- CANTOR’S DIAGONAL ARGUMENT: AN EXTENSION TO THE SOCIALIST CALCULATION DEBATE by Robert P. Murphy. The socialist calculation debate is one of the most famous episodes in the history of the Austrian School. Provoked by Ludwig von Mises’s original salvo in 1920, the debate forced socialist theorists to refine their position…
- TOWARD A CALCULATIONAL THEORY AND POLICY OF INTERGENERATIONAL SUSTAINABILITY by John Bratland. The economic theory of intergenerational sustainability is essentially neoclassical in nature and purports to provide a prescriptive framework for deciding how current generations can use “available resources” to assure and enhance the well being of both current and future generations...
- THE ROLE OF THE ECONOMIST IN ECONOMIC DEVELOPMENT by Christopher J. Coyne and Peter J. Boettke. The issue of economic development has been at the center of economics from its beginnings. Adam Smith, writing in 1776, attempted to determine the factors that led to the wealth of nations. He concluded that low taxes, peace and a workable system of justice...
- AN EMPIRICAL EXAMINATION OF AUSTRIAN BUSINESS CYCLE THEORY by Robert F. Mulligan. Austrian capital theory is used to construct and interpret a vector error-correction model estimated with U.S. macroeconomic data. Using 1959—2003 monthly data, the relationship between real consumable output and the interest rate term spread is examined...
- DEFLATION AND ECONOMIC GROWTH by Greg Kaza. Salerno argues economic growth has occurred in periods of deflation. The Austrian School’s broad understanding of deflation is underscored by the four definitions offered by Salerno (growth deflation, cash-building deflation, bank credit deflation, and confiscatory deflation). Keynesians, by contrast, define the phenomenon...
- Book Review of AGAINST LEVIATHAN: GOVERNMENT POWER AND A FREE SOCIETY by Robert Higgs. Reviewed by William L. Anderson. When I was a youngster, I used to anxiously await the “greatest hits” album of my favorite rock groups. Now, such productions create win-win situations for everyone involved. The members of said rock groups did not have to create any new songs or make...
