Everyone against Us is a memoir of a lawyer’s nine year career in the Cook County, Illinois Public Defender’s Office. Readers ought not expect a “wonkish” book, detailing how to improve upon the dysfunction in the American criminal justice system. Rather, it is very personal, with large portions of the book being about the author’s experiences (that can often seem only tangentially related to legal defense). However, this helps the reader delve deeper into the mindset of one called to serve as the sole legal representation of the indigent in one of the largest (and most crime-prone) jurisdictions in the U.S., and it makes for a very readable book.
{"title":"Book Review: Everyone against Us: Public Defenders and the Making of American Justice","authors":"Tate Fegley","doi":"10.35297/001c.120223","DOIUrl":"https://doi.org/10.35297/001c.120223","url":null,"abstract":"Everyone against Us is a memoir of a lawyer’s nine year career in the Cook County, Illinois Public Defender’s Office. Readers ought not expect a “wonkish” book, detailing how to improve upon the dysfunction in the American criminal justice system. Rather, it is very personal, with large portions of the book being about the author’s experiences (that can often seem only tangentially related to legal defense). However, this helps the reader delve deeper into the mindset of one called to serve as the sole legal representation of the indigent in one of the largest (and most crime-prone) jurisdictions in the U.S., and it makes for a very readable book.","PeriodicalId":39988,"journal":{"name":"Quarterly Journal of Austrian Economics","volume":"25 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141693221","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Brad DeLong’s 600-page tome admirably aims to provide the grand narrative of economic growth in the United States and the rest of the world from 1870 to 2010. However, afflicted with numerous problems, it ultimately proves to be a disappointment.
{"title":"Book Review: Slouching towards Utopia: An Economic History of the Twentieth Century","authors":"Patrick Newman","doi":"10.35297/001c.118100","DOIUrl":"https://doi.org/10.35297/001c.118100","url":null,"abstract":"Brad DeLong’s 600-page tome admirably aims to provide the grand narrative of economic growth in the United States and the rest of the world from 1870 to 2010. However, afflicted with numerous problems, it ultimately proves to be a disappointment.","PeriodicalId":39988,"journal":{"name":"Quarterly Journal of Austrian Economics","volume":" 4","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-06-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141369489","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Even though entrepreneurship underlies Rothbard’s economic theorizing, his contributions to this topic are spread among many writings. This paper traces a comprehensive idea of Rothbard’s “Man of Action,” the capitalist-entrepreneur in the causal-realist tradition of the Austrian School, organizing his thinking. Rothbard defines the entrepreneur as the economic agent who judges at the present about the future and directs production processes by controlling and allocating productive resources in search for profit. By organizing his ideas, I demonstrate how they differ from arguably similar approaches—notably Kirzner’s and Schumpeter’s—and argue that his strand of theorizing is the one in line with praxeology in the lineage of Menger, Böhm-Bawerk and Mises. I show that his contributions influenced others and are reflected in contemporaneous developments in both causal-realist and mainstream discussions. To close, I suggest how to use his ideas to continue to advance the theoretical understanding of the engine of the market process.
{"title":"Man of Action: Murray N. Rothbard’s Contributions to the Theory of Entrepreneurship","authors":"F. D'Andrea","doi":"10.35297/001c.117692","DOIUrl":"https://doi.org/10.35297/001c.117692","url":null,"abstract":"Even though entrepreneurship underlies Rothbard’s economic theorizing, his contributions to this topic are spread among many writings. This paper traces a comprehensive idea of Rothbard’s “Man of Action,” the capitalist-entrepreneur in the causal-realist tradition of the Austrian School, organizing his thinking. Rothbard defines the entrepreneur as the economic agent who judges at the present about the future and directs production processes by controlling and allocating productive resources in search for profit. By organizing his ideas, I demonstrate how they differ from arguably similar approaches—notably Kirzner’s and Schumpeter’s—and argue that his strand of theorizing is the one in line with praxeology in the lineage of Menger, Böhm-Bawerk and Mises. I show that his contributions influenced others and are reflected in contemporaneous developments in both causal-realist and mainstream discussions. To close, I suggest how to use his ideas to continue to advance the theoretical understanding of the engine of the market process.","PeriodicalId":39988,"journal":{"name":"Quarterly Journal of Austrian Economics","volume":"46 14","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141275373","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Fair value accounting is at the heart of arguably the world’s most prominent accounting standards, particularly US GAAP and IFRS. Fair value measurement has been the subject of intense debate. Among other things, it has been analyzed from an ethical perspective. However, this discussion has mainly been limited to the judgment involved in fair value measurement and the ethics of fair value in its ability to provide decision-useful information to interested parties. This study pushes the boundaries by adding a new dimension to the discussion of the ethics of fair value accounting by examining its ethics from a more systemic and societal perspective. Drawing on Austrian business cycle theory, it argues that fair value accounting facilitates certain distributive effects in inflationary monetary environments, thereby contributing to distributive injustice and potentially to social discord. In this respect, fair value accounting—in contrast to historical cost accounting—should not be considered fair or just, but unethical instead.
