Economists understand very little about how technological progress occurs. — Alan Greenspan [ This article is adapted from Mark Thornton’s upcoming book on the skyscraper curse . ] Before we leave the topic of the problems and blessings of roundaboutness of production and the structure of production, it will be very useful to see a natural,
The Bernanke-Yellen bubble is impacting many sectors of the economy. Agriculture land, motor vehicles and auto loans, banking, bonds, contemporary art, corporate stocks, higher education and student loans, mergers and acquisitions, ocean shipping and cruise lines, social media, technology, housing, real estate, and land markets have been
Nobel prize winning economist Robert Shiller recently revisited the Housing Bubble in an article published in the New York Times (“How Tales of ‘Flippers’ Led to a Housing Bubble,” May 18, 2017). He is troubled by the lack of consensus on what caused the bubble-bust that left the world mired in the financial crisis. He states: “We need to
Economists have long played semantic games with business cycles. In particular, they try to downplay the significance of the crisis and to obfuscate its cause. First of all, bubbles and economic crises are initially denied and then usually not named until after they end and particular sectors of the economy are revealed to be what Lionel Robbins
Los economistas llevan mucho tiempo con juegos semánticos con respecto a los ciclos económicos. En particular, tratan de rebajar la importancia de las crisis y ocultar sus causas. Para empezar, las burbujas y crisis económicas inicialmente se niegan y luego normalmente no se nombran hasta que han acabado y sectores concretos de la economía han
What is the Mises Institute?
The Mises Institute is a non-profit organization that exists to promote teaching and research in the Austrian School of economics, individual freedom, honest history, and international peace, in the tradition of Ludwig von Mises and Murray N. Rothbard.
Non-political, non-partisan, and non-PC, we advocate a radical shift in the intellectual climate, away from statism and toward a private property order. We believe that our foundational ideas are of permanent value, and oppose all efforts at compromise, sellout, and amalgamation of these ideas with fashionable political, cultural, and social doctrines inimical to their spirit.