Monthly Archives: October 2009

The Rule of Fixed Law vs. The Arbitrary Personal Rule of Federal Bankers & Bureaucrats

Lawrence White drills down to fundamentals (pdf): at the core of the “rule of law” concept, as I understand it, is the liberal principle of non-discretionary governance that stands in contrast to the arbitrary or discretionary rule of men in … Continue reading

Posted in Federal Reserve, Rule of Law | 3 Comments

“Deflation .. Prolonged The Depression” — New Friedrich Hayek Interview

Now in English: Conversations with Great Economists:  Friedrich A. Hayek, John Hicks, Nicholas Kaldor, Leonid V. Kantorovich, Joan Robinson, Paul A.Samuelson, Jan Tinbergen by Diego Pizano. Originally published in Spanish as Dialogos Con Economistas Eminenes, (Mexico) Fondo de Cultura Economica, … Continue reading

Posted in Deflation, Great Depression, Hayek Studies, Interview, Milton Friedman | 2 Comments

MEMO: Ludwig Mises on Hayek’s “Mont Pelerin Society” Proposal

From Ludwig Mises’ memo titled “Observations on Professor Hayek’s Plan” (pdf) dated Dec. 31, 1946: The weak point in Professor Hayek’s plan is that it relies upon the cooperation of many men who are known for their endorsement of interventionism. … Continue reading

Posted in Mises, Mont Pelerin | Comments Off

William Easterly – The Paradox of Poverty: A Solution

“What must we do to end world poverty? At last, an answer” by William Easterly: OK, that’s too good to be true. There has been a search for sixty years for the right answer. Now most economists confess ignorance how … Continue reading

Posted in Development Econ | Comments Off

It’s a Non-Stop Hayek-Bashing Party at the Guardian

Today’s ONION-esque entry comes from a woman named Madeleine Bunting: the story is now familiar of how Friedrich Hayek and his associates produced the intellectual roadmap for both Thatcher and Reagan, and the notions cooked up in Chicago – such … Continue reading

Posted in Anti-Hayek BS | Comments Off

How Hoover’s Wage & Cartelisation Policies Caused the Great Depression

UCLA economist Lee Ohania points out that in late 1929 and early 1930 a Depression-level industrial employment crash occurred before any serious deflation or banking panic hit the U.S. economy: Economists cite monetary contraction (Friedman and Schwartz, 1963) and banking … Continue reading

Posted in Boom & Bust, Great Depression, unemployment | 1 Comment