{"title":"On the Ethics of Fair Value Accounting: Distributive Effects, Distributive Injustice, and Implications for Social Peace","authors":"David J. Rapp, Jeffrey M. Herbener, David Gordon","doi":"10.35297/001c.117210","DOIUrl":"https://doi.org/10.35297/001c.117210","url":null,"abstract":"Fair value accounting is at the heart of arguably the world’s most prominent accounting standards, particularly US GAAP and IFRS. Fair value measurement has been the subject of intense debate. Among other things, it has been analyzed from an ethical perspective. However, this discussion has mainly been limited to the judgment involved in fair value measurement and the ethics of fair value in its ability to provide decision-useful information to interested parties. This study pushes the boundaries by adding a new dimension to the discussion of the ethics of fair value accounting by examining its ethics from a more systemic and societal perspective. Drawing on Austrian business cycle theory, it argues that fair value accounting facilitates certain distributive effects in inflationary monetary environments, thereby contributing to distributive injustice and potentially to social discord. In this respect, fair value accounting—in contrast to historical cost accounting—should not be considered fair or just, but unethical instead.","PeriodicalId":39988,"journal":{"name":"Quarterly Journal of Austrian Economics","volume":"50 24","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-05-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140975211","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Banking crises can occur due to the mismatch of assets and liabilities. One of the main assumptions behind maturity mismatching is the incentive to arbitrage the yield curve in the market of loanable funds. Banks borrow at low rates and lend at higher rates to increase their profitability. The equilibrium in the evenly rotating economy (ERE) is a flat yield curve that equals the originary interest rate. This article challenges the notion that banks will always attempt to arbitrage the yield curve in a free market and explores how the price mechanism via interest rates acts as a brake to maturity mismatching. Maturity mismatching is a risky activity that is penalized through a higher cost of funding by different types of lenders. If this is true, it follows that a flat yield curve is not attainable in an uncertain world because financial intermediaries that engage in maturity mismatching will create a further spread between themselves and financial intermediaries that do not engage in this practice in the market of loanable funds. In addition, following Mises, the article discusses how economists should proceed with caution when applying equilibrium constructs, such as the ERE, which can disregard the function and properties, belonging to financial instruments such as debt and equity, of allocating risk in an uncertain world.
{"title":"Arbitraging the Yield Curve: A Free Lunch?","authors":"Daniel Sánchez-Piñol Yulee","doi":"10.35297/001c.117208","DOIUrl":"https://doi.org/10.35297/001c.117208","url":null,"abstract":"Banking crises can occur due to the mismatch of assets and liabilities. One of the main assumptions behind maturity mismatching is the incentive to arbitrage the yield curve in the market of loanable funds. Banks borrow at low rates and lend at higher rates to increase their profitability. The equilibrium in the evenly rotating economy (ERE) is a flat yield curve that equals the originary interest rate. This article challenges the notion that banks will always attempt to arbitrage the yield curve in a free market and explores how the price mechanism via interest rates acts as a brake to maturity mismatching. Maturity mismatching is a risky activity that is penalized through a higher cost of funding by different types of lenders. If this is true, it follows that a flat yield curve is not attainable in an uncertain world because financial intermediaries that engage in maturity mismatching will create a further spread between themselves and financial intermediaries that do not engage in this practice in the market of loanable funds. In addition, following Mises, the article discusses how economists should proceed with caution when applying equilibrium constructs, such as the ERE, which can disregard the function and properties, belonging to financial instruments such as debt and equity, of allocating risk in an uncertain world.","PeriodicalId":39988,"journal":{"name":"Quarterly Journal of Austrian Economics","volume":"117 46","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-05-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140977912","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The COVID recession in early 2020 rocked the United States economy. Output and the stock market tanked before unprecedented fiscal and monetary policies brought everything roaring back to life. Surprised Again! by Mises Institute senior fellow Alex J. Pollock and Howard B. Adler tells this story.
2020 年初的 COVID 衰退震撼了美国经济。在史无前例的财政和货币政策使一切恢复生机之前，产出和股市一落千丈。米塞斯研究所高级研究员亚历克斯-波洛克（Alex J. Pollock）和霍华德-阿德勒（Howard B. Adler）合著的《再次惊讶！》讲述了这个故事。
{"title":"Book Review: Surprised Again! The COVID Crises and the New Market Bubble","authors":"Patrick Newman","doi":"10.35297/001c.117119","DOIUrl":"https://doi.org/10.35297/001c.117119","url":null,"abstract":"The COVID recession in early 2020 rocked the United States economy. Output and the stock market tanked before unprecedented fiscal and monetary policies brought everything roaring back to life. Surprised Again! by Mises Institute senior fellow Alex J. Pollock and Howard B. Adler tells this story.","PeriodicalId":39988,"journal":{"name":"Quarterly Journal of Austrian Economics","volume":"17 9","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-05-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140971842","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This lecture is the F.A. Hayek Memorial Lecture, given at the 2023 Austrian Economics Research Conference in Auburn, Alabama. The lecture addresses conditions in employment, unemployment, and discusses the concerning trend of adults who are not in the labor market at all.
