February 25, 2018

Review: “A Free-Market Monetary System” and “A Pretense of Knowledge” by Friedrich A. Hayak

I recently read the short brochure “A Free-Market Monetary System,” a compilation of Friedrich A. Hayak’s 1974 Nobel Prize speech “A Pretense of Knowledge” and a short essay on proposing a free-market monetary system (hence, the name, see?). Both are short, and neither waste any time proposing radical changes to what was then, and indeed what is still, the status quo in monetary and economic policy.

Both the essay and the speech are worth reading.

In “A Free Market Monetary System,” [cont…]

Need a primer in Austrian economics? [video clip]

You’ve been watching the debates (except for that one at 7 AM on Sunday morning), and you keep hearing references to Austrian economics. They keep mentioning names like Hayek, Friedman, and Mises. What’s with all these German sounding sames, you say. And why is Ron Paul staying up to read an economics textbook while the rest of these bozos are watching college football? [cont…]

Round Two: Keynes v. Hayek

If you remember Round One (“Fear the Boom and the Bust“), then you won’t want to miss Round Two.

Federal budget outraces CPI by four times

Did you know that federal spending has increased  faster than consumer prices? Four times faster? From 2000 to 2010, federal spending has increased 106% while prices (according to the Consumer Price Index) have only increased 26%. In other words, while the cost of stuff has risen only 26%, the government is spending roughly four times more than if […]

Fear the Boom and the Bust

Really, a little too short a summary, but if you’re not willing to work your way through a few good books, it’s better than nothing…and way more entertaining. A few instructional tidbits from the clip: “The ideas of economists and political philosophers, both when they are right and when they are wrong, are more powerful […]