Historian Quinn Slobodian's new book _Crack-Up Capitalism: Market Radicals and the Dream of a World without Democracy_ complains about "zones," or enclaves carved out of a nation and freed from ordinary forms of regulation. Worrying about a "race to the bottom," Slobodian rehashes Marxist concerns about the exploitation of workers, and fails to appreciate the ability of competition to alleviate these problems.
{"title":"Book Review: Crack-Up Capitalism: Market Radicals and the Dream of a World without Democracy","authors":"D. Gordon","doi":"10.35297/qjae.010163","DOIUrl":"https://doi.org/10.35297/qjae.010163","url":null,"abstract":"Historian Quinn Slobodian's new book _Crack-Up Capitalism: Market Radicals and the Dream of a World without Democracy_ complains about \"zones,\" or enclaves carved out of a nation and freed from ordinary forms of regulation. Worrying about a \"race to the bottom,\" Slobodian rehashes Marxist concerns about the exploitation of workers, and fails to appreciate the ability of competition to alleviate these problems.","PeriodicalId":39988,"journal":{"name":"Quarterly Journal of Austrian Economics","volume":"54 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-07-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86892104","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":"Book Review: Criminal (In)Justice: What the Push for Decarceration and Depolicing Gets Wrong and Who It Hurts Most","authors":"Tate Fegley","doi":"10.35297/qjae.010160","DOIUrl":"https://doi.org/10.35297/qjae.010160","url":null,"abstract":"","PeriodicalId":39988,"journal":{"name":"Quarterly Journal of Austrian Economics","volume":"33 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-07-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78590881","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}
As Brendan Brown and Robert Pringle take it upon themselves to provide an accounting of the existing monetary framework before introducing the reader to their prescriptions, _A Guide to Good Money: Beyond the Illusions of Asset Inflation_ is an excellent primer for those who wish simply to understand the opacities of modern money. On one level, therefore, it succeeds as both an easily digestible guide for the confused and a hopeful theoretical framework for the avid policy wonk. But further, and more broadly speaking, it triumphs too as a work of revisionist history in the best sense. Though marred by a note of eager neo-imperialist rhetoric, the book provides reason to push aggressively for reforms to curb the power of the Federal Reserve, and, if it cannot be destroyed entirely, to push for the adoption of a fiat regime consistent with the “super money” qualities insightfully laid out by Brown and Pringle.
{"title":"Book Review: A Guide to Good Money: Beyond the Illusions of Asset Inflation","authors":"Joseph Solis-Mullen","doi":"10.35297/qjae.010158","DOIUrl":"https://doi.org/10.35297/qjae.010158","url":null,"abstract":"As Brendan Brown and Robert Pringle take it upon themselves to provide an accounting of the existing monetary framework before introducing the reader to their prescriptions, _A Guide to Good Money: Beyond the Illusions of Asset Inflation_ is an excellent primer for those who wish simply to understand the opacities of modern money. On one level, therefore, it succeeds as both an easily digestible guide for the confused and a hopeful theoretical framework for the avid policy wonk. But further, and more broadly speaking, it triumphs too as a work of revisionist history in the best sense. Though marred by a note of eager neo-imperialist rhetoric, the book provides reason to push aggressively for reforms to curb the power of the Federal Reserve, and, if it cannot be destroyed entirely, to push for the adoption of a fiat regime consistent with the “super money” qualities insightfully laid out by Brown and Pringle.","PeriodicalId":39988,"journal":{"name":"Quarterly Journal of Austrian Economics","volume":"16 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-07-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86533484","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}
To our knowledge, this is the first English translation of Eugen von Böhm-Bawerk’s seminar paper of 1876. Böhm-Bawerk apparently thought his 1876 seminar paper had some significance. Still, he chose not to publish it during his lifetime. This is understandable given that _Capital and Interest_ was available, but it is more difficult to understand why it was not published after his death in 1914. This English translation draws from three sources in German: (1) the original handwritten seminar paper located in the Hayek Library at the University of Salzburg; (2) a transcription from the Ludwig von Mises Collection in the Grove City College Archives; and (3) a transcription published by Kiichiro Yagi in March 1983.
