Dr. Alexander Linsbichler's new book on the Austrian School is a worthwhile introduction to the Austrian School. Written in German, but soon to be translated into English, it focuses exclusively on Austrian Austrians, that is, proponents of the school that were active in its epicenter Vienna prior to World War II. Filled with interesting anecdotes on ten proponents of the Austrian School and their acquaintances, the book is a fascinating read and contains much material that will be new even to readers already well versed in the Austrian tradition.
{"title":"Book Review: Viel mehr als nur Ökonomie Köpfe und Ideen der Österreichischen Schule der Nationalökonomie","authors":"Karl-Friedrich Israel","doi":"10.35297/qjae.010138","DOIUrl":"https://doi.org/10.35297/qjae.010138","url":null,"abstract":"Dr. Alexander Linsbichler's new book on the Austrian School is a worthwhile introduction to the Austrian School. Written in German, but soon to be translated into English, it focuses exclusively on Austrian Austrians, that is, proponents of the school that were active in its epicenter Vienna prior to World War II. Filled with interesting anecdotes on ten proponents of the Austrian School and their acquaintances, the book is a fascinating read and contains much material that will be new even to readers already well versed in the Austrian tradition.","PeriodicalId":39988,"journal":{"name":"Quarterly Journal of Austrian Economics","volume":"4 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84759060","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}
Lev Menand's new book, _The Fed Unbound: Central Banking in a Time of Crisis_, tries to systematically catalog all the Fed’s prior errors, and ends by describing and prescribing all the new ones it and Congress are likely to make in the future. Sadly, for all his awareness of its inadequacies and the ills it has burdened Americans with, Menand wants a Fed only slightly bound rather than unbound. Menand remains to the end convinced the Fed can be brought back under control and directed toward that elusive public good.
{"title":"Book Review: The Fed Unbound: Central Banking in a Time of Crisis","authors":"Joseph Solis-Mullen","doi":"10.35297/qjae.010139","DOIUrl":"https://doi.org/10.35297/qjae.010139","url":null,"abstract":"Lev Menand's new book, _The Fed Unbound: Central Banking in a Time of Crisis_, tries to systematically catalog all the Fed’s prior errors, and ends by describing and prescribing all the new ones it and Congress are likely to make in the future. Sadly, for all his awareness of its inadequacies and the ills it has burdened Americans with, Menand wants a Fed only slightly bound rather than unbound. Menand remains to the end convinced the Fed can be brought back under control and directed toward that elusive public good.","PeriodicalId":39988,"journal":{"name":"Quarterly Journal of Austrian Economics","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89124019","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}
Ben Bernanke's new book, _21st Century Monetary Policy: The Federal Reserve from the Great Inflation to COVID-19_ reflects his confidence in the Fed as a living institution. There is no late professional life confession pointing to a better way forward. The author gives a blow-by-blow account of his actions as top monetary bureaucrat and the justifications. But he gives no ground in his refusal to recognize the malaise of monetary inflation, or how in time it produces the symptoms of goods inflation and asset inflation. Bernanke does not pass harsh criticism on any past chair of the Fed, and one senses that the author as historian is straining to sustain the reputation of the Fed rather than to discover what actually happened.
{"title":"Book Review: 21st Century Monetary Policy: The Federal Reserve from the Great Inflation to COVID-19","authors":"B. Brown","doi":"10.35297/qjae.010137","DOIUrl":"https://doi.org/10.35297/qjae.010137","url":null,"abstract":"Ben Bernanke's new book, _21st Century Monetary Policy: The Federal Reserve from the Great Inflation to COVID-19_ reflects his confidence in the Fed as a living institution. There is no late professional life confession pointing to a better way forward. The author gives a blow-by-blow account of his actions as top monetary bureaucrat and the justifications. But he gives no ground in his refusal to recognize the malaise of monetary inflation, or how in time it produces the symptoms of goods inflation and asset inflation. Bernanke does not pass harsh criticism on any past chair of the Fed, and one senses that the author as historian is straining to sustain the reputation of the Fed rather than to discover what actually happened.","PeriodicalId":39988,"journal":{"name":"Quarterly Journal of Austrian Economics","volume":"26 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"81291814","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}
Peter Schweizer’s _Red Handed_ argues that the Chinese government, politically connected businesses, and other influential entities have essentially bought out American elites. Schweizer calls this “elite capture,” which complements Rothbardian studies of cronyism and power elite analysis. Schweizer uncovers the clandestine connections and business dealings many Americans have with the Chinese government. His theory of elite capture is a valuable contribution to understanding the relationship between economic elites and special interests.
