There are many convergences between economists from Chicago and Vienna with regard to understanding the functioning of markets and public policies, and to the rejection of interventionism, socialism, and totalitarianism. However, with regard to macroeconomic topics, and in particular to monetary...

John Maynard Keynes, Milton Friedman y Friedrich A. von Hayek han sido los principales actores de la teoría y la política monetaria en el siglo XX. Nos planteamos aquí repasar sus aportes en el marco del debate “reglas versus discrecionalidad,” intentando mostrar que las contribuciones de...

This article offers an analysis of the causes of the subprime crisis, explaining that it is not an isolated incident and that we should concentrate our attention on the Fed's monetary policy and pressures on the banking system received from the U.S. government for flexible lending. It also...

The objective of this article is to present an extension of Garrison's “capital-based macroeconomics” model. Garrison's objective was — starting from a full employment equilibrium situation — to build a model that provides insight into the causes of crisis and depression. We offer —...

This article answers Dr. Humphrey contention on the similarities between monetarist and Austrian approaches to the neutrality of money. Monetarists at most only concentrate on short term non neutrality while Austrians base their analysis in short, medium and long term non neutrality. For the...

Mark Skousen's book is a successful attempt to review this intellectual friendship between Vienna & Chicago, pointing out the main issues that unite or divide them. Chapters 2 and 3 describe the intellectual environment in which each school was born and raised. Skousen points out that both were...

The end of convertibility and a subsequent default, confiscation of deposits and devaluation is the path that Paul Krugman proposes for several countries as a solution to the European crisis. We show that Krugman's reference to Argentine experience is misleading and dangerous. He underestimates...

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...

Spanish Abstract: El libro que aquí se reseña es un trabajo ambicioso que bien podría calificarse como un Tratado moderno sobre instituciones monetarias y política monetaria. Si bien es un libro que trabaja sobre el campo de la economía monetaria, su enfoque desborda esta disciplina para...

Spanish Abstract: En este trabajo ofrecemos una clasificación para las leyes económicas, siguiendo como punto de partida la propuesta de Joseph Keckeissen en su tesis doctoral, desarrollada bajo la tutoría de Israel Kirzner, en la Universidad de Nueva York. La tesis repasa el significado que...