{"title":"Eugen von Böhm-Bawerk's \"Interest Theory of 1876\"","authors":"E. Böhm-Bawerk","doi":"10.35297/qjae.010155","DOIUrl":"https://doi.org/10.35297/qjae.010155","url":null,"abstract":"To our knowledge, this is the first English translation of Eugen von Böhm-Bawerk’s seminar paper of 1876. Böhm-Bawerk apparently thought his 1876 seminar paper had some significance. Still, he chose not to publish it during his lifetime. This is understandable given that _Capital and Interest_ was available, but it is more difficult to understand why it was not published after his death in 1914. This English translation draws from three sources in German: (1) the original handwritten seminar paper located in the Hayek Library at the University of Salzburg; (2) a transcription from the Ludwig von Mises Collection in the Grove City College Archives; and (3) a transcription published by Kiichiro Yagi in March 1983.","PeriodicalId":39988,"journal":{"name":"Quarterly Journal of Austrian Economics","volume":"27 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-07-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84214805","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}
Nicolai Foss and Peter Klein's new book _Why Managers Matter: The Perils of the Bossless Company_ revolves around what the authors call the “bossless narrative,“ the unsubstantiated claim that organization without hierarchy and management is superior and will soon be dominant in companies around the world. This claim is predominantly made in popular, practitioner focused literature and business school classes. Unfortunately, these treatments often select bad examples of hierarchy and management and use them to argue that hierarchy and management are bad in general. The authors’ aim is to counter such arguments with a well-substantiated analysis and to provide a levelheaded entry to the overall discussion. They fully succeeded. Although critical of the bossless company, their reasoning is grounded in solid research and starts from the fundamental problems every organization faces.
{"title":"Book Review: Why Managers Matter: The Perils of the Bossless Company","authors":"Ulrich Möller","doi":"10.35297/qjae.010157","DOIUrl":"https://doi.org/10.35297/qjae.010157","url":null,"abstract":"Nicolai Foss and Peter Klein's new book _Why Managers Matter: The Perils of the Bossless Company_ revolves around what the authors call the “bossless narrative,“ the unsubstantiated claim that organization without hierarchy and management is superior and will soon be dominant in companies around the world. This claim is predominantly made in popular, practitioner focused literature and business school classes. Unfortunately, these treatments often select bad examples of hierarchy and management and use them to argue that hierarchy and management are bad in general. The authors’ aim is to counter such arguments with a well-substantiated analysis and to provide a levelheaded entry to the overall discussion. They fully succeeded. Although critical of the bossless company, their reasoning is grounded in solid research and starts from the fundamental problems every organization faces.","PeriodicalId":39988,"journal":{"name":"Quarterly Journal of Austrian Economics","volume":"37 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-07-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78352248","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 article reviews numerous arguments Austrian scholars have made against the efficient market hypothesis and asserts that these arguments are sufficient grounds for dismissal of many of the theoretical justifications which have been advanced in favor of passive investing, and in favor of the traditional value-weighted index fund in particular. In the absence of theoretical justification, empirical test results are the primary evidence to substantiate passive investing’s claim to superiority relative to alternative investment strategies—results which, this article contends, are insufficient grounds for acceptance of the claim. Finally, it is argued that the much-emphasized contradistinction between active and passive investing is lacking in substance. The passive portfolio’s construction is the product of subjective human judgment just as the actively managed portfolio is; passive investing merely involves a different kind of judgment.
