One of the great economists of our time, Hernando de Soto, explains how markets and capitalism depend on public documentation, and how the publicly undocumented derivatives industry has thrown sand in the global system of capitalism:
If you think about it, everything of value we own travels on property paper. At the beginning of the . . . → Read More: property: Hernando de Soto on Derivatives & The Function of Publicly Available Property Documentation
If you want to understand who Friedrich Hayek is and what his life was all about, you can’t do better than read the transcripts of the 1978 interviews with Friedrich Hayek conducted by Earlene Craver, Axel Leijonhufvud, Leo Rosten, Jack High, James Buchanan, Robert Bork, Thomas Hazlett, Armen Alchian, and Robert Chitester in October and . . . → Read More: oral history: The 1978 UCLA Interviews With Friedrich Hayek
What promises to be an American “Road to Serfdom” for our time, Mark Levin’s Liberty and Tyranny: A Conservative Manifesto ships Tuesday. Reserve your copy here. Levin is the author of Men in Black: How the Supreme Court is Destroying America, an excellent review of American constitutional history, a book which I much enjoyed. Levin . . . → Read More: book: Mark Levin’s “Liberty and Tyranny” drops Tuesday
From the files of the SSRN library — all papers are in pdf format:
Bruce Caldwell: “Hayek & Keynes” Ross Emmett, “Discussion and the Evolution of Institutions in a Liberal Democracy: Frank Knight Joins the Debate” Marco Lamieri & Enrico Bertacchini, “What If Hayek Goes Shopping in the Bazaar?” Giovanni Cespa & Xavier Vives, “Dynamic . . . → Read More: articles: Recent Papers on Friedrich Hayek
The chairman of the George Mason Econ department has gone back to re-read the classic works of Hayek and Keynes from the 30s and 40s, and reflection on the writings of the two top economists of the last 100 years has inspired some killer op-eds in the popular press.
From the Daily Record, March 21, . . . → Read More: hayek v keynes: Don Boudreaux Has Been Re-Reading his Hayek & Keynes
Friedrich Hayek’s The Road to Serfdom is currently #490 on the Amazon bestsellers list. It’s been floating in the 300 – 600 range for months now.
The audience votes Washington. Debate transcript here. (pdf) Quotable:
“This symbiotic and indeed corrupt relationship between Wall Street and Washington is the thing that is rotten at the heart of the United States, it is the principal explanation for this crisis, and that brings me to the key question you have to ask yourselves. Who . . . → Read More: debate: Who’s to Blame – Washington or Wall Street?
Speakers include Deepak Lal, Amity Shlaes, Niall Ferguson, John Taylor, Gary Becker, Antonio Martino, Hannes H. Gissurarson, Henry Butler, John Greenwood, Martin Wolf, Timothy Congdon, Peter Boettke, Edwin Feulner, Greg Lindsay, Steve Forbes and Ayaan Hirsi Ali. (pdf)
Listen to Edwin Feulner, Deepak Lal and Nial Ferguson speak here. Listen to Greg Lindsey, Steve Forbes . . . → Read More: crisis: PDFs & MP3s from the Mont Pelerin Society’s Special Session on the Global Crisis, March 5-7
Hayek’s position with respect to interest also grew out of Wicksell’s work. In his two major contributions to business cycles, i.e., Monetary Theory and the Trade Cycle (1929) and Prices and Production (1931), he distinguishes between two rates: the monetary rate of interest and the equilibrium rate. (21) When reconstructing Wicksell’s argument, Hayek writes . . . → Read More: austrian vs. austrian: Schumpeter vs. Hayek on Macro
Frank Shostak explains the case against Greenspan, Bernanke and the Fed. Quotable:
The boom gave rise to various nonproductive (bubble) activities that emerged on the back of the loose monetary stance of the Fed. The increase in money supply led to the diversion of real funding from wealth-generating activities toward various nonproductive activities.
(Note that . . . → Read More: crisis: How The Fed Caused The Boom & Bust
Economist Steve Hanke takes a fillet knife to Alan Greenspan and the Federal Reserve:
If nothing else, the current financial crisis is producing mountains of material that validate the “95% Rule”: 95% of what is published or broadcast about economics and finance is either wrong or irrelevant.
Part of the problem is central bankers, past . . . → Read More: prices: Hayek vs Greenspan – Steve Hanke
Thomas Frank on The Peter Principle in financial journalism:
If the world of financial infotainment can itself be described as a “market,” it is a market where accountability does not seem to exist, where the heaviest of incentives seems to carry no weight, and where consumers, to judge by what they get, seem constantly to . . . → Read More: wsj: Financial Infotainment vs Sound Economics