{"title":"The Other COVID Crisis: Prospects for Recovery from Pandemic Policies","authors":"Nicholas N. Eberstadt","doi":"10.35297/001c.94742","DOIUrl":"https://doi.org/10.35297/001c.94742","url":null,"abstract":"This lecture is the F.A. Hayek Memorial Lecture, given at the 2023 Austrian Economics Research Conference in Auburn, Alabama. The lecture addresses conditions in employment, unemployment, and discusses the concerning trend of adults who are not in the labor market at all.","PeriodicalId":39988,"journal":{"name":"Quarterly Journal of Austrian Economics","volume":" 28","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-03-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140392335","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Sound money should have at its base a group of non-interest-bearing assets which have the quality of such extreme moneyness and are in such restricted supply that individuals in aggregate are willing to hold (directly or indirectly) large amounts even when other monetary assets outside the monetary base yield substantial interest income. These conditions were fulfilled historically under the pre–First World War international gold standard. They should hold also for the hypothetical creation in the present or future of sound money, whether fiat or gold. By contrast, under the actual monetary regime, with its banner standard target of 2 percent inflation, the monetary base has become severely corrupted: extreme moneyness has eroded, and individuals derive no utility from it at the margin of holdings. The nature of the route from here to there—from a corrupted monetary base to one suitable for sound money—is the final subject of the present article.
{"title":"The Qualities of the Monetary Base Essential to Sound Money: Fiat and Gold","authors":"Brendan Brown","doi":"10.35297/qjae.010179","DOIUrl":"https://doi.org/10.35297/qjae.010179","url":null,"abstract":"Sound money should have at its base a group of non-interest-bearing assets which have the quality of such extreme moneyness and are in such restricted supply that individuals in aggregate are willing to hold (directly or indirectly) large amounts even when other monetary assets outside the monetary base yield substantial interest income. These conditions were fulfilled historically under the pre–First World War international gold standard. They should hold also for the hypothetical creation in the present or future of sound money, whether fiat or gold. By contrast, under the actual monetary regime, with its banner standard target of 2 percent inflation, the monetary base has become severely corrupted: extreme moneyness has eroded, and individuals derive no utility from it at the margin of holdings. The nature of the route from here to there—from a corrupted monetary base to one suitable for sound money—is the final subject of the present article.","PeriodicalId":39988,"journal":{"name":"Quarterly Journal of Austrian Economics","volume":"50 10","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-02-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140427630","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"On the Proper Study of Man: Reflections on Method","authors":"Hans-Hermann Hoppe","doi":"10.35297/qjae.010177","DOIUrl":"https://doi.org/10.35297/qjae.010177","url":null,"abstract":"","PeriodicalId":39988,"journal":{"name":"Quarterly Journal of Austrian Economics","volume":"51 3","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-02-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140440280","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Austrian economists tend to declare that their economics is value-free. The present article argues that it is not. As we show, the basic conceptual framework employed by Austrian economists in their putatively value-free studies is actually embedded in libertarian political philosophy. Specifically, a major notion of Austrian economic analysis—that is, the notion of free (voluntary) exchange—presupposes Lockean property rights. Accordingly, Austrians define all concepts derivative of free exchange (e.g., free market, socialism, interventionism, calculational chaos, monopoly, social welfare) in terms of just distributions of ownership titles. However, instead of eschewing the value-laden component of their economics, Austrians may openly embrace it, for their theory is naturally predisposed to axiological nonneutrality.
{"title":"Is the Austrian School Value-Free? On the Dependence of Austrian Economics on Political Philosophy","authors":"Norbert Slenzok, Łukasz M. Dominiak","doi":"10.35297/qjae.010178","DOIUrl":"https://doi.org/10.35297/qjae.010178","url":null,"abstract":"Austrian economists tend to declare that their economics is value-free. The present article argues that it is not. As we show, the basic conceptual framework employed by Austrian economists in their putatively value-free studies is actually embedded in libertarian political philosophy. Specifically, a major notion of Austrian economic analysis—that is, the notion of free (voluntary) exchange—presupposes Lockean property rights. Accordingly, Austrians define all concepts derivative of free exchange (e.g., free market, socialism, interventionism, calculational chaos, monopoly, social welfare) in terms of just distributions of ownership titles. However, instead of eschewing the value-laden component of their economics, Austrians may openly embrace it, for their theory is naturally predisposed to axiological nonneutrality.","PeriodicalId":39988,"journal":{"name":"Quarterly Journal of Austrian Economics","volume":"20 11","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-02-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140438526","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
京公网安备 11010802042870号
京ICP备2023020795号-1
扫码关注我们
求助内容：
应助结果提醒方式：