{"title":"An Austrian Critique of Passive Investing","authors":"Trevor Daher, David J. Rapp","doi":"10.35297/qjae.010159","DOIUrl":"https://doi.org/10.35297/qjae.010159","url":null,"abstract":"This article reviews numerous arguments Austrian scholars have made against the efficient market hypothesis and asserts that these arguments are sufficient grounds for dismissal of many of the theoretical justifications which have been advanced in favor of passive investing, and in favor of the traditional value-weighted index fund in particular. In the absence of theoretical justification, empirical test results are the primary evidence to substantiate passive investing’s claim to superiority relative to alternative investment strategies—results which, this article contends, are insufficient grounds for acceptance of the claim. Finally, it is argued that the much-emphasized contradistinction between active and passive investing is lacking in substance. The passive portfolio’s construction is the product of subjective human judgment just as the actively managed portfolio is; passive investing merely involves a different kind of judgment.","PeriodicalId":39988,"journal":{"name":"Quarterly Journal of Austrian Economics","volume":"124 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-07-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"73534483","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}
Hering, Olbrich, and Rapp (2021) pointed out limitations to the risk-adjusted method proposed in Kruk (2020) and advised using scenario analysis as an alternative. Based on their reply, some additional improvements of the method can be proposed, such as using the time-dependent discount rate. Business practitioners value the simplicity of the risk-adjusted net present value method. As a result, scenario analysis is not a viable solution to the problem of calculating investment profitability because business practitioners value the simplicity of other calculation methods.
Hering, Olbrich, and Rapp(2021)指出了Kruk(2020)提出的风险调整方法的局限性，并建议使用情景分析作为替代方案。根据他们的回答，可以对该方法提出一些额外的改进，例如使用时间相关的贴现率。商业从业者重视风险调整净现值法的简单性。因此，场景分析不是计算投资盈利能力问题的可行解决方案，因为业务从业者看重其他计算方法的简单性。
{"title":"An Austrian View on Risk and Its Quantification: A Reply to Hering, Olbrich, and Rapp","authors":"Joanna Turowska","doi":"10.35297/qjae.010153","DOIUrl":"https://doi.org/10.35297/qjae.010153","url":null,"abstract":"Hering, Olbrich, and Rapp (2021) pointed out limitations to the risk-adjusted method proposed in Kruk (2020) and advised using scenario analysis as an alternative. Based on their reply, some additional improvements of the method can be proposed, such as using the time-dependent discount rate. Business practitioners value the simplicity of the risk-adjusted net present value method. As a result, scenario analysis is not a viable solution to the problem of calculating investment profitability because business practitioners value the simplicity of other calculation methods.","PeriodicalId":39988,"journal":{"name":"Quarterly Journal of Austrian Economics","volume":"4 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-05-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"72691073","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 article was prompted by Kelton and is a belated response to Wray (2016), who presents an argument for the so-called chartalist view that government currency is valued because it can be “redeemed” in tax payments. Wray’s article presents historical cases to back up the idea. This article responds to the arguments therein, and the chartalist position in general, by pointing out logical errors in the argument and showing that Wray’s examples fail to support the theory. It demonstrates that the chartalist argument, as presented and argued for by Wray, is flawed and that tax liabilities are insufficient (and unnecessary) to qualify something as money.
{"title":"Is It Money Because It Is Redeemed in Tax Payments? A Response to Kelton and Wray","authors":"Per L. Bylund","doi":"10.35297/qjae.010151","DOIUrl":"https://doi.org/10.35297/qjae.010151","url":null,"abstract":"This article was prompted by Kelton and is a belated response to Wray (2016), who presents an argument for the so-called chartalist view that government currency is valued because it can be “redeemed” in tax payments. Wray’s article presents historical cases to back up the idea. This article responds to the arguments therein, and the chartalist position in general, by pointing out logical errors in the argument and showing that Wray’s examples fail to support the theory. It demonstrates that the chartalist argument, as presented and argued for by Wray, is flawed and that tax liabilities are insufficient (and unnecessary) to qualify something as money.","PeriodicalId":39988,"journal":{"name":"Quarterly Journal of Austrian Economics","volume":"100 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-05-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"79297024","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}
Murray Rothbard and Ludwig von Mises argued that cases of negative externalities all turn out to be instances of failure of government to enforce individual property rights adequately. This article goes beyond Rothbard and Mises in claiming that failure to enforce property rights is far from the only way in which government gives rise to externalities. Indeed, rather than externalities requiring government intervention to remedy the problems they cause, this article argues that most actions of the government actually cause externalities. Looking at externalities in this way leads to the logical conclusion that government interventions are the main obstacle to markets’ attaining maximum social utility. The line of reasoning leading to this conclusion is as follows: (1) government failures lead to externalities; (2) externalities lead to market failures; ergo (3) government failures lead to market failures. Specific government actions whose externality-generating effects are analyzed include taxes, subsidies, price controls, government spending, monetary policy, prohibitions, and income redistribution.
