10 Books For A Freshman Seminar In Economics

Here is Greg Mankiw’s list.  Here is Arnold Kling’s list.   And here is my list:

The Rise of the Western World by Douglass North & Robert Paul Thomas Looking Backward by Edward Bellamy The Ascent of Money Niall Ferguson Discovery, Capitalism and Distributive Justice by Israel Kirzner A Farewell to Alms by Gregory Clark Dream . . . → Read More: 10 Books For A Freshman Seminar In Economics

_Human Action_ and The Mises-Hayek Revolution In Economic Science

An appreciation from Israel Kirzner:

.. if the immediate post-World War II scene appeared so wholly inhospitable to a distinctive Austrian economics, both Mises and Hayek were in fact working, independently but along parallel paths, toward a revolutionary reinterpretation of their intellectual heritage. (.. it would be a serious mistake to fail to note that . . . → Read More: _Human Action_ and The Mises-Hayek Revolution In Economic Science

Rose Friedman Has Died

The Friedman Foundation announced her death this afternoon.

Rose Friedman was the co-author with her husband of several of the most important books on economics and human liberty ever written, including Free to Choose and Capitalism and Freedom.

Free to Choose became a massive international bestseller when it was released in 1980.  No book did . . . → Read More: Rose Friedman Has Died

call for papers: Hayek in Mind — Hayek’s Philosophical Psychology

CALL FOR PAPERS

Hayek in Mind: Hayek’s Philosophical Psychology Leslie Marsh, Volume Editor Advances in Austrian Economics

Hayek’s philosophical psychology as set out in his The Sensory Order (1952) has, for the most part, been a neglected work. Social theory, Hayek’s traditional disciplinary constituency, has recently begun to take note and examine its place in the complete Hayek corpus. Despite being . . . → Read More: call for papers: Hayek in Mind — Hayek’s Philosophical Psychology

Barack Obama Has America Turning to Hayek

Since the beginning of the Obama administration, thousands of Americans have picked up copy of F. A. Hayek’s The Road to Serfdom and are reading it for the first time  — or they’re digging out a dusty old copy and they’re re-reading it for the first time in ages.  Chance at rightofcourse is doing it.  . . . → Read More: Barack Obama Has America Turning to Hayek

The Queen Wants To Know Why Economics Failed

Hayekian economists provide the short answer here and here.

George Bush Owns The Depression of 2008-2009

As some of you are well aware, I was explaining how Bush and the Fed were creating the conditions for an inevitable economic bust throughout the mid-2000s, specifically identifying Bush’s unsustainable Keynesian policies, Bush’s Keynesian advisers, and Bernanke’s flawed arguments beginning in 2002 about the need for extremely low interest rates “required” to avoid Bernanke’s . . . → Read More: George Bush Owns The Depression of 2008-2009

A Reality Check for Scott Sumner

From economist Kenneth Rogoff:

The overwhelming consensus in the policy community is that if only the government had bailed out Lehman, the whole thing would have been a hiccup and not a heart attack. Famous investors and leading policymakers alike have opined that in our ultra-interconnected global economy, a big financial institution like Lehman can . . . → Read More: A Reality Check for Scott Sumner

Arnold Kling Punts Keynes, Re-Discovers Hayek

Arnold Kling learned his macroeconomics from the same folks who trained Paul Krugman.  Kling’s response is somewhat different.  Kling has determined that the old “mainstream” macro is pseudo-scientific junk, and he’s happily dumped it in the garbage can of bad science.  His new vision is nothing else but a development of the labor side of . . . → Read More: Arnold Kling Punts Keynes, Re-Discovers Hayek

Hayek & The Cuban Toilet Paper Shortage

There’s the famous tin story.  There’s the famous pencil story.

Now — joining the pantheon of divided knowledge economics — make way for the Cuban toilet paper story.

Hayek in 1931 on Post-Bust “Secondary” Deflation

Just to set the record straight, I’d like to point out that Friedrich Hayek was well aware of the problem of the sort of “secondary” deflation which often occurs after the onset of an economic bust made inevitable by a prior credit induced artificial boom.  In part 2 of Hayek’s “Reflections on the Pure Theory . . . → Read More: Hayek in 1931 on Post-Bust “Secondary” Deflation

What Happened? — Deepak Lal on the Bust

Written text here.  The rest of the video can be found here.

This is one of the more thought provoking accounts of what went wrong, why it went wrong, and what should be done about it.  Here’s a particularly interesting part of the analysis:

Wicksell asked: how could the price level be anchored in . . . → Read More: What Happened? — Deepak Lal on the Bust

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Random Quote

If [socialists] admitted that the issue [of socialism] is a scientific question, they would have to admit that their conception of science is antiquated and that in academic circles it occupies the position of astrology. — F. A. Hayek

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