Forty years ago, on October 9, 1974, the Nobel Prize committee announced that the co-recipient of that year’s award for economics was the Austrian economist, Friedrich A. Hayek. Never was there a more deserving recognition for one of the truly great free market thinkers of modern times.
Tagged: keynesian economics
Forty years ago, during the week of June 15-22, 1974, the Austrian School of Economics was reborn during a conference in the small New England town of South Royalton, Vermont. Why was this important? Because the economists of the Austrian School have developed the most persuasive understanding of why only economic freedom can give mankind both liberty and prosperity.
Instead of deregulation to reduce unnecessary, stifling regulatory burdens and barriers, as both Carter and Reagan did to such fully documented success, Obama regulates mercilessly as if regulation is cost free to the economy, as the most interventionist President in American history.
Seventy-eight years ago, on February 4, 1936, the British economist John Maynard Keynes (1883–1946) published what soon became his most famous work, “The General Theory of Employment, Interest, and Money.”[…]
The full bill for Obama’s failed economic policies has yet to arrive. But no such explosion of debt has ever escaped a day of reckoning, and no such monetary surge has ever had a happy ending.
As a longtime book reviewer, I have read a growing stack of books warning about a financial collapse, but Holland’s book is not only based in the actual debt, but is written in a manner that even a person who has no knowledge of this issue can understand.
A common fallacy is that the Great Depression was ended by the explosive spending of World War II. But World War II actually institutionalized the sharp decline in the standard of living caused by the Depression.
Did Janet Yellen,
(1) see any problem in the housing bubble,
(2) anticipate the bursting of the housing bubble; and,
(3) anticipate its implications for the U.S. economy?
The answers are (1) no, (2) no, and (3) no.
No President in modern U. S. history has more self-consciously evoked the images of his predecessors than the incumbent, Barack Obama. When the first-term Senator in 2007 formally announced his[…]
In “Paul Krugman and Detroit, Part 1” I discussed the New York Times columnist’s failure to understand why Detroit currently resembles the United States in Atlas Shrugged. But Krugman’s error[…]
Ongoing effective economic experiments among the 50 states are sharpening, and definitive results will pour out in the real world, editorial and opinion fallacies to the contrary notwithstanding. That sharpening[…]
President Barack Obama released his 2014 budget proposal, which would spend $3.8 trillion. The budget contains a tax hike of some $800 billion, including a requirement that “millionaires” pay at[…]