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  • Despite government interventions recommended by mainstream economists, the world continues to breed bubbles and crashes. Crises come in novel forms - as governments "learn" new ways to print money, lower interest rates, and subsidize new sectors - in energy prices, savings & loans, stock crash, currency swing, internet bust, housing, education loans, and what next? Why can't mainstream economics resolve the issue? What does the much maligned free-market Austrian school have to offer?

    • Why do economies go through the boom-and-bust cycles?
    • What do Austrian economists say and recommend about the trade cycles?
    • Where can I find reading on the Austrian business cycle theory?
    • Where might current bubbles go? 
  Dishes  - Videos, Summary, Readings
  • Dish 5 : Why Don't Entrepreneurs Outsmart the Business Cycle? |

  • A common argument against Austrian theory, writes Brian Stanley, is that entrepreneurs are too smart to be fooled by Fed intervention. The argument claims that entrepreneurs recognize the Fed actions and ignore the Fed by proceeding as if the interest rates were where they would be if they were set by the free market and not by Fed intervention. If this contention is true, the business cycle theory is wrong in its conclusions about what causes the boom and bust cycle. In fact, it isn't possi
  • Dish 8 : Correcting Quiggin on Austrian Business-Cycle Theory |

  • Because of the popularity of the Austrian message mainstream economists are taking the time to explain why (in their opinion of course) the Mises-Hayek theory is nonsense. In the past I've answered Tyler Cowen and Paul Krugman's objections, but today's focus will be the recent critique penned by Australian economist John Quiggin. Quiggin's piece deserves careful scrutiny. In the interest of brevity, I am going to dive right into his objections.
  • Dish 12 : |

  • 1.- The Fatal Error of Peel's Bank Act
    2.- The "paradox of saving" is wrong. The healthy process of capital accumulation based on true savings.
    3.- The unsustainable nature of the bubbles induced by artificial credit expansions created by the fractional-reserve banking industry.
    The spontaneous reaction of the market against the effects of credit expansions: first the financial crisis and second the deep economic recession.
    4.- The specific features of the 2008 financial crisis and the current economic recession.
    The negative influence of the new accounting rules.
    5.- Who is responsible for the current situation?
    6.- Possible future scenarios and the most appropriate economic policy.
    7.- Conclussion: a Proposal for Banking Reform.
    8.- Questions and answers

  Chops  - Further Readings & Empirical
  References and More

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Language: EnglishThis course is owned by Rothy
By Rothy

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