Friedman and Schwartz agreed with Anderson, Tollison and Shughart on the public choice origins of the Great Contraction!
28 Dec 2023 Leave a comment
in applied price theory, business cycles, economic history, economics of bureaucracy, great depression, history of economic thought, macroeconomics, Milton Friedman, monetarism, monetary economics, Public Choice, rentseeking Tags: monetary policy
FMI Public Speaker Series – Finn Kydland
23 Dec 2023 Leave a comment
in applied price theory, budget deficits, business cycles, comparative institutional analysis, development economics, economic growth, economic history, economics of bureaucracy, fiscal policy, global financial crisis (GFC), great depression, great recession, growth disasters, growth miracles, history of economic thought, human capital, income redistribution, labour economics, labour supply, macroeconomics, Public Choice, public economics, rentseeking
Finn E. Kydland Nobel Lecture at CERGE-EI
22 Dec 2023 Leave a comment
in applied price theory, budget deficits, business cycles, comparative institutional analysis, development economics, economic growth, economic history, economics of regulation, fiscal policy, global financial crisis (GFC), great depression, great recession, growth disasters, growth miracles, history of economic thought, human capital, income redistribution, labour economics, labour supply, macroeconomics, monetary economics, Public Choice, public economics
Central Banking and the Real-Bills Doctrine
21 Dec 2023 Leave a comment
in economic history, financial economics, great depression, history of economic thought, macroeconomics, monetary economics Tags: monetary policy
Robert Hetzel, a distinguished historian of monetary theory and of monetary institutions, deployed his expertise in both fields in his recent The Federal Reserve: A New History. Hetzel’s theoretical point departure is that the creation of the Federal Reserve System in 1913 effectively replaced the pre-World War I gold standard, in which the value […]
Central Banking and the Real-Bills Doctrine
Hawtrey on the Interwar Gold Standard
21 Dec 2023 Leave a comment
in business cycles, economic history, great depression, history of economic thought, macroeconomics, monetary economics
I just got a copy of Ralph Hawtrey’s Trade Depression and the Way Out (1933 edition, an expanded version of the first, 1931, edition published three days before England left the gold standard). Just flipping through the pages, I found the following tidbit on p. 9. The banking system of the world, as it was […]
Hawtrey on the Interwar Gold Standard
Hetzel Withholds Credit from Hawtrey for his Monetary Explanation of the Great Depression
14 Dec 2023 Leave a comment
in business cycles, economic growth, economic history, financial economics, great depression, history of economic thought, labour economics, macroeconomics, Milton Friedman, monetarism, monetary economics, unemployment Tags: monetary policy
In my previous post, I explained how the real-bills doctrine originally espoused by Adam Smith was later misunderstood and misapplied as a policy guide for central banking, not, as Smith understood it, as a guide for individual fractional-reserve banks. In his recent book on the history of the Federal Reserve, Robert Hetzel recounts how the […]
Hetzel Withholds Credit from Hawtrey for his Monetary Explanation of the Great Depression
Review of “Milton Friedman: The Last Conservative” by Jennifer Burns
29 Nov 2023 Leave a comment
in budget deficits, business cycles, economic growth, fiscal policy, global financial crisis (GFC), great depression, great recession, history of economic thought, macroeconomics, Milton Friedman, monetarism, monetary economics
Milton Friedman: The Last Conservative by Jennifer Burns 592 pages Farrar, Straus and Giroux Published: Nov 2023 Released two weeks ago, Jennifer Burns’s “Milton Friedman: The Last Conservative” is the most significant biography of Friedman ever published. Burns is an associate professor of history at Stanford and a research fellow at the Hoover Institution. She […]
Review of “Milton Friedman: The Last Conservative” by Jennifer Burns
Understanding Fiscal Inflation — Keynote Speech by Eric Leeper
22 Nov 2023 Leave a comment
in budget deficits, business cycles, economic growth, economic history, fiscal policy, global financial crisis (GFC), great depression, great recession, history of economic thought, inflation targeting, macroeconomics, monetary economics Tags: monetary policy
George Selgin on the New Deal and Recovery (and Relief and Reform)
18 Nov 2023 Leave a comment
in budget deficits, business cycles, economic growth, economic history, fiscal policy, great depression, labour economics, labour supply, macroeconomics, monetary economics, unemployment
TweetWant to get a few hours’ worth of solid learning in less than 35 enjoyable minutes? Listen to my Mercatus Center colleague David Beckworth’s podcast (from October 2022) with George Selgin on the New Deal. Seriously. It will be 34-plus minutes very well spent. George’s book – False Dawn – is forthcoming from the University…
George Selgin on the New Deal and Recovery (and Relief and Reform)
My Conversation with the excellent Jennifer Burns
17 Nov 2023 Leave a comment
in Austrian economics, business cycles, economics of education, Euro crisis, F.A. Hayek, global financial crisis (GFC), great depression, great recession, history of economic thought, macroeconomics, Milton Friedman, monetarism, monetary economics
Here is the audio, video, and transcript. Here is the episode description: Jennifer Burns is a professor history at Stanford who works at the intersection of intellectual, political, and cultural history. She’s written two biographies Tyler highly recommends: her 2009 book, Goddess of the Market: Ayn Rand and the American Right and her latest, Milton Friedman: The […]
My Conversation with the excellent Jennifer Burns
Milton Friedman: The Last Conservative | Hoover Institution
15 Nov 2023 Leave a comment
in applied price theory, budget deficits, business cycles, economic growth, economic history, fiscal policy, global financial crisis (GFC), great depression, great recession, history of economic thought, inflation targeting, labour economics, macroeconomics, Milton Friedman, monetarism, monetary economics, unemployment Tags: monetary policy
Filling in the Gaps: Next Steps for the Fiscal Theory of the Price Level
15 Nov 2023 Leave a comment
in applied price theory, budget deficits, business cycles, econometerics, economic history, financial economics, fiscal policy, great depression, great recession, history of economic thought, inflation targeting, macroeconomics, monetarism, monetary economics Tags: monetary policy
Jennifer Burns on Milton Friedman 11/13/23
14 Nov 2023 Leave a comment
in applied price theory, Austrian economics, business cycles, comparative institutional analysis, econometerics, economic history, economics of education, economics of regulation, fiscal policy, great depression, history of economic thought, labour economics, liberalism, libertarianism, macroeconomics, Milton Friedman, monetarism, monetary economics Tags: monetary policy
Book Presentation with John Cochrane: “The Fiscal Theory of the Price Le…
09 Nov 2023 Leave a comment
in budget deficits, business cycles, econometerics, economic growth, economic history, Euro crisis, fiscal policy, global financial crisis (GFC), great depression, great recession, history of economic thought, inflation targeting, macroeconomics, Milton Friedman, monetarism, monetary economics, public economics Tags: monetary policy
Ralph Hawtrey, Part 1: An Overview of his Career
06 Nov 2023 Leave a comment
in business cycles, economic history, fiscal policy, great depression, history of economic thought, labour economics, macroeconomics, monetary economics, unemployment
One of my goals when launching this blog in 2011 was to revive interest in the important, but unfortunately neglected and largely forgotten, contributions to monetary and macroeconomic theory of Ralph Hawtrey. Two important books published within the last year have focused attention on Ralph Hawtrey: The Federal Reserve: A New History by Robert Hetzel, […]
Ralph Hawtrey, Part 1: An Overview of his Career
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