis. Germany’s collapse in the early 1930s was hinged on debt and the inability of their central bank to pay for it. Continue reading
Posted in History
Tagged debt, Depression, fiscal, Germany, Government, Great, Krugman, Stimulus
10 Comments
Krugman on Hayek
Krugman believes high interest rates will lead to persistently high unemployment. The Austrians respond. But, ultimately, nobody wins. Continue reading
Posted in Miscellaneous
Tagged Anderson, Austrian, Depression, Economics, Great, Hayek, Keynesian, Krugman, liquidation
18 Comments
Robert Murphy on the Double Dip
I’d like to come to Murphy’s defense regarding inflation and offer some points on the possibility of a double-dip. For the time being, I predict a continuation of the upward inflationary trend. We are seeing a greater destruction than production of wealth, as it flattens the structure of production. This is a trend towards impoverishment, not recovery, and does indicate the possibility of an increase in the rate of change of CPI. Continue reading
Posted in Uncategorized
Tagged Bubble, consumer, debt, Depression, dip, double, expenditure, Great, index, inflation, Investment, price, Private, production, public, Recession, stagflation
2 Comments
Everything Comes Down to Banking Theory
Robert Murphy is one of the more active Austrians involved in using the Depression of 1920 as a vindication of Austrian monetary theory. I decided to scour his blog in search of posts related to his research on the subject. … Continue reading
Interest Rates: 1920-21 Depression
A rise in the discount rate does not necessarily suggest a decrease in the supply of money, or even a fall in the pace of expansion. Any objective look at the Depression of 1920 should not focus only on the Federal Reserve’s discount rate. Continue reading
Comment on Austrian Historicism
Two things Austrians must remember concerning the Great Depression and the Depression of 1920 are that monetary policy today is much different and there was no liquidity trap in 1920. Continue reading →