Deflationary Purges

18th Annual Hayek Lecture

Capitalism 3.0

Tale of the day
This is exactly the sort of thing I can imagine myself doing.

Austrians and the Quantity Theory
A few fragmented thoughts... "Marget's deep conviction in, and spirited argument for, the Quantity Equation's system of conceptual organization arose precisely because it was capable of the disaggregated, individualistic, and subjective analysis of temporal process that has always identified the...

Bonus
I'm intrigued by the furor surrounding the MOD bonuses. I suspect it's mostly an invention of the media, but following the issue of banker's bonuses there's something clearly controversial about a "bonus culture". Firstly, I think it's pretty ridiculous to...

Time & recovery
I'm trying to reconcile the following. According to George Selgin: The boom ends because relative prices have adjusted The boom is unsustainable because factor prices eventually "catch up" to their GE values Whilst in a wonderful post Mario Rizzo says:...

Rothbard vs. Friedman
At a reading group the other night I made a comment about how the financial crisis might be seen as vindication of Murray Rothbard's pessimism about global currency exchanges versus Milton Friedman's more benign beliefs. In Chapter 7 of "What...