The 100%-Money Plan advocated by Fisher (1936) has a Misesian flavor as it aims at mitigating intertemporal discoordination by reducing (i) the discrepancy between investment and voluntary savings, and (ii) the manipulation of interest rates by monetary injections. Recent proposals to adopt the...

The common interpretation of Carl Menger's take on capital theory rests upon a few sentences in his Principles of Economics. His later monograph on the topic, Zur Theorie des Kapitals (A contribution to the theory of capital), is more or less ignored, although it must be seen as a recantation of...

This article provides a brief survey of contemporary developments in the Austrian school of economics, signalling that: (i) the amount of Austrian research and the number of Austrian researchers is growing exponentially; (ii) good Austrian economists are not being marginalised by the economics...

In the 2011 Franz Cuhel Memorial Lecture, I argue of endogenous rule formation in economic life (what I term the positive political economy of anarchism) should be studied in-depth and that the economic analysis of the Austrian school of economics provides many of the key analytical insights...

In comparing Neoclassical economics with Austrian economics it is important to recognize first and foremost that Austrian economics is historically a school within the broader tradition of neoclassical economics. Austrian economics, unlike Institutionalism or Marxism or Post-Keynesianism, is not...

Throughout his life, Friedrich Hayek worked towards prescribing a monetary policy under which the world economy would again enjoy the stability it had known under the classical international gold standard system. This paper outlines three banking and monetary systems that were pivotal in the...

The conventional version of Austrian business cycle theory focuses on a temporary imbalance between natural and monetary rates of interest. When, because of the role of monetary authorities in defining the monetary rate, the two values are in a situation of imbalance, the resulting expansion...

Austrian economics provokes mixed reactions among critical realists. It preaches methodological individualism, marginalism, and rational choice while embracing emergence, open processes, and error. The Austrian school stands paradoxically with one foot each in the mainstream marginalist...

Twenty years ago, two scholars published important books on the subject of Austrian macroeconomic theory. Each offered a somewhat distinct approach. And, as much as it was the case when these two works were published twenty years ago, Austrian macroeconomists find themselves with two potential...