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G. R. Steele

4 March 2013

2 comments

Keynesian economists have an enduring disposition to spend their way out of trouble. This is so even when overspending has caused the trouble. Gone are the days when expenditure and taxation were...

Keynes Hayek: The Clash That Defined Modern Economics

G. R. Steele

14 January 2013

2 comments

A review of Keynes Hayek: The Clash That Defined Modern Economics by Nicholas Wapshott. As the Luftwaffe targeted culturally-rich cities in 1942, two economists took their turn in fire-watching...

GDP: nonsense on stilts

Terry Arthur

2 November 2011

4 comments

‘Britain is today experiencing the longest period of sustained economic growth since records began in 1701.’ Gordon Brown, Budget Speech, 16th March 2005 Economic growth, or just...

The Chancellor launches Plan B: sub-prime loans, inflation and debt

Tom Papworth

4 October 2011

1 comment

The Chancellor of the Exchequer has announced his latest strategy for rescuing the UK economy, in the form of ‘credit easing’. Credit easing is the equally evil twin of...

Austrian thoughts on competition policy

Philip Booth

8 April 2011

1 comment

This is the first of two blog posts that summarise some of the discussion that took place at an IEA seminar on EU competition policy with particular reference to Intel. The next post will deal with...

Taylor Rules - far from ‘OK’!

G. R. Steele

21 February 2011

1 comment

While the full complexity of an economic cycle can never be gauged, economists point to many contributory factors, each with its tinge of plausibility; but every recession, recovery, over-extension...

The Tragedy of the Euro

Philipp Bagus

25 January 2011

comments

Italy, Spain, Belgium and Portugal will need to raise over $800 billion in 2011 to cover roll-over debt and new borrowing. It is unclear if the eurozone will withstand the pressure of bond markets...

The tragedy of the eurozone

G. R. Steele

10 December 2010

4 comments

Mervyn King has been criticised for crossing a line which separates monetary policy (the Bank’s remit) and fiscal policy (the Treasury’s remit). That line is imaginary: a legacy of...

Hammond’s Soviet-style rail policies

Richard Wellings

1 December 2010

7 comments

When Transport Secretary Philip Hammond announced last week that the government would procede with three big rail projects – High Speed 2, Crossrail and Thameslink – it was a bit like a...

The economic consequences of fiscal consolidation

G. R. Steele

29 November 2010

1 comment

In the 1920s, the UK economy was deflated as a prelude to the restoration of the gold standard. The Chancellor responsible was Winston S. Churchill. In opposing that policy, John Maynard Keynes...

Academic interest: the free-market case against subsidised student loans

Bruno Prior

18 October 2010

18 comments

The purpose of markets is to discover the clearing price at which supply and demand balance. Demand is not simply what people want, but what they choose to put their scarce resources towards in...

Austrians, poker and bubbles

Nick Silver

15 September 2010

comments

I suspect that I am less of a disciple of the Austrian School of economics than many readers and many of the other writers on this blog. However, a recent game of cards has changed my mind.

An introduction to the work of Ludwig von Mises

Eamonn Butler and Philip Booth

22 July 2010

3 comments

Philip Booth interviews Eamonn Butler, author of Ludwig von Mises – A Primer.

“The Austrian School” by Jesús Huerta de Soto

Andre Johnston Phijuntjitr

6 July 2010

1 comment

It has become increasingly clear that interventionism played a significant role in precipitating the 2008 financial crisis. The Austrian School is more than capable of providing the...

Economics on the web

Richard Wellings

12 June 2010

1 comment

● Mark Littlewood discusses cutting public spending on BBC Newsnight (video). ● Philip Booth critiques the coalition’s plans on pensions. ● James...

Do we need a central bank?

Andre Johnston Phijuntjitr

9 June 2010

21 comments

A trillion here, 500 billion there - it seems no amount is too much when the authorities want to fix a perforated economy. Keeping an economy on life support through extensive...

What Austrian business cycle theory does and does not claim as true

Anthony J. Evans

25 May 2010

38 comments

Last month the FT’s Martin Wolf asked a simple question, “Does Austrian economics understand financial crises better than other schools of thought?” After admitting that neo-...

Euro bailout: has Germany opened a Pandora’s box?

Malte Tobias Kähler

10 May 2010

4 comments

The Austrian Business Cycle Theory (ABCT), developed largely by Ludwig von Mises and F. A. Hayek, predicted the present crisis and explained its causes in advance. Many commentators aware of...

Loosening the grip of Keynesian thought

Steven Kates

24 April 2010

2 comments

There is a video doing the rounds at the moment under the name, the “Keynes-Hayek Rap”, although more formally titled, “Fear the Boom and Bust”. It has had a million hits...

Ludwig von Mises – A Primer

Eamonn Butler

21 April 2010

11 comments

Not enough people know the name of Ludwig von Mises (1881-1973). I hope my new Primer for the IEA will help change that. Mises brought new life and insights into the Austrian School of economics,...

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