O’Driscoll and Rizzo Got There First

by Gene Callahan I had believed that Tony Carilli and Greg Dempster ("Expectations in Austrian Business Cycle Theory: An Application of the Prisoner's Dilemma," The Review of Austrian Economics, 2001) made a major advance in Austrian Business Cycle Theory by hitting upon the correct solution to the challenge presented by, for instance, Gordon Tullock, who … Continue reading O’Driscoll and Rizzo Got There First

Yes, Paul: It is Hayek versus Keynes

by Mario Rizzo Although by the standards of contemporary economics, I am a historian of economic thought, I am not a historian of economic thought, properly considered. Thus my major interest in F.A. Hayek’s business cycle theory is not from the point of view of a historian. My interest is only incidentally in how Hayek’s contributions … Continue reading Yes, Paul: It is Hayek versus Keynes

Thomas Mayer: “I am an Austrian in Economics”

by Andreas Hoffmann In today's publication Thomas Mayer writes that he is "an Austrian in economics." Mayer is the chief economist of Deutsche Bank Group and head of Deutsche Bank Research. Mayer argues that Austrian theory fits recent events well.  He suggests that "Failure of the liquidationists to overcome the Great Depression of the early … Continue reading Thomas Mayer: “I am an Austrian in Economics”

Resource Allocation Distortions in the Great Recession: Empirical Evidence

by Mario Rizzo The recent annual report of the Bank for International Settlements (BIS) has focused attention on the sectoral imbalances in the previous boom that resulted in the Great Recession. This is a refreshing change from the excessively aggregative analyses of the Keynesian-stimulus crowd.   It is well known that John Maynard Keynes himself was … Continue reading Resource Allocation Distortions in the Great Recession: Empirical Evidence