{"title":"Externalities and the State","authors":"Robert Batemarco","doi":"10.35297/qjae.010154","DOIUrl":"https://doi.org/10.35297/qjae.010154","url":null,"abstract":"Murray Rothbard and Ludwig von Mises argued that cases of negative externalities all turn out to be instances of failure of government to enforce individual property rights adequately. This article goes beyond Rothbard and Mises in claiming that failure to enforce property rights is far from the only way in which government gives rise to externalities. Indeed, rather than externalities requiring government intervention to remedy the problems they cause, this article argues that most actions of the government actually cause externalities. Looking at externalities in this way leads to the logical conclusion that government interventions are the main obstacle to markets’ attaining maximum social utility. The line of reasoning leading to this conclusion is as follows: (1) government failures lead to externalities; (2) externalities lead to market failures; ergo (3) government failures lead to market failures. Specific government actions whose externality-generating effects are analyzed include taxes, subsidies, price controls, government spending, monetary policy, prohibitions, and income redistribution.","PeriodicalId":39988,"journal":{"name":"Quarterly Journal of Austrian Economics","volume":"18 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-05-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"83532394","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}
Counts of publications in the academic journals of the Austrian school of economics are used to rank scholars and institutions by research productivity in Austrian economics over the preceding decade. The journals surveyed are, alphabetically, Advances in Austrian Economics, Cosmos + Taxis, the Journal des économistes et des études humaines, the Quarterly Journal of Austrian Economics, and the Review of Austrian Economics. Ranking methodology follows the established mainstream literature but focuses on publications in journals that specialize in the Austrian school. An appraisal of the Austrian school’s progress over the past decade is provided, and implications for the future are suggested.
奥地利经济学派学术期刊上的出版物数量用于根据奥地利经济学在过去十年中的研究生产力对学者和机构进行排名。被调查的期刊按字母顺序分别是:《奥地利经济学进展》、《Cosmos + Taxis》、《Journal des samocomes et des samosts humanes》、《奥地利经济学季刊》和《奥地利经济学评论》。排名方法遵循既定的主流文献，但侧重于奥地利学派专业期刊上的出版物。对奥地利学派在过去十年中的进步进行了评估，并对未来提出了建议。
{"title":"Publication Activity in Austrian Journals, 2011–20","authors":"Robert F. Mulligan","doi":"10.35297/qjae.010152","DOIUrl":"https://doi.org/10.35297/qjae.010152","url":null,"abstract":"Counts of publications in the academic journals of the Austrian school of economics are used to rank scholars and institutions by research productivity in Austrian economics over the preceding decade. The journals surveyed are, alphabetically, Advances in Austrian Economics, Cosmos + Taxis, the Journal des économistes et des études humaines, the Quarterly Journal of Austrian Economics, and the Review of Austrian Economics. Ranking methodology follows the established mainstream literature but focuses on publications in journals that specialize in the Austrian school. An appraisal of the Austrian school’s progress over the past decade is provided, and implications for the future are suggested.","PeriodicalId":39988,"journal":{"name":"Quarterly Journal of Austrian Economics","volume":"25 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-05-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"83304238","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}
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