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Tag Archives: Theory
What Did Krugman Mean?
Was Krugman unambiguous in his recent criticism of Narayana Kocherlakota? Absolutely not. He equated Kocherlakota to Austrian theory, and attempted to debunk the latter with a broad, sweeping criticism of the former. Continue reading
Further Notes on Capital Theory and Unemployment
Austrian capital theory does explain why the consumer-good industry is hit, along with the capital-good industry, during recessionary periods. Furthermore, Austrian business cycle theory is not real business cycle theory – there is a different in causation, while the latter tends to lend itself to the pitfalls of macroeconomic aggregation. Continue reading
Posted in Theory
Tagged Austrian, business, Capital, cycle, Krugman, Theory, Unemployment
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Unemployment in the Hangover Theory
Krugman argues that Austrian theory doesn’t explain why a fall in production occurs in sectors not directly related to the housing sector. This is untrue. Austrian capital theory explains this perfectly. Continue reading
Rational Expectations and Austrian Theory
A defense of Austrian business cycle theory from Caplan’s rational expectations criticism. Continue reading
Posted in Theory
Tagged Austrian, bryan, business, caplan, cycle, expectations, rational, Theory
5 Comments
Affording the Unemployed
“Affording the Unemployed”, my latest article at Mises Daily. Also, some thoughts on the insider-outsider theory of unemployment. Continue reading
Posted in Miscellaneous, Theory
Tagged Employment, insider, outsider, structural, Theory, Unemployment
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Hayek’s Pure Theory of Capital Vol. 2
Hayek’s Pure Theory of Capital was meant to be a two-volume series. As we know, the second volume was never written. This has to do with the complexity of the topic covered. Unfortunately, however, since the publication of The Pure Theory of Capital, not much work has been put into expounding the theory further. Continue reading
Don’t Listen to Bloggers
Should the public only accept the opinion of academics? Continue reading
Did Keynes Avoid the Austrians?
Did Keynes avoid the Austrians? No. Continue reading
Gold Standard, Not God Standard
An increase in gold specie can cause a business cycle. Continue reading
Empirical Evidence for Austrian Theory
Graph showing greater drop in producer goods industry, rather than consumer goods. Continue reading
Posted in History
Tagged Austrian, boom, Credit, Depression, eichengreen, Great, malinvestment, Theory
20 Comments