Peter Schweizer的《赤手》一书认为，中国政府、有政治关系的企业和其他有影响力的实体基本上买断了美国精英。施韦泽称之为“精英捕获”，它补充了罗斯巴德对任人唯亲和权力精英分析的研究。史怀哲揭露了许多美国人与中国政府之间的秘密联系和商业往来。他的精英俘获理论对理解经济精英与特殊利益之间的关系做出了宝贵贡献。
{"title":"Book Review: Red Handed: How American Elites Get Rich Helping China","authors":"Patrick Newman","doi":"10.35297/qjae.010140","DOIUrl":"https://doi.org/10.35297/qjae.010140","url":null,"abstract":"Peter Schweizer’s _Red Handed_ argues that the Chinese government, politically connected businesses, and other influential entities have essentially bought out American elites. Schweizer calls this “elite capture,” which complements Rothbardian studies of cronyism and power elite analysis. Schweizer uncovers the clandestine connections and business dealings many Americans have with the Chinese government. His theory of elite capture is a valuable contribution to understanding the relationship between economic elites and special interests.","PeriodicalId":39988,"journal":{"name":"Quarterly Journal of Austrian Economics","volume":"274 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"76575980","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: Big Med: Megaproviders and the High Cost of Health Care in America","authors":"Dale Steinreich","doi":"10.35297/qjae.010135","DOIUrl":"https://doi.org/10.35297/qjae.010135","url":null,"abstract":"","PeriodicalId":39988,"journal":{"name":"Quarterly Journal of Austrian Economics","volume":"35 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-08-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"75355105","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: _A Brief History of Equality_","authors":"M. Thornton","doi":"10.35297/qjae.010136","DOIUrl":"https://doi.org/10.35297/qjae.010136","url":null,"abstract":"","PeriodicalId":39988,"journal":{"name":"Quarterly Journal of Austrian Economics","volume":"25 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-08-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89749945","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 economics profession, in general, has been failing to educate the general public on basic economic principles. It has been failing for at least a century, as the ascendancy of the administrative state clearly shows. Progressive President Woodrow Wilson believed that an administrative state was better than a representative republic. Dwight Waldo took the Progressive vision a step further and argued that not only is it impossible for the experts to be value neutral, but that the experts should never be value neutral. The consequences of this authoritarian, constructivist-rationalist solution are visibly manifested in the form of wokeism: the adoption of diversity, equity, inclusion (DEI) with social justice (JEDI); what is referred to as environmental, social, and governance “values” (ESG values); and the rejection of the free market. CEOs sign on to this belief system because wokeism provides the CEO, management team, and board of directors an excuse to loosen the profit leash that constrains them. Yet for all the woke victories in academia, media, and the corporate world, those who support individual liberty and the free market can hope for victory. This lecture offers suggestions for reversing the tide.
