Tag Archives | Austrian

Dollars

The Origin of Money

A few weeks ago a blogger at CNBC discussed the relative merits of Austrian monetary theory in comparison to modern monetary theory (MMT). The issue at stake is the origins of money: Austrians highlight the fact money comes into existence as the medium of exchange, while MMT points to governments requiring people to pay taxes…
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Keynesianism is Against the Law, Say’s Law

As the recession continues, economists like Laura D’Andrea Tyson, the Chair of the Council of Economic Advisors under President Clinton, advocates spending as the pathway out of our economic banana. In her latest post on the New York Times economics blog, Tyson tells us that in order for the economy to recover we need an…
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AustrianSchool

Did The Economist Present Austrian Theory Accurately?

As krlatham pointed out yesterday, it is wonderful to see the Austrian school get a shout out in such a noted publication as The Economist. While it is true, in a sense, that all publicity is good publicity, there were some shortcomings in The Economist’s representation of Austrian theory. The author writes that “Austrians see…
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Inflation

Krugman Cherry-Picks Data to Avoid Inflation Warnings

Leave it to Paul Krugman to try and invalidate Austrian economic theory with a measly 3-year inflation figure: “Austrians…were sure about what would happen as a result: There would be devastating inflation. One popular Austrian commentator who advised (Ron) Paul, Peter Schiff, even warned…of the possibility of Zimbabwe-style hyperinflation in the near future. “So here…
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