Friedrich Hayek’s 1972 classic A Tiger by the Tail is now available for download here (pdf) or here (pdf). The new edition is a joint publication of the IEA and the Mises Institute. The book is a collection of Hayek’s writings on money, business cycles, and John Maynard Keynes compiled and essentially co-written by Sudha . . . → Read More: book: Hayek’s _A Tiger by the Tail_ now Available Free on the Internet in PDF format
Hayekian economist George Selgin talks about money, banking and his new book on coinage in an interview with the Richmond Fed. Worth quoting:
RF: Do you see recent approaches to monetary policies and Fed actions as contributors to the current economic tumult?
SELGIN: I agree entirely with those who blame the Fed for fueling the . . . → Read More: interview: George Selgin on Money & Banking
Roger Garrison is a gentleman and a scholar, and he’s never title a paper like that, instead he’s sought to account for why Brad DeLong is so dumb in a paper titled, “Mainstream Macro in an Austrian Nutshell.”
As a gentleman and a scholar Garrison hides his eyes from a non-trivial part of the story . . . → Read More: macro: Why is Brad DeLong so Dumb?
His new book is due to ship any day. I’d guess the book will be in the Amazon top 5 before the end of the week.
Read Sowell’s column on his new book here.
Austrian economist Bob Murphy takes a whack at some macroeconomic questions on the current crisis from a U. of Chicago trained macroeconomist.
It’s rather telling that Greg Mankiw has no answer to the main substance of Robert Murphy’s takedown of Mankiw’s overall macreconomic vision. Instead, Mankiw fires his giant Harvard guns on an issue that was recognized long ago by economists without need of the unreal mathematical machinery of “new Keynesian analysis”. But the heavy mathematical . . . → Read More: schooled: Bob Murphy On Greg Mankiw’s Macro
Hayek consistently asserted that the work of John Maynard Keynes was a retrograde throwback to the backward looking, pre-marginalist, objective cost, distributional thought of the classical British economists, a brand of thinking that had been smuggled into post-marginalist economics by Alfred Marshall. For Hayek, the modern marginalist economics of Menger, Knight, Wieser, and Jevons looked . . . → Read More: interview: 1936 — Hayek’s Breakthrough Year
One of the men who called the artificial boom and inevitable bust — Bank of International Settlements chief economist William White — confronted Fed chairman Alan Greeenspan personally at the annual meeting of the Kansas City Fed in August of 2003. Greenspan rebuffed White’s policy arguments. The rest is history.
A “enhanced expectations” model of misdirected investment can be found already in F. A. Hayek’s Monetary Theory and the Trade Cycle — see Lecture IV were Hayek talks of an unsustainable boom sparked by enhanced profit expectations — but David Laidler puts some very contemporary bones on it in his paper “Financial Stability, Monetarism and . . . → Read More: macro: David Laidler’s “New” Misdirected Investment Boom & Bust Mechanism
Sudha Shenoy’s introduction to her influential 1972 book A Tiger by the Tail: The Keynesian Legacy of Inflation — a compilation of writings by Hayek on Keynes and macroeconomics — is now online.
Jeff Tucker introduces the late great Sudha Sheney and the new Mises Institute edition here.
Read a description of each paper and find links to each of them here. Great stuff.