{"title":"Wilson, Waldo, Woke CEOs, and Ways Forward","authors":"Paul Cwik","doi":"10.35297/qjae.010131","DOIUrl":"https://doi.org/10.35297/qjae.010131","url":null,"abstract":"The economics profession, in general, has been failing to educate the general public on basic economic principles. It has been failing for at least a century, as the ascendancy of the administrative state clearly shows. Progressive President Woodrow Wilson believed that an administrative state was better than a representative republic. Dwight Waldo took the Progressive vision a step further and argued that not only is it impossible for the experts to be value neutral, but that the experts should never be value neutral. The consequences of this authoritarian, constructivist-rationalist solution are visibly manifested in the form of wokeism: the adoption of diversity, equity, inclusion (DEI) with social justice (JEDI); what is referred to as environmental, social, and governance “values” (ESG values); and the rejection of the free market. CEOs sign on to this belief system because wokeism provides the CEO, management team, and board of directors an excuse to loosen the profit leash that constrains them. Yet for all the woke victories in academia, media, and the corporate world, those who support individual liberty and the free market can hope for victory. This lecture offers suggestions for reversing the tide.","PeriodicalId":39988,"journal":{"name":"Quarterly Journal of Austrian Economics","volume":"100 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-07-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84632223","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 theoretical paper demonstrates that using utility functions to study intertemporal decisions creates an internal contradiction: nonfulfillment of comparability, which is a condition of constructing utility functions. It shows that Riemann’s rearrangement theorem leads to basket incomparability for infinitely lived agents in discrete time and considers Austrian theory the best replacement for the model that implies this conflict. It suggests also that cardinality cannot fix this problem, since it does not eliminate the likelihood of generating conditionally convergent series unable to represent the rankings of potential consumption streams.
{"title":"An Internal Weakness in Current Intertemporal Preference Theory","authors":"Marco Monge","doi":"10.35297/qjae.010130","DOIUrl":"https://doi.org/10.35297/qjae.010130","url":null,"abstract":"This theoretical paper demonstrates that using utility functions to study intertemporal decisions creates an internal contradiction: nonfulfillment of comparability, which is a condition of constructing utility functions. It shows that Riemann’s rearrangement theorem leads to basket incomparability for infinitely lived agents in discrete time and considers Austrian theory the best replacement for the model that implies this conflict. It suggests also that cardinality cannot fix this problem, since it does not eliminate the likelihood of generating conditionally convergent series unable to represent the rankings of potential consumption streams.","PeriodicalId":39988,"journal":{"name":"Quarterly Journal of Austrian Economics","volume":"86 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-07-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78545882","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}
Recent efforts re-introduce the political economists of Austromarxism and their ideas to larger English-speaking audiences. John E. King’s _The Alternative Austrian Economics: A Brief History_ is another overall highly commendable contribution to that end. Anyone interested in the history of economic thought can benefit from King’s lucid reconstructions of economic theory, often embedded in the political and cultural context of interwar Vienna, and from the numerous references he provides for further study. King's history provides insight into the discourse in which eminent economists of the Austrian School developed their ideas and theories.
{"title":"Book Review: The Alternative Austrian Economics: A Brief History","authors":"Alexander Linsbichler","doi":"10.35297/qjae.010129","DOIUrl":"https://doi.org/10.35297/qjae.010129","url":null,"abstract":"Recent efforts re-introduce the political economists of Austromarxism and their ideas to larger English-speaking audiences. John E. King’s _The Alternative Austrian Economics: A Brief History_ is another overall highly commendable contribution to that end. Anyone interested in the history of economic thought can benefit from King’s lucid reconstructions of economic theory, often embedded in the political and cultural context of interwar Vienna, and from the numerous references he provides for further study. King's history provides insight into the discourse in which eminent economists of the Austrian School developed their ideas and theories.","PeriodicalId":39988,"journal":{"name":"Quarterly Journal of Austrian Economics","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-07-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85266014","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 paper argues that a boom-and-bust trade cycle was set into motion by the credit expansion of the First Bank of the United States, culminating in the Recession of 1797. This episode constitutes the first of many economy-wide business cycles in the history of the United States that are explained by Austrian business cycle theory.
{"title":"The United States' First Business Cycle: An Austrian Interpretation of the Panic of 1797","authors":"N. Curott, Tyler A. Watts","doi":"10.35297/qjae.010133","DOIUrl":"https://doi.org/10.35297/qjae.010133","url":null,"abstract":"This paper argues that a boom-and-bust trade cycle was set into motion by the credit expansion of the First Bank of the United States, culminating in the Recession of 1797. This episode constitutes the first of many economy-wide business cycles in the history of the United States that are explained by Austrian business cycle theory.","PeriodicalId":39988,"journal":{"name":"Quarterly Journal of Austrian Economics","volume":"236 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-07-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